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SCMP Reporter

Five luxury residential properties on Hong Kong Island and in Kowloon will be sold through public auction on August 28, with a unit in the 73-storey Highcliff likely to command the keenest bidding.
Ranked the city's fourth-highest residential tower, Highcliff rises 252.4 metres and dwarfs the surrounding low-rise blocks on Stubbs Road in the Mid-Levels.  
It comprises 109 flats that range in size from 3,676 to 3,816 square feet and features four penthouse units of 7,429 sq ft each.
Because of its elevated location, the tower commands 360-degree views over Happy Valley, Victoria Harbour and Island South. 
The Highcliff unit which will be put up for auction  by order of the mortgagee is on the 50th floor and is 3,816 sq ft. 
It was bought by KCL Capital for HK$65.8 million in June 2007, data  shows. The unit was among the assets which were frozen by court order relating to a case involving private hedge fund Descartes Athena Fund SPC.
Only two flats in Highcliff changed hands in the past six months, according to Land Registry data. In May, Unit A on the 41st floor sized 3,816 sq ft sold for HK$64.8 million, or HK$16,981 per square foot, and last month, a unit of the same size on the 47th floor sold for HK$74.6 million, or HK$19,549 per square foot. 
The selling prices were about 20 per cent lower than average transaction prices in the tower block last year. 
Six Highcliff units were sold before the onset of a market downturn triggered by the collapse of US investment bank Lehman Brothers in September last year, at prices that ranged between HK$21,980 and HK$27,594 per square foot, equivalent to price tags of between HK$80.8 million and HK$100.8 million for a unit, according to data compiled by Landscope Realty.  
Seven flats are now listed for lease at asking rentals ranging between HK$29.10 and HK$36.70 per square foot, or monthly rents ranging from HK$107,000 to HK$136,000.   
Meanwhile, eight units sized between 3,676 and 3,816 sq ft are also on offer in the secondary market, priced from HK$20,964 to HK$24,700 per square foot or an aggregate amount from HK$85.1 million to HK$90.8 million, according to Landscope. 
Another comparable project just a stone's throw from Highcliff is the Summit, a 219.8 metre high residential tower developed by Hang Lung Properties.
The Summit consists of 52 four-bedroom duplex units sized 3,254 sq ft and two double duplex units at 6,496 sq ft and tenants include diplomats and celebrities, but it is only available for leasing with asking rentals ranging between HK$33.60 and HK$50.40 per square foot, agents said.
Other comparable options in the Mid-Levels include Estoril Court on Garden Road, Grenville House on Magazine Gap Road, and Tower One and Two of Tregunter on Tregunter Path, which all offer four-bedroom units sized more than 3,000 sq ft. 
Selling prices in these blocks ranged from HK$11,000 to  more than HK$20,000 per square foot, while asking rents were about HK$27 to HK$50 per square foot, property agents said.
The remaining units due for auction are two flats at No 11 MacDonnell Road, a unit at Centre Place in High Street, and a flat at Tower 1 in One SilverSea in West Kowloon, all previously owned by KCL Capital.
High-end auction
The number of luxury flats to be sold through auction on August 28: 5



Highcliff flat sale likely to draw keen interest