It is not an exaggeration to say Yuen Long is the choice for first-time property buyers. Previously, the area was famous for its food, but now it is known for its supply of flats.
In the past few years, the price of property has surged. While deciding whether to rent or buy, most people have missed the right moment to close a deal. Home prices have seen a moderate decline after their significant rise. But there are only a few districts left where the price is still affordable. The situation is getting worse and annoying.
The condition has become so alarming the government has had to rush out rounds of measures to manage the demand and supply, and push out development plans of the New Territories’ land. So, developers have shifted their attention to the New Territories.
In Yuen Long, the supply of new flats has risen so sharply it has also stimulated the demand of its secondary market. Time makes heroes. Yuen Long has become heaven for first-time buyers. Though Yuen Long seems to be the best area for first-time home buyers, housing prices have escalated over the past few years. Luckily, the supply is uninterrupted.
As there is competition going on among the new developments, developers have used all possible means to attract buyers, including packages of special offers.
The large supply of new flats in Yuen Long has prompted cost-cutting measures from developers who are trying to turn the tide on the slowdown in sales.
Yuen Long is the major source of new flat supplies and the infrastructure is well-developed, with easy access to daily facilities and a pleasant environment. To be fair, Yuen Long is not only the source of the primary market, but also the source of the secondary market. Below are some of the popular choices of new homes:
Sun Hung Kai Properties – Riva
Located on the West railway between Yuen Long station and Kam Sheung Road station, Riva is a large, low-density residential project, which includes 25 low-density buildings and 48 riverside villas, offering 800 units in total. The design is inspired by Italian contemporary architectural art.
Sun Hung Kai Properties – Grand YOHO
Situated in the heart of Yuen Long town area, next to the Yuen Long railway station, Grand YOHO development is composed of nine towers, which will be developed in three phases. Tower, 1, 2, 9 and 10 belong to the first phase, which is named Grand YOHO and will offer 1,128 new homes. Most of them are two and three-bedroom designs, with a few luxurious units. The show flat was opened in mid-August and sales started at the end of the month.
Sun Hung Kai Properties – PARK YOHO Sicilia
Last year, the PARK YOHO at Kam Tin launched its 1A and 1B phases respectively. The latest phase 1C, named YOHO Sicilia, was launched recently. It is a single residential tower with some of the very first studio flats of the development. The project offers 166 units, including 26 studio flats with a saleable area between 324 and 326 square feet.
The Village House Market in Yuen Long
Whenever there are new homes launched in Yuen Long, the village houses market will be stimulated. It is easy to understand because buyers may pay the same price, but can purchase a village house of 700 square feet and above. Besides, the lease of a top floor village apartment tends to include a private rooftop, while a ground floor flat may include a private garden to allow occupants to keep pets.
If you worry about security, you may consider those within a managed estate, for example, Bun Sin Ho Yuen, Opulent Height, Shung Ching San Tsuen and Sheung Che Village Fu Shing Garden. All the houses are behind walls which ensures supreme privacy.
According to the number of deals in June, the average price per square foot of a village house is about HK$14. The rental price of a third floor unit with a rooftop is about HK$12,000, while the second floor is about HK$9,000 and a ground floor unit with a garden is about HK$12,000.
Things to notice before moving to Yuen Long
Yuen Long covers a vast area. The surrounding area is quite far from the centre. While you enjoy the green views from your house, you may have to spend more time in traffic, and spend 10 to 20 minutes walking to the main road and another 10 minutes to wait for a minibus for a ride to the centre of the district. In addition, you may have to bear with mosquito bites.
There are views of rolling mountains, but the mountains may be dotted with cemeteries. It will affect the feng shui of your house. Therefore, it is crucial to pay attention to the views while inspecting the house. If there is a slope or a retaining wall near the house, it is important to check if there is any repair order issued by the government.
There are pros and cons of having so many restaurants around the houses. In Yuen Long, a lot of restaurants occupy the ground floor of a village house. Restaurants may cause an issue of rats, cockroaches and mosquitoes, which affects the living environment. Because of the smoke, residents upstairs may have to close their windows all the time.
It is expected the population of Yuen Long will grow significantly because of the increasing supply of relatively affordable properties. But there is still a question mark as to whether the infrastructure can cope with the growth. There is a fear transportation may not be able to bear an increase in demand, especially the railway system. At the moment, the train to Kowloon and Hong Kong island stops at Tuen Mun and Tin Shui Wai before it reaches Yuen Long. By that time the train may already be packed with passengers, and people at Yuen Long station may have to wait for a few more trains.
To ease the heavy demand for school places in the North district, the Education Bureau has introduced a designated school net for cross-boundary students. This year, the school net has an additional 100 school places. There are about 667 school places in Tuen Mun followed by Yuen Long where 661 places are available. As a result, there is no intensive competition between local and cross-boundary students for school places.
School Net Information
The secondary school net belongs to Yuen Long while the primary school nets are 72, 73 and 74. Secondary schools include Shung Tak Catholic English College and Chiu Lut Sau Memorial Secondary School. Primary schools include Yuen Long Government Primary School, Lok Sin Tong Leung Kau Kui Primary School and CCC Chun Kwong Primary School.
Schools under the Direct Subsidy Scheme include ELCHK Lutheran Academy which is comprised of a primary and secondary school using English as the teaching medium.
If you would like to learn more about living in Yuen Long, it is best to rent a house first before you decide to buy one. Popular properties for lease include YOHO Town, The Reach and Park Signature.
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