4 customers competed for one unit. Unit’s price in Tin Hau was pushed up at HKD 1.5 million.

The purchasing power of second hand property market which had accumulated for a long time is releasing step by step. Some rare units at large cost are really attractively. So conditions of competing unit by biding appeared in market recently. Among, 4 rooms large unit in Hong Kong Island East District was the most popular. 4 rooms unit of MAYSON GARDEN BUILDING in Tin Hau was competed by 4 groups of customers at same time. Finally, its price was pushed up by HKD 1.5 million to HKD 17.5 million and it was bought by a mainland customer. This buyer needed to pay nearly HKD 4 million for Double Stamp Duty (DSD). A rare 4 rooms unit of Wilshire Towers in Tin Hau Temple Road of nearby also competed by 3 groups of customer. As a result, a user from other district bought it at about HKD 25.8 million. Chen Jia-hong, the Vice Regional Associate Director of Central Plains expressed, users actively visited properties recently and most of them choose quality large units for self use. Room H, high floor, MAYSON GARDEN BUILDING in Tin Hau which in layout of 4 rooms two suites was inquired immediately by 4 groups of customers half day after being put on sale. It sold under competition. It is known that, the original owner asked for HKD 16 million at the beginning of putting on sale the unit. But the market reaction was hot and buyers actively competed for it. So the price finally was pushed up by HKD 1.5 million and it sold at HKD 17.5 million. It was HKD 14,262 converting into the usable area sq ft price and was HKD 10,606 converting into cover area sq ft price. But the sale price still lower nearly 8% than market price which was HKD 19 million. Mainland customer expansively paid nearly HKD 4 million of tax. The new buyer is mainland customer. Besides beating the other 3 groups of local customer, this buyer still needs to pay totally HKD 3.9375 million for DSD and Buyer Stamp Duty (BSD). The original owner bought the unit at HKD 0.2 million in 1973 and earned book profit of HKD 17.3 million from the reselling. Chen Jia-hong added, the market warmed up and users speed up the purchasing. It is estimated that family customers will have intention to change house in succession. It made the trading actively. In addition, Midland Chief Senior Business Manager Hu Zong-le expressed, room 2 , middle floor, building C of Wilshire Towers in Tin Hau Temple Road which in layout of 4 rooms including with parking slot was bought by a user who from other district at HKD 25.8 million. The cover area sq ft price was about HKD 12,028 and the usable area sq ft price was about HKD 14,879. Since the unit is rare 4 rooms unit in same district, so it attracted 3 groups of customer competing for it. The original owner bought this unit including with parking slot at about HKD 9 million in August 1998. The book profit was about HKD 16.8 million from this reselling. The unit appreciated about 1.87 times. Hu Zong-wei pointed, 4 rooms large unit in Tin Hau Temple Road which are put on sale currently were not more than 10 units. The source of this kind of unit is rare. So the owner did not worry about the selling and stood strong on price.

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