North Point Flat with Platform Sells for HK$3.61M at Auction After Two Years, 18% Below Valuation
On.cc · 1 SOURCESabout 2 hours ago5 MIN
Summary
A bank-foreclosed flat with a platform at Fortune Building (富利來大廈) in North Point sold for HK$3.61 million at auction on Tuesday, approximately 18% below the bank's valuation of HK$4.45 million. The property, which had been listed for auction for about two years after initial offers reached HK$4 million, attracted fierce competition among three buyer groups before closing at HK$3.61 million. Cheng Chung Auction also sold four other bank-foreclosed properties during the same session.
Key Points
- The unit at Block C of Fortune Building in North Point features a practical area of approximately 225 square feet and a 493-square-foot platform .
- The property was launched at an initial price of HK$3.4 million, but three competing buyer groups drove the final price up by approximately HK$210,000 or 6.2%, closing at HK$3.61 million with a price per square foot of about HK$16,044 .
- The bank-foreclosed property was first listed for auction in 2024 with a starting price of HK$4 million, which was later reduced multiple times before the successful sale .
- A bank valuation of the property was assessed at approximately HK$4.45 million, meaning Tuesday's sale price fell short by about HK$840,000 .
- Cheng Chung Auction's General Manager, Zheng Shijie (鄭世傑), confirmed that five bank-foreclosed properties were sold at Tuesday's session, including residential and commercial units .
Why It Matters
The sale illustrates continued investor appetite for distressed properties in Hong Kong's secondary market, with the winning bid significantly below market valuation despite two years of market volatility. This trend may indicate that bank-foreclosed properties will remain an attractive avenue for budget-conscious buyers seeking value in an otherwise expensive property market .
The sale illustrates continued investor appetite for distressed properties in Hong Kong's secondary market, with the winning bid significantly below market valuation despite two years of market volatility. This trend may indicate that bank-foreclosed properties will remain an attractive avenue for budget-conscious buyers seeking value in an otherwise expensive property market .