Baguio Villa sale fails to spark buying frenzy

PUBLISHED : Wednesday, 01 April, 1998, 12:00am
UPDATED : Wednesday, 01 April, 1998, 12:00am

The Government sold just 47 of the 120 surplus quarters in Baguio Villa, Pokfulam, despite cutting prices by as much as 25 per cent compared with the sale of an initial batch of units in December.

The Government Property Agency (GPA), which handles the disposal of surplus quarters, said $460.3 million was raised from the sales.

The disposal was scheduled to end yesterday, but the GPA said it would extend the sale period by three months until June 30.

'The sale will continue to be conducted on a first-come-first-served basis at the current fixed prices,' GPA said. Other conditions and terms of sale will remain unchanged.

The GPA said it would consider renting out the remaining flats on short-term leases through six designated leasing agents.