If there is a unit that tempts you, but the price is higher than the bank’s valuation, will you still risk your life to buy it in the unstable property market? Huen Wai-yee, Chairman of the Association of Banks and Chief Executive Officer of Standard Chartered Hong Kong, set a perfect example. She recently spent NT$53.8 million to purchase a high-rise, 3-bedroom mansion in Tower 11, Regency Gardens, Repulse Bay, Southern District, and had to pay NT$8.07 million in taxes. The original owner entered the market in 2009 for 23.5 million yuan and made a book profit of 30.3 million yuan, an appreciation of 1.3 times.
The cost of Huan Huiyi's sale was much higher than the bank's online valuation. With reference to the online valuations of the above address by two note-issuing banks, the transaction price was 11.2% and 13.2% higher than the valuation. The unit has a usable area of 1,513 square feet and was sold with a parking space for NT$53.8 million last month, at a price of NT$35,558 per square foot.
Repulse Bay Regency Garden consists of 6 blocks and provides 240 units. Well-known owners include Tian Zhizhi, the daughter of Legislative Council Member of the Political Roundtable Tian Beichen.