Sellers of Tai Koo Shing flats take heavy hit

Business | Dominique Nguy 19 May 2016

A flat at Hing On Mansion in Tai Koo Shing, with an area of 583 salable square feet, will be auctioned on June 1, marking the first foreclosure sale at the coveted Hong Kong Island development since February last year.

CS Auctioneers data shows the flat was first listed for sale at the end of last year for an asking price of HK$9 million. But the price was reduced to HK$8.5 million in February.

Earlier this month, another flat of the same size at Hing On Mansion was sold for HK$8.18 million. Land Registry records show that its owner filed for bankruptcy earlier this year.

Asking prices for other Tai Koo Shing flats are also coming down fast.

The owner of a 1,046-ssf penthouse at Primrose Mansion slashed the asking price by more than HK$6 million to HK$18.8 million or HK$17,973 per ssf. Last December, the asking price for that unit was HK$25 million.

The previous owner bought the penthouse for HK$16.57 million in February 2013.

Meanwhile, a 1,014-ssf unit at Palm Springs in Yuen Long was sold for HK$7.3 million or HK$7,199 per ssf. It was 15 percent below the initial asking price of HK$8.6 million.

The last time a Palm Springs unit was sold at a similar price level was in 2014 when a 968-ssf house was sold for HK$7.3 million.

In Tseung Kwan O, the owner of a 503-ssf unit at Le Point reduced the asking price by HK$1 million to HK$5.55 million or HK$11,034 per ssf. The asking price was around HK$6.5 million about six months ago.

In the primary housing market, a homebuyer at The Bloomsway, a Kerry Properties (0683) project in Tuen Mun, will not proceed with the purchase of a 389-ssf flat and has forfeited the deposit of about HK$390,000. The project was launched last November.

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