Wan Chai mortgagee flat listed at HK$2.6 million
SingTao · 1 SOURCESabout 1 hour ago2 MIN
Summary
A lower-floor Flat 5 in Wai Tak Building, Wan Chai, has been put up for auction as a mortgagee sale after previously being held by the family of late shop investor Tang Shing-bor. The 615 sq ft, three-bedroom unit carries an opening price of HK$2.6 million, or about HK$4,228 per sq ft, which is roughly HK$2.7 million below an estimated market value of about HK$5.3 million. The property is scheduled for auction on Wednesday, 26 February, in a sale session featuring about 26 lots. Other auction houses are also marketing mortgagee properties in Kowloon Bay and Sai Kung at discounts to bank valuations.
Key Points
- Wong Kai Kei Auction said lower-floor Flat 5 at Wai Tak Building in Wan Chai measures about 615 sq ft with a three-bedroom layout.
- The flat will open at HK$2.6 million, around 51% below the estimated HK$5.3 million market value, implying about HK$4,228 per sq ft.
- The Tang Shing-bor family bought this unit together with three others on the same floor in 2021 for about HK$28 million.
- Those four units have since all become mortgagee properties, and Flat 2 on the same floor, about 504 sq ft, sold last month for HK$3.55 million.
- Separately, auction houses are offering a mortgagee flat at Amoy Gardens in Kowloon Bay and a rooftop unit on Tak Lung Front Street in Sai Kung.
Why It Matters
Deep discounts between opening prices and bank or market valuations can draw bargain hunters, but they also underline the pressure facing distressed owners and lenders in parts of Hong Kong's secondary property market. The clustering of mortgagee listings across different districts suggests forced-sale activity remains a live feature of current market conditions.