Tuen Mun Cheung Yeung Tian Yan, a half-new project in Tuen Mun, attracted approximately 100 buyers to its auction after being converted into a landlord property. The unit, located in Unit 5B, Block 5, building 2 of Cheung Yeung Tian Yan (formerly known as Homeloft Jewel Bay), is a unique open-plan unit with a garden area and was initially listed at HKD 1 million. After much bidding, the final sell price reached HKD 2.04 million, nearly double the starting price. According to a spokesperson of Tongzheng Auction Company, the enthusiastic participation of 100 buyers was rare in recent years. The spokesperson mentioned that around 170 people had attended the auction and 8 properties were successfully sold. The Cheung Yeung Tian Yan property saw about 300 people view the property and approximately 100 groups of buyers competed for it, which is a rare occurrence.
The property was appraised at HKD 2.2 million, representing a difference of HKD 160,000 or about 7% lower than the selling price. A spokesperson for the auction company noted the attractive pricing from landlords prompted significant interest. The auction highlights the strong market demand for unique property types even amid the ongoing real estate market challenges.
A similar trend can be observed at another half-new project, Lantau Blue Island in Kwun Tong, sold to three buyers for HKD 11 million, 5% above the underestimated bank valuation. This trend reflects the strong interest from buyers for unique and distinctive properties regardless of potential price adjustments.