Lifestyle

Sai Kung Makes a Good Long-Term Investment



Known as the backyard of Hong Kong, Sai Kung is surrounded by green mountains and beautiful beaches. It is one of the most favourite getaways for Hongkongers. 

The houses in Sai Kung are mainly countryside-style villas with a small number of apartments in the town area. A tranquil environment and high privacy are the major highlights of Sai Kung’s property and are also the primary factors contributing to the growth of the market.

“Sai Kung’s real estate market is dominated by actual users. Many owners are not in a hurry to sell their properties, together with the steady rental demand generated by corporate tenants, so short-term speculation is rare,” says Sunshine Property Consultant’s branch manager Mathew Chung.

As the Sai Kung market is not affected by any short-term buy-and-sell activity, it follows the trend of the general market. Quoting the number of deals, he points out, “at the beginning of the year, some deals were around eight to 10 each month. However, from July to August as the market recovered, the number of sales was on the increase, reaching more than 30 cases a month. When the summer holiday finished, the number of deals decreased by following the general market”.

Chung adds there are an average of about 30 to 40 homes launched in the market for rental, with rents costing more than HK$40,000 per month.

These homes are between 1,000 to 3,000 square feet and are mainly detached houses, villas and village house apartments. The return of rental is relatively stable, so it is ideal for self-occupation and for long or short-term investment.

>> Related Article: The Weekend Escape to Sai Kung

>> Look up Sale and Rental Properties in Sai Kung

 

Selective Properties



The Mediterranean and Park Mediterranean
developed by Sino Group, are rare and large developments in the district. The Mediterranean offers 297 units with a saleable area of between 520 and 1,171 square feet in one to four-bedroom designs. Park Mediterranean was launched in July to cater to the needs of the market. It comprises three eight-storey buildings offering 285 units in one to two-bedroom designs. It is estimated the apartments will be ready for occupation in the first quarter of 2018.

Marina Cove
Located at No.380 Hiram’s Highway, Marina Cove has been standing for 29 years and is one of the largest developments in the area, and regarded as a benchmark for the district’s property market. The development comprises two apartment buildings and 463 villas, offering 535 units. Most of the villas surround the lake or are beside the sea. The major highlight of the property is that each includes a dock.

Dragon Lake Villa
Located at 18 Silver Crest Road, Sai Kung, the Dragon Lake Villa is at the front of a forest with commanding views of Silverstrand. It is regarded for its quality, low-density houses. Singer Hacken Lee bought a three-storey house in Dragon Lake Villa for $12.25 million in 2002 and the house cost about $65 million two years ago.



Facts about Living in Sai Kung

Village Houses with Gardens or a Rooftop
When buying a village house with a garden or a rooftop, you have to make sure the area is included in the deed and the amount of surface area is included. If the garden belongs to a short lease from the government, you have to pay the rent or the government may resume the right of usage. So before you close the deal, you must check with the agent and owner.

Village House with a Car Park
In the earlier days, the planning and development of the village houses was not perfect. Thus, accessing the home may involve the use of private roads and the payment of a road fee. If the house is next to government land, there are substantial restrictions on illegal occupation and parking. For details, you must consult the agent and owner. It is advisable to include any verbal agreement into the sale and purchase agreement to avoid any dispute in the future.

Mortgage
Since the sale and purchase of a village house is not frequent, the bank may adopt a more conservative attitude. Before making a purchase, it is essential to understand how the bank’s evaluation and approval process works.

International Schools
Since there are a lot of expatriates living in Sai Kung, educational institutes in the district are relatively international. Apart from the famous Hong Kong University of Science and Technology (it is ranked No.28 by the World University Rankings), there are also a few international schools in the district, including Clearwater Bay School, ESF Abacus International Kindergarten, and the Hong Kong Academy, offering programmes of pre-kindergarten, primary years and middle years.