The luxury flat auction on 6 July saw cautious bidders, as the government’s anti-speculation measures started to take their toll.
Out of the 10 flats that were placed on the auction block, three flats, two at Baguio Villa and one at Beverly Hills, were pulled out after failing to attract bids.
With base prices between HK$19 million and HK$21.3 million, the flats that were sold managed to achieve prices of two to four percent above the first bid.
"The bidders today were very cautious, partly because many are end users and some were first-timers at auctions," said Alvin Lam Tsz-pun, Director at Midland Surveyors.
The first property that went under the hammer is a 2,330 sq ft flat at Baguio Villa, located in the southern district of Hong Kong Island. It took approximately 10 minutes to attract five bids before it was sold for HK$24.8 million or HK$10,644 psf, 4.2 percent higher than the first bid.
Another Baguio Villa flat took 20 minutes to attract four bids before the 2,330 sq ft flat was sold for HK$24.7 million (HK$10,601 psf).
Sunil Nanda, a successful bidder for a 1,707 sq ft flat on Mount Davis Road in Kennedy Town, which was sold for HK$29.7 million at HK$17,399 psf, said, "I do feel the market is high and there is limited upside in the near term. Property values both residential and commercial are far too high and not enough is being done by the administration to cool the market."
The seven units sold raked in HK$198.5 million in sales.
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