Rare foreclosed unit at Beacon Heights in Kowloon Tong being auctioned at HK$10.5 million, setting a new low record

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19th February 2024 – (Hong Kong) Beacon Heights in Kowloon Tong recently saw a rare foreclosed unit being auctioned off, with a high-floor spacious unit fetching HK$10.5 million, translating to approximately HK$9,000 per square foot, which falls within the price range of New Territories properties.

AA Property Auctioneers Ltd. is set to auction the aforementioned unit in Block A of Phase 1 this week. This high-floor unit spans approximately 1,126 square feet and features a three-bedroom layout with an additional maid’s room. The initial bidding price for this unit is around HK$9.325 million, reflecting a significant discount compared to similar-sized units in the same building. A comparable unit in the middle to high floors of Block A was sold last March for approximately HK$14.8 million, making the current auction unit priced at about HK$4.3 million lower, representing a discount of approximately 29.1%.

Furthermore, it’s worth noting that the price per square foot for this unit falls below HK$9,300, as evidenced by a previous transaction in 2011 when a similar high-floor unit in Block A changed hands for HK$9.69 million, equating to approximately HK$8,600 per square foot. Additionally, preliminary valuations conducted by individual banks for the auction unit have reached approximately HK$12.34 million.