Astonishingly low opening bid in Causeway Bay property auction, residential unit priced below HK$7,300psf

East South Building

26th November 2023 – (Hong Kong) AA Property Auctioneers Ltd. is set to hold a series of auctions in early December, featuring several foreclosure properties in the prestigious Causeway Bay district. Among the offerings is a remarkable residential unit located at the intersection of Hennessy Road and Percival Street, known as East South Building. Situated in close proximity to Causeway Bay Plaza 1, the building boasts elevator access and presents a middle-floor Unit A2, spanning approximately 272 square feet. Astonishingly, the opening bid for this property is a mere HK$1.98 million, translating to an exceptionally low price of around HK$7,279 per square foot. In comparison, a similar middle-floor Unit F in the same building was auctioned in August this year with an opening bid of HK$3.38 million, equating to approximately HK$10,336 per square foot.

The auction also features luxury properties in foreclosure. One such property is a high-floor Unit A in Pacific Palisades Phase 2, located in the sought-after Eastern Mid-levels area of North Point. With a practical area of approximately 843 square feet, the property has a starting bid of HK$13.8 million, reflecting a price of approximately HK$16,370 per square foot. Notably, online valuations by individual banks suggest a value of around HK$18.47 million, indicating a current opening bid significantly lower by approximately HK$4.67 million or approximately 25.3%. Another property up for auction is a high-floor Unit E in Pokfulam Gardens 1, which includes a parking space. With a similar opening bid, the unit offers a practical area of approximately 1,173 square feet, resulting in a price of approximately HK$11,765 per square foot. Online bank valuations estimate the property’s worth at around HK$16.06 million, marking a reduced opening bid of approximately HK$2.26 million or approximately 14.1%.