Wong Cho Lam Just Sold One Of His HK Apartments For A S$1.5Mil Profit
And this is how the rich get richer.
Hongkong entertainer Wong Cho Lam is doing very well for himself. The 42-year-old was reported to have sold this residential property he owns in the Mayfair By The Sea development for a 23 per cent profit.
The development is located in the Tai Po district, which Cho Lam has always had a soft spot for. In 2015, he snapped up eight top floor units in the area under the name of his wife, Leanne Li.
The units were valued at about HK$114mil (S$20.5mil), and it is believed that he still owns these units today.
Now, it seems like he might have just landed himself a hefty payday.
On Sep 21, Hongkong media reported that Cho Lam has sold an apartment he owns in the Mayfair By The Sea development.
The 1575sqm unit has four bedrooms, and comes with its own garden, which is said to be 862sqm.
When Cho Lam bought it for HK$37mil (S$6.6mil) in 2016, he shared that the apartment was for his mother to live in.
Now, some six years on, he has sold it for HK$45.8mil (S$8.2mil), netting him about S$1.5mil in profit. Yes, that’s a 23 per cent increase in price. Not bad for six years, right?
According to reports, Cho Lam’s uncle, producer Sin Kwok Lam, has also made a similar killing in the property market.
In 2016, he bought a 3571sqm apartment for HK$73.6mil (S$13.3mil), which he sold last year for HK$92.8mil (S$16.7mil), netting him a cool S$3mil profit.