First Foreclosure at The Arles, Fo Tan: 1-Bedroom Listed for HK$4.69M, 42% Below Original Price

Fo Tan’s The Arles residential development has seen its first foreclosed property listed for auction, just two years after residents began moving in. The one-bedroom unit is now listed at HK$4.69 million, with a per-square-foot price of approximately HK$13,477. Purchased in 2021 and handed over to the owner at the end of 2023, the current asking price represents a 42% drop from its original sale price four years ago, a loss of HK$3.41 million.

The unit is located in Block 5, mid-floor, Unit E, with a usable area of approximately 348 square feet. It features a simple one-bedroom layout. The property was repossessed by the bank following the foreclosure and is now being placed on the auction market with a reserve price of HK$4.69 million.

The residential development was completed at the end of 2023, meaning the unit is less than two years old. This is the first foreclosed unit in the development. Photos of the unit show that it is in excellent condition, with basic furniture provided, making it move-in ready.

The original owner purchased the property in October 2021 for approximately HK$8.1 million. Over the past four years, the unit’s value has plummeted by HK$3.41 million (42%), based on the current auction price.

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