Tai Po flat prices cut after bids for Pak Shek Kok site don't meet reserve price
Sale of plot in Tai Po scrapped after developers' bids fail to meet reserve price
Homeowners in Hong Kong wishing to sell their flats may be more willing to reduce their asking prices after the government withdrew a residential site in Tai Po from sale last week.
Property agents said a flat owner at Deerhill Bay in Tai Po had cut their asking price to HK$24 million from HK$27 million.
The owner of another flat, in The Beverly Hills, also in Tai Po, reduced their asking price by 7.7 per cent, to HK$18 million, after the site at Pak Shek Kok was withdrawn from sale.
The government said last week all seven bids for the site had been rejected after they failed to reach the reserve price.
The Tai Po site covers 204,516 square feet and could yield a total gross floor area of 715,806 sq ft.
It attracted bids from Sino Land, Cheung Kong, Great Eagle, Wheelock Properties, Sun Hung Kai Properties, New World Development and a consortium of Paliburg and Regal Hotels International.