In another sign of Hong Kong’s extreme real estate market, buyers paid more than HK$3.5 million each for two Sea Ranch units in a fiercely-contested auction yesterday.

More than 60 people attended the auction, held under a court order after the former owner had accumulated HK$1.07 million in unpaid management fees over 11 years at the remote South Lantau location.

One buyer paid HK$3.55 million, or HK$2963 per square foot, for unit 5A, while another paid HK$3.7 million, or HK$2984 per square foot, for 5B, Economic Times reported.

Bidding for both units was intense, with more than two dozen bids received for each apartment. Bidding for both of the 1240 square-foot units began at HK$2.25 million and stepped up to increments as high as HK$200,000.

One of the buyers was seeking more floor or living space, while the other was seeking a family holiday property, Economic Times said.

The sales are part of a spurt of Sea Ranch transactions this year. Four properties have changed hands in the last ten weeks, compared to a single unit sold in the previous 15 months.  One apartment sold for a record $3252 per square foot last week, yielding a sale price of HK$2.0 million, according to property website GoHome.com.hk.