A subdivided shop on the first floor of The Cube in Tsuen Wan. The shop, with a saleable area of just 52 square feet, had an initial asking price of HK$100,000. After a bidding war between two buyers, it was sold for HK$300,000, equating to about HK$5,769 per square foot.
Records show that the original owner purchased the shop for approximately HK$620,000 in February 2019. This sale results in a paper loss of HK$320,000, or over 50%. Notably, The Cube was acquired several years ago and subsequently subdivided for sale. The mall has seen several loss-making transactions in recent years.
The other property sold at the auction was a high-floor unit H in Yuet Ming Building, North Point. This court-ordered sale property, with a saleable area of about 631 square feet, was sold for HK$5.68 million, translating to approximately HK$9,002 per square foot.
In comparison, a similar unit one floor below was sold in January this year for HK$6.5 million, or about HK$10,301 per square foot. The higher-floor unit sold for about 13% less after nearly six months.
