Joint bidding for the old building in Sheung Wan
The property market is in favor, and the owners of the old buildings took the opportunity to bid for the property and sold them. The 36-38 Yi Li near Street, Sheung Wan, sold the property rights through the joint bidding of the Central Plains Agency over 83% yesterday. The intention price was 320 million Yuan. The tender was closed on May 24.
Zhang Jingda, Executive Director of Central Plains Surveyor Firm, said that the project has a construction age of 59 years and a site area of approximately 2,325 sq ft. The purpose of the project is “Residential (Group A)”. It is now a two-storey building (including 1 storey) with 10 floors involved. The residential units and the two ground floor stores have a total usable area of approximately 8,081 sq ft. The average price of the flats is approximately 40,000 yuan, based on the intention price. He added that after the project is rebuilt, it can be used for commercial and residential properties. It can build nearly 20,000 square meters of floor space and provide 20 to 30 residential units.
10 owners participate in bidding
He pointed out that the two bids for land auctions and the ownership of eight residential units, although not reaching 100% ownership, have met the strong shot requirements and continue to try to convince the owners of the remaining two residential units to participate in the joint tender.
One of the owners, Mr. Chen, stated that he had been rent-collecting since he purchased the unit in the early years. During this period, the developer has always made an offer at about $2 to $30,000 per barrel. However, in order to obtain maximum benefits, it was easy to organize owners’ corporations before the year and collect the right to sell. Originally it was intended to offer a price of 560-600 million yuan. However, it was impractical to reduce it to 320 million yuan and increase its attractiveness.