Lifestyle

A hot spot for first-time buyers – Kennedy Town



Sometimes, when it comes to buying a property, choosing a district is more important than selecting a home. Most office workers prefer to live close to the commercial area for convenience of travelling to work, but families with small children also consider the school net and community facilities. Young people stress on elite lifestyle and love to drink with their friends or to enjoy the cultural facilities of the district. Among all the areas of Hong Kong, only Kennedy Town, at the western side of Hong Kong Island, has all the advantages above with homes at affordable prices.

When looking for a home in Hong Kong, it is best to invest in those situated nearby the MTR as the price increases in time and the owner will be benefited by reselling or leasing out the property. Since the launch of the western line, traffic jam has been released. Travelling from Kennedy Town to Sheung Wan, Central and even to other districts of Hong Kong Island and Kowloon is now faster and more convenient. Since the connectivity has been improved, Kennedy Town is now a hot spot for first-time buyers.

“Kennedy Town is popular among young elites working in the finance sector. Most tenants are from Southeast Asia, Europe, and America so that Kennedy Town has become a small community of the East and the West,” says Irene, senior consultant from Universal Property Agency. “The demand for rental is steady, and most western tenants are looking for relatively new apartment building such as The Merton, while big housing estate such as Smithfield Terrace is a favorite among local tenants. The rental rate per square feet is between $43 to $50.”

Last month, the government carried out the measure of levying 15% of stamp duty that has helped to cool down the market. However, on the other hand, with its limited supply and huge demand, office-leasing market performs remarkably. As more and more overseas business executives come to work in Hong Kong, it indirectly leads the demand of the rental market, especially those areas which are closed to Central, the financial and economic center of the Hong Kong. “Though the new measure is tough to certain buyers, sales volume for properties has been high,” she continues.

“Investors tend to rent out their properties, and sellers also put the units on hold, so the effect of the new tax is minimized. Thus, in the market, there are more cases for the rental that further stimulate the leasing market.”

>> Street Life: All you can eat at Kennedy Town

 

Property Highlight



Cadogan
Situated on 37A Cadogan Street, this apartment building launched in 2014 has 197 units on offer. The standard unit provides a saleable area between 346 and 1,048 square feet and there are also units with unique features. It is said that famous Taiwanese singer David Tao has bought a 722 square feet two-bedroom flat at 23.853million. The cost is $33,000 per square feet.



The Merton
Situated on No 38 New Praya Road, The Merton, completed 12 years ago, is composed of three apartment buildings offering 1,182 units in one-to-three-bedroom design. The clubhouse features some facilities such as a swimming pool, a fitness room, a sauna room and a steam room. The latest deal was in this August which involved a 313 square foot one-bedroom flat at $5.8 million.

Smithfield Terrace
The estate is located on 71 to 77 of Smithfield Road. The four apartment buildings were completed 30 years ago and offer 912 units in one-to-three-bedroom design with saleable areas between 221 and 457 square foot. It is regarded as an apartment of entry level and is only five-minute walk from Kennedy Town MTR station.

>> New Developments in the Neighborhood:

       One South Lane | The Hudson | Eight South Lane | Imperial Kennedy

 

Facts about living in Kennedy Town

Various Locations
Though the West Island Line stops at Kennedy Town, some properties are still very remote as most of them are at different places. On the other hand, some estates are built along the mountains, which enjoy not only a peaceful environment but also beautiful views even for an apartment on the low zone.

Unpleasant Facilities
Kennedy Town is next to Mount Davis, with commanding sea view of the western side of the island. However, it also has the facilities of waste transfer station operated by the Environmental Protection Department and the Victoria Public Mortuary. These services may create a very negative perception to buyers of estates which are located nearby.

Elite School Net
Under the primary one placement scheme, the district belongs to school net 11. There are the Sacred Heart Cannosian School, King’s College Old Boys’ Association Primary School, and St. Stephen’s Girls’ Primary School. Under the secondary school placement scheme, it belongs to the Central and Western district including secondary schools such as St. Paul’s Co-educational College, King’s College, and Ying Wah Girls’ School. Since the University of Hong Kong is also situated in the western district, it boasts a robust academic environment.