29th July 2025 – (Hong Kong) AA Property Auctioneers Ltd. held an auction on Tuesday, selling five properties, four of which were repossessed, including three residential units. Among the highlights was a lower-floor flat at Tak Lee Building, located at 993 King’s Road, Quarry Bay, which sold for HK$1.83 million.
The auction attracted around 90 attendees, with smaller residential units dominating the sales. The mentioned flat, Room 31 on a lower floor, has a usable area of approximately 321 square feet. Initially listed for HK$1.95 million last month, the opening bid was reduced to HK$1.78 million. It eventually sold for HK$1.83 million, equating to a price of HK$5,701 per square foot. Historical records reveal that a similar flat in the building sold for around HK$4 million in 2020, reflecting a significant price drop of approximately 54.3%.
Another notable sale was a unit at Emerald Bay in Tuen Mun (Phase 1, Block 1A, Lower Floor J), with a usable area of 318 square feet. The property had an opening bid of HK$2.28 million and attracted bids from two groups of buyers before selling for HK$2.56 million. The price per square foot was approximately HK$8,050. Records indicate that the unit was originally purchased for HK$5.287 million in 2019, marking a major depreciation of HK$2.727 million, or 51.6%.
Additionally, a repossessed high-floor unit (Room A) at Fu On Building, 18 Kin Tak Street, Yuen Long, with a usable area of 451 square feet, was auctioned. With an opening bid of HK$2.5 million, it sold for HK$3.03 million, exceeding the starting price by HK$530,000 (21.2%). The price per square foot was approximately HK$6,718.
A commercial unit in Kwong On Building, located on Yee Wo Street, Causeway Bay, was also sold. The lower-floor office space, spanning 985 square feet, had an opening bid of HK$4.1 million. Competitive bidding pushed the final price to HK$5.1 million, HK$1 million (24.4%) above the starting price, with a per-square-foot price of approximately HK$5,178.
