Midland foreclosure sale expected to pull in buyers

PUBLISHED : Friday, 11 February, 2000, 12:00am
UPDATED : Friday, 11 February, 2000, 12:00am

Midland Realty plans to offer 22 bank-foreclosed residential and commercial properties worth about $70 million for auction on Monday.

Properties on offer include 17 residential units, four office premises and a car-park space.

Tony Chan Tung-ngok, director of Midland Realty's subsidiary Midland Surveyors, said the value of residential and commercial properties on sale ranged from $500,000 to $20 million each.

He said he expected a Redhill luxury house in Tai Tam, measuring 2,800 square feet with a 724 square foot garden area, would achieve $20 million. It is the most expensive among the properties on offer.

Other residential properties range from 306 sq ft to 1,494 sq ft, while the office units measure 250 sq ft to 2,399 sq ft.

Mr Chan said residential properties would be the most popular in the sale given the sluggishness of the office market.

He said the sale responses would be strong, given a large number of bank-foreclosed properties involving speculators who bought at near peak prices in 1997 were snapped up by buyers.

Home-buying interest would not be affected by the latest interest rate rise in the United States, because local banks continued to offer preferential mortgage lending terms to lure customers, said Mr Chan.

The residential market would become more active later this month when more new projects were due to be launched, he said.


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