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Auction tip fires up sellers

Mandy Lo The Standard 01/17/2010 12:55
Auction tip fires up sellers - seller guide - auction - Hong Kong - tips


Homeowners in Tseung Kwan O are holding on to their flats in the hope that prices will rise after a site on the application list was triggered for auction.



One-fifth of flat owners in the area raised their selling prices by an average of 5 to 10 percent, said Dennis Ngai, a manager at property agency Century 21 (Tseung Kwan O).

Ann Tse Wai-lan, a senior manager at Hong Kong Property Services (Agency), said transactions at Park Central, a residential project near Tseung Kwan O Station, slumped 66.7 percent to just three deals over the weekend.

But visits to flats by potential buyers surged 20 percent from a week ago.

Tse said 5 percent of home sellers marked up their flat price, while all sellers said prices were not negotiable.

About 64 flats in Park Central changed hands this month, selling for HK$4,700 per square foot on average.

The Lands Department announced on Friday that a site for non-industrial usage in Tseung Kwan O was successfully triggered for sale and an auction will be held on February 22.


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