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Moving to Mui Wo
Want to trade in your cramped city apartment for a spacious village house that’s conveniently located? Then consider upping sticks to Lantau - Mui Wo, specifically, says Helen Dalley
“In the long run, I expect that people will be able to double their investment, as house prices in Mui Wo are predicted to increase in a similar way as they did in Sai Kung,” says Jennifer Bauch, Director of HomeSolutions
There are many reasons why people contemplate moving to Mui Wo – cleaner air, close proximity to some of the island’s best beaches, excellent hiking and biking opportunities – and most importantly, lots more square footage for your money when compared to the city. The major fear for many is isolation from the city hub, but due to its expedient location right next to the ferry pier, Mui Wo has long proved popular with those who want to enjoy the benefits of both island and city life.
Market watchers should note that this locale is about to undergo a HK$3,111 million facelift, which will revamp the ferry pier and waterfront (a promenade is planned), beautify the old town, improve the cycle track network, and enhance the area around Silvermine Cave and Waterfall. Added to which the new road from North to South Lantau, due to open this December, will make Mui Wo even more accessible, cutting down driving time to Tung Chung from 35 to 15 minutes, and bringing the airport that much closer.
Jennifer Bauch, Director of HomeSolutions – handily located round the corner from popular local bar The China Bear and only a minute’s walk from the ferry – says most of her clients are looking for a village house approximately 2,000 square foot in size. “They want a garden, sea view and a car park close to the house – those are the top three requests. They are most likely to compromise on the car access but the outdoor area is not usually negotiable,” she explains, adding that better air quality is increasingly cited as a reason for moving here.
For most, a move to Mui Wo is about shifting down a gear and getting closer to nature, but Bauch states that it’s a sound investment opportunity too. “In the long run, I expect that people will be able to double their investment, as house prices in Mui Wo are predicted to increase in a similar way as they did in Sai Kung.” Prices are already on the up and up, and she admits, “Two to three years ago, you were able to buy a renovated village house for HK$3 million; those deals are not here anymore, unless you buy something really old and comprise on location”.
A village house in this corner of Lantau will now set you back around HK$3.8 million, and at the top end of the market, asking prices have reached HK$16 million. One such property is currently available; located just three minutes’ walk from the Mui Wo ferry pier. It’s a two-storey house sized at 1,350 square foot with a full sea view and its own pool. In addition, the landlord is leasing the government land to furnish residents with a 10,000-square-foot garden.
HK$16 million may sound a lot for Lantau but it’s all about location – move away from the ferry pier and HK$5.1 million (or a monthly rental of HK$20,000) will get you a 1,000-square-foot duplex with a sizeable garden. Duplexes, however, are usually hard to come by. “They’re often gone within a few weeks,” Bauch explains. “The rental is between HK$12,000 and HK$18,000 per month depending on location, and not many come up for sale.”
If you’re on the look-out for something cheaper, prices start at around HK$1.3 million for one floor of a non-renovated village house, which equates to around 700 square foot net, excluding the balcony. “If it’s renovated,” Bauch says, “the figure goes up to HK$1.8 million, but it’s all about location and convenience; for this price you could expect full sea views, a private rooftop and a parking space nearby.”
Flats in Mui Wo start at HK$1 million for 450 square foot. A 683-square-foot flat with private rooftop access, close to the ferry pier, is currently on the market for HK$3.8 million (or HK$15,000 per month rent).
On the subject of Mui Wo rentals, Bauch goes on to explain, "The average rent for a renovated or new village house is between HK$30,000 and HK$35,000. At this price you'd be looking at 2,100 square foot, plus a 700-square-foot rooftop and maybe a small outdoor area on the ground floor." At the top-end of the market, you can expect to pay between HK$45,000 and HK$60,000 for a luxuriously renovated village house of the same size with a big garden, pool or plunge pool and car access, plus good views.
Life on South Lantau is a tempting proposition, but it's important to factor in that bank valuations are not always up to the asking price, "The situation is improving," says Bauch, "but you tend to get 90 percent for villas and 70 percent for the village houses." Nevertheless, the feedback that the realtor receives is overwhelmingly positive. She says, "Many clients say to me, 'we only wish we'd moved here earlier'.'"
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