The auction sale of No.18 Sau Wa Fong, Wan Chai, Hong Kong under the Land (Compulsory Sale for Redevelopment) Ordinance through Savills was held today. The Property was sold at the reserve price of HK$136.1 million.
The Property has a registered site area of approximately 3,357.5 square feet (311.9 square metres) and is situated at the southeastern side of Sau Wa Fong in Wanchai District of Hong Kong. The Property is a is a 6-storey residential building. The building was completed in 1963 and is served by one common staircase.
The Property falls within an area zoned “Residential (Group C)” under Hong Kong Planning Area No. 5 – Approved Wan Chai Outline Zoning Plan No. S/H5/31 gazetted on 12 May 2023.
Mr. Charles Chan, Managing Director of Savills Valuation and Professional Services, said, “The real estate market is experiencing a downturn, but owners generally refuse to lower their selling prices. As a result, property developers face significant challenges in acquiring ownership rights. Moreover, the future market conditions are riddled with uncertainties, leading to a noticeable decline in the developers' willingness to initiate new projects.”