2nd failure of Cap. 545 auction at Tsim Sha Tsui (TV interview - Alex Leung, CHFT)
The public auction of tenement buildings at 61, 63, 64, 67, 69, 71 and 73 Granville Road, TST pursuant to an Order for Sale made by the Lands Tribunal under the Land (Compulsory Sale for Redevelopment) Ordinance has failed to sell.
It was the second auction failure to see in Cap 545 history after the Lion Rock Road, Kowloon City last year. Alex Leung, Senior Director of CHFT said the result is caused by the tribunal judgement does not reflect the current situations as there were opposite price changes between commercial properties and residential flats from 2017. Also, high vacancy rates are still found in commercial property sector nowadays, the minority interests of the buildings are not cheap at the reserved price determined in Q3 2019.
Oriental Daily: https://bit.ly/3iaFgFg
Wen Wei Pao: https://bit.ly/3y9jmrv
TVB: (ch. 85)