Last night, Ring Asia Auctions held an auction with 61 properties on offer, successfully selling eight units, including five owner-occupied properties and three owner-occupied properties. The most eye-catching sold was Unit 5, Tower A at Little West Bay Blue Bay Peninsula, a 729-square-foot, three-bedroom apartment with a worker's room, offering panoramic sea views. It was initially bid at HK$10.5 million but closed at HK$11 million after gaining an additional HK$500,000 or around 5%, with a per-square-foot price of HKD15,089. The previous owner reportedly bought the unit for HK$11.88 million in 2016, taking out two mortgages, and eventually defaulted, rendering it a repossessed property. The final sale price of HK$11 million is HK$2.15 million lower than the bank's appraisal of HK$13.15 million, representing a 16% discount.
At the same auction, a Silver Owner unit at Generalau Yau Cheng Lam Ping LP6 Tower 2, a 665-square-foot, three-bedroom apartment with a 366-square-foot balcony, was auctioned at HK$8.9 million and won by two bidders at an increased price of HK$10.7 million, for a per-square-foot price of HKD16,090.
Unit 6, Low-rise A at Shun Toni Shan Sea Garden, with a 582-square-foot size, fetched HK$3.35 million after four bidders raised the price from HK$2.5 million, resulting in a per-square-foot price of HKD5,756. Another property, a 1,931-square-foot villa with an 1,871-square-foot garden in Sha Tin Che Keng Shan Garden, opened at HK$21.8 million and was eventually sold for HK$27.1 million by three bidders, marking a per-square-foot price of HKD14,034.