Property

Tseung Kwan O Heads Towards A Minor Renaissance

Tseung Kwan O Heads Towards A Minor RenaissanceArguably the bustling heart of Sai Kung district, Tseung Kwan O is proof the end-user residential market is as healthy as it’s ever been. Hong Kong’s seventh new town is now home to nearly 400,000 residents and growing steadily, as the city’s infrastructure expands and new development project rights are granted in the area. In April 2014, Sun Hung Kai Properties won the MTR Corporation’s tender to develop the fourth phase at LOHAS Park — approximately 1,600 flats — and the remaining land is expected to go on the block in the next few years. Along with the New Territories, Tseung Kwan O will be one of the SAR’s biggest contributors to new housing supply in the near future.

On Deck

Upgraders, first home buyers and investors alike are flocking to Tseung Kwan O. With a dozen schools and just as many multi-tower residential developments in immediate proximity of the MTR station as well as shopping facilities and other services, Tseung Kwan O’s relative affordability is drawing attention as prices continue to spiral upwards in other parts of the city.

Coming soon to Tseung Kwan O are nearly 3,000 flats (to add to the over 4,500 delivered in the past three years) by Sun Hung Kai Properties and co-developers Cheung Kong, Nan Fung and MTR. Hemera at LOHAS Park Phase III will comprise roughly 1,600 flats in four towers scheduled for completion this year. Early details indicated Hemera would include four-bedroom flats, sea views and green materials in interiors.

Average prices at LOHAS’ other phases are currently sitting at roughly $9,000 per square foot, which could be the only guideline for Hemera right now: the property’s website has not listed any pricing information as yet. A sales announcement for the project was expected last September, but none of the development partners offered up any information as of printing. In short: stay tuned.

SHKP Takes Flight

Farther along in the process is Sun Hung Kai Properties’ The Wings IIIA, nearer to Tseung Kwan O station. SHKP was one of the most aggressive developers with launches last year, and the current darling of its portfolio is, arguably, The Wings. The Wings’ previous phases are averaging between $14,000 and $17,000 per square foot but the newest show flats indicated the project aiming for the next level in design and quality.

Clearly well connected for transport, The Wings is also connected by footbridge to neighbouring shopping facilities and the MTR station (think Olympian City) and is less than 30 minutes from major and emerging commercial hubs at Central, Kowloon East and Quarry Bay and is in close proximity to the area’s two hotels, the Crowne Plaza and Holiday Inn Express (both Kowloon East) and Vega Suites, the location of SHKP’s serviced apartments in the neighbourhood.

Comprising 960 units in four towers as well as five houses, the latest showflats illustrate the project’s design potential. The Tower 1 unmodified four-bedroom show model (28th floor) highlights a 55-square foot balcony, sliding glass doors, semi-open kitchen (with wine cellar) and marble en suite master bathroom. The unit is what SHKP calls The Wings Sea Premium, and measures just over 1,100 square feet (saleable). The lower floor The Wings Premium offers similar, well laid out units without the high level views. The Premium suites are three bedrooms in configuration and measure roughly 959 square feet (saleable). All units are equipped with appliances and fixtures by Poggenpohl, Gaggenau and Siemens among others. As of October prices at The Wings IIIA ranged between $14,000 and $25,000 per square foot (saleable). The Wings IIIA is scheduled for completion in 2016.