Hong Kong Monetary Authority measures cause market downturn, plus with worrying the new government measures, buyers intend to wait-and-see. Auction held by AA Property was not in good result as expected. Only 1 flat and 1 packing place sold among 19 properties launched for auction. Another auction in same day, many items of villas above millions HKD without bid or the bid price can not reach the bottom price. And finally end up being took back.
AA Property auction a vacant house located in 4th floor, East Asia building, No. 27, Hennessy road, Wan Tsai. The house is in 47 years old and usable area is 394 square feet. It start price at HKD3.48 millions and every offer at HKD100,000. Later turn to every offer at HKD 50,000. After four price offers deal at HKD3.73 millions higher than start price by 7.2%. Base in usable area calculation, the sq ft price is HKD9,467.
Another deal is 15 units in lease and in line parking places, located in underground of Ever Gain Plaza, No. 88, Container Port Road in Kwai Chung. Auction price start at HKD5.25 millions and deal at HKD5.7 millions higher than start price at 8.6%. Each parking cost HKD380,000. The above parking places receive rent income HKD2,344 monthly. AA Property auctioneer JieJun Ceng said，there were many people in auction but the bidding just so so. The price for packing is reasonable and deal nearly at market price.
On another place, C S Auctioneers public auction 22 properties and 5 among have sold before the auction, 4 sold in the auction. 3 items among the 4 deal below HKD5 millions, but bids for a number of villas over HKD 10 millions were failed.
See on-site, buyers generally interested in low price properties. Room 820, 8th floor, Metropole Buildings in North Point in cover area of 800 square feet at offer price HKD4.25 millions. After 10 offers by 2 potential buyers, the unit sale at HKD4.75 millions and square feet price HKD5,938 higher than start price by 11.8%.
Another deal is joined 221 sq ft balcony feature unit in room 5, 50th floor of H Cube in Tsuen Wan. The unit involve parking place offer price at HKD10.8 millions, and deal at HKD1.8 millions. The average square feet price is HKD9,305 higher than offer price by 9.3% . The deal price close to market price.
Industry said in strong wait-and-see attitude
Except above unit in H Cube deal above millions, other many villas above millions lack of interested. Auction department general manager of C S Auctioneers, shijie Zheng said, the whole auction was not hot as expected and the buyers are more careful. What is worse, government measures major in press the villa market and made buyers in strong wait and see attitude. The villas market in gloomy and it is estimated that there will be 5% to 10% down on opening offer price.
Other 2 Non-residential low price properties success sold. Room 3, 5th floor of Tsim Sha Tsui Rise Commercial Building which is in cover area 254 sq ft, offer at HKD2.55 millions and deal at HKD2.8 million with sq ft price at HKD10,980. Underground unit A20B, of Cheung Sha Wan Smiling Plaza which in cover area 137 sq ft offer at HKD0.98 million and deal at HKD1.28 millions after 6 calls. The sq ft price is HKD9,343.
