Ho Man Tin Tenement Unit Auctioned at HK$5.98M, 7% Below Bank Valuation
SingTao · 1 SOURCESabout 3 hours ago2 MIN
Summary
A ground-floor tenement building unit at 124B Waterloo Road in Ho Man Tin has been put up for auction at HK$5.98 million, marking a 7% discount to the bank's assessed valuation of HK$6.4 million . The 827-square-foot property, which was purchased by the current owner for HK$5.1 million in 2024, will be auctioned on Tuesday, September 29 . The three-storey building, constructed in 1955 and now over 70 years old, sits in a prime residential area renowned for its proximity to top-ranking schools and MTR interchange connectivity .
Key Points
- Auction price of HK$5.98 million is HK$420,000 below the bank's valuation of HK$6.4 million, translating to approximately HK$7,231 per square foot
- The three-storey tenement building was constructed in 1955, making it over 70 years old with significant redevelopment potential
- Property falls within Primary School Net 34 and Kowloon City Secondary School Zone, covering prestigious schools including Diocesan Girls' Primary School and La Salle College
- The nearby 124A ground-floor unit without title deeds was sold last month for HK$6.45 million after fierce competition among 7-8 bidding groups, a 57% increase from its starting price of HK$4.1 million
- The upcoming auction by Headroom Auction features approximately 46 properties in total
Why It Matters
The Ho Man Tin residential market continues to attract investors seeking redevelopment opportunities, as evidenced by the strong auction results for comparable tenement properties in the same locality . Given the area's limited supply of older buildings combined with its desirable school district and dual MTR line access, similar bank-owned properties may command premium prices in future auctions.
The Ho Man Tin residential market continues to attract investors seeking redevelopment opportunities, as evidenced by the strong auction results for comparable tenement properties in the same locality . Given the area's limited supply of older buildings combined with its desirable school district and dual MTR line access, similar bank-owned properties may command premium prices in future auctions.