AA Property Auctioneers Ltd. sells affordable low-priced properties, 646sqf unit at Hong Kong Mansion in Causeway Bay transacted at only HK$5.6m

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Tung Po Building

6th December 2023 – (Hong Kong)  On Tuesday, AA Property Auctioneers Ltd. successfully auctioned several budget residential units, offices, and parking spaces, with a total transaction value exceeding HK$22 million. One of the notable sales was a top-floor unit with a massive rooftop in Tung Po Building, located at 60-62 Pak Tai Street, Ma Tau Chung. Despite fierce competition from multiple buyers, the unit changed hands for a mere HK$2.58 million, representing a bidding premium of over 17%.

A spokesperson for AA Property Auctioneers Ltd. revealed that a total of five properties were sold during the auction, predominantly consisting of affordable units with price tags in the million-dollar range, including some suitable for rental purposes. Among them, the aforementioned unit in Tung Po Building stood out due to its unique features and proximity to the MTR Sung Wong Toi Station. Managed by an estate administrator, the unit boasted a practical area of approximately 254 square feet and an expansive terrace spanning around 883 square feet. It was initially listed with a starting bid of HK$2.2 million and eventually sold for HK$2.58 million, surpassing the opening price by HK$380,000 or approximately 17.3%. The price per square foot amounted to roughly HK$10,157.

Another noteworthy transaction took place at Golden City Building in Wong Tai Sin, where a high-level residential unit, owned by a private individual, was sold. With a practical area of approximately 473 square feet, the unit, together with its existing tenancy agreement, was initially priced at around HK$2.9 million. After intense bidding between two competing buyers, it was eventually sold for HK$3.15 million—HK$250,000 above the opening price—with a price per square foot of approximately HK$6,660.

In the heart of Causeway Bay, Hong Kong Mansion at 1-1L, Yee Wo Street, attracted significant attention during the auction. A low-level unit, designated as M-room, was offered by the owner. With a practical area of approximately 646 square feet, the unit was relisted at HK$4.9 million, reflecting a reduction of HK$780,000 from its previous price. The competitive bidding saw two to three groups vying for the property, eventually resulting in a successful sale at HK$5.6 million, representing a premium of HK$700,000 or approximately 14.3%. The price per square foot stood at approximately HK$8,669.

Hong Kong Mansion

Furthermore, the auction also featured a low-level office unit, located at Unit 08, South Seas Centre, 75 Mody Road, Tsim Sha Tsui East. With a built-up area of approximately 1,949 square feet, the unit commenced bidding at HK$8.5 million. After receiving bids from three interested parties, the final transaction price reached HK$10.15 million, surpassing the opening bid by HK$1.65 million or approximately 19.4%. The price per square foot was remarkably low at approximately HK$5,208, indicating a factory rate. According to available data, the property’s previous owner purchased it for around HK$17.54 million in 2016. The property has since depreciated by approximately HK$7.39 million or about 42%. Additionally, a parking space located on the third floor of Golden Villa in Tsuen Wan was sold exclusively to the project’s rightful owners for HK$760,000.