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Foreign Flight Attendant Rents NOVO LAND Studio for HK$9,500/Month, Owner Earns About 3.4% Rental Yield

Squarefoot Editor  2024-06-21  #Property Hit News

A foreign flight attendant rented a NOVO LAND studio for HK$9,500 per month without viewing the apartment. Kit Lam, Assistant District Manager at Ricacorp Properties’ Tin Shui Wai Novo Land branch, stated that the agency recently facilitated the rental transaction of a low-floor F unit in Tower 1A, Phase 1 of NOVO LAND in Tuen Mun. The unit has a saleable area of approximately 236 square feet, features an open layout, and offers a view of other buildings.

Mr. Lam mentioned that the new tenant is a foreign flight attendant who, upon seeing the rental listing on Ricacorp’s platform, immediately contacted the agent. The tenant was attracted to the estate’s newness, rich clubhouse facilities, and ideal location, which is very convenient for traveling to and from the airport. Without viewing the apartment, the tenant negotiated with the owner and rented the unit. Initially listed at HK$10,000, the unit was rented out for HK$9,500, which translates to about HK$40 per square foot of saleable area.

It is reported that the owner purchased the unit first-hand in 2022 for approximately HK$3.35 million. By renting it out now, the owner can enjoy a rental yield of about 3.4%.

He added that there are currently about 80 units available for rent in this estate, with the lowest monthly rent starting at around HK$9,500. 

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