Hong Kong property auction offers 28% discount as low‑price flats sell near market rates

A luxury unit in the One‑Residence estate at Kowloon Tong was put up for auction with an opening bid of HK$9.8 million. The 737 sq ft apartment, originally laid out as three bedrooms and re‑configured to two, was priced about 28 % below the bank’s latest valuation of HK$13.57 million. The auction is scheduled for 29 May.

Across the city, several low‑price residential projects have seen transactions at or near current market levels. In Kowloon Bay’s DeFuk Garden, a high‑floor two‑bedroom unit of 517 sq ft sold for HK$5.288 million (HK$10,228 per sq ft), a price drop from the original HK$6.15 million asking price. The buyer, a first‑time homeowner, bought the unit in 2004 for about HK$1.66 million, netting a profit of over HK$3.6 million. Similar market‑price sales were reported in Tuen Mun’s Di Ying Ting, Shatin’s First City, and other estates, with per‑square‑foot prices ranging from HK$8,000 to HK$15,000.