Hong Kong Auction Sees 10 Properties Sold, Repossessed Units Below Peak Prices
On.cc · 1 SOURCESabout 2 hours ago3 MIN
Summary
A property auction hosted by Environmental Heritage International on Tuesday (September 1) drew approximately 150 to 160 attendees and achieved sales of 10 properties totaling over HK$35 million. The auction featured four bank repossessed units alongside owner-occupied properties, with a Wong Tai Sin repossessed flat selling for HK$4.1 million—still about 39% below its 2018 peak valuation. The event saw fierce competition for several properties, including a Ho Man Tin ground floor unit that jumped 57.3% above its opening price due to potential acquisition value.
Key Points
- The Wong Tai Sin Ying Li Building mid-floor Unit D, a repossessed property with 467 sq ft usable area, sold for HK$4.1 million after bidding raised the price by 17.1% from its HK$3.5 million opening. The price per sq ft came to approximately HK$8,779, remaining about HK$2.65 million below a comparable 2018 peak transaction of roughly HK$6.75 million .
- Three other repossessed units from large estates also changed hands: Amoy Garden Unit N high floor (377 sq ft) sold for HK$4.14 million despite lacking the original title deed; Sceneway Garden Unit 5 high floor B fetched HK$6.8 million; and Villa Skye Unit 2 mid-floor E sold for HK$6.86 million .
- The most contested lot was a Ho Man Tin Waterloo Road duplex ground floor Unit A with 833 sq ft usable area, which drew 7 to 8 bidding groups and ultimately sold for HK$6.45 million, a 57.3% or HK$2.35 million premium over its HK$4.1 million opening price, with no title deed available .
- Court-ordered and older properties also attracted buyers: a Hong Lei Building mid-low floor unit sold for HK$2.59 million, while a Cheung Chau village house with rooftop sold for just HK$600,000 as the auction's most affordable residential lot .
- One non-residential lot—a motorcycle parking space at Lik Po Centre in Kwun Tong—sold for HK$200,000, more than double its HK$130,000 opening price .
Why It Matters
The auction results highlight continued divergence between current property prices and peak valuations from 2018, with several repossessed units selling 24% to 39% below online estimates. Active bidding on the Ho Man Tin property reflects strong market appetite for sites with redevelopment potential amid Hong Kong's urban renewal pipeline. The event drew sufficient participation to suggest resilience in demand for distressed and sub-market priced properties, even as traditional financing remains constrained for units without title deeds .
The auction results highlight continued divergence between current property prices and peak valuations from 2018, with several repossessed units selling 24% to 39% below online estimates. Active bidding on the Ho Man Tin property reflects strong market appetite for sites with redevelopment potential amid Hong Kong's urban renewal pipeline. The event drew sufficient participation to suggest resilience in demand for distressed and sub-market priced properties, even as traditional financing remains constrained for units without title deeds .