30th October 2026 – (Hong Kong) A ground-floor open-plan flat with a small garden at Ocean Camino in So Kwun Wat, Tuen Mun, has been seized and put up for auction as a mortgagee sale with an opening bid of only HK$1 million.
The estate — formerly marketed as Emerald Bay under the Evergrande banner — has become a hard-hit pocket for mortgagee lots and loss-making resales in the So Kwun Wat stretch of Tuen Mun. Another forced listing has now joined that pipeline: a distinctive ground-floor garden unit, confiscated and lined up for the hammer at a figure that will turn heads even among seasoned auction watchers.
The property is Flat F on the ground floor of Tower 5 in Phase 2. Saleable area is just 206 square feet in an open-plan layout, with an attached garden of about 58 square feet — a rare outdoor strip for such a compact shell. It goes to auction on 11th November 2026 from HK$1 million, implying about HK$4,854 per saleable square foot on the opening figure alone.
Records show the previous owner paid about HK$4.079 million for the same flat in December 2020, when the price per square foot reached about HK$19,898 — close to the HK$20,000 mark. Measured against that six-year-old purchase, the HK$1 million opener is roughly HK$3.079 million, or about 75 per cent, lower.
The unit is understood to be appearing at auction for the first time. A bank valuation put on the flat stands at about HK$2.2 million — still more than double the opening bid, yet far below the 2020 buy-in price.
