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Novo Land’s first bank-owned unit sold at $5M discount | HK Weekend Property Market Recap

Squarefoot 編輯部  2024-05-29  #影片

Last week in Hong Kong property, a two-bedroom unit in Tuen Mun's Novo Land Phase 1A came under bank control due to the owner's imprisonment and inability to continue mortgage payments.

The flat was originally purchased by the owner in 2022 for about HK$6.57 million.

The bank attempted to auction the unit twice, with the most recent auction starting at a base price of HK$4.1 million.

It was finally sold for HK$5.1 million, at about HK$12,200 per square foot, marking a drop of HK$1.47 million or more than 20% from the transaction price about two years ago. 

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