Wong Chuk Hang - A Rising Star in the South

Since the launch of the South Island Line last December, properties along the MTR’s new extension from Admiralty to Southern District have been the target of homebuyers. In our last issue, we reported that South Horizons on Ap Lei Chau had become the most sought-after homes in the market. The number of deals soared. Thus, many owners withdrew their offers and adopted a wait-and-see attitude. It is evident homes in the Southern District have high potential for appreciation. Among the four new stations along the South Island Line, Ap Lei Chau station is surrounded by some residential estates. However, for those who are looking for a relaxing lifestyle, convenience to transportation and long-term development potential, look no further than Wong Chuk Hang.


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Significant Growth in Future

Both Aberdeen Marina Club and Ocean Park are located in Wong Chuk Hang, which offers a leisurely environment to the district. On the other hand, some grade A office towers have been completed and have turned the area into a new commercial-cum-residential location, which further enhances its developing potential. Since South Island Line has started operations, an owner of Marinella has increased the price by a million dollars. It is an indication that the future of the property market in the area is seen as promising.

“Benefited by the policy of the revitalisation of old industrial buildings and the newly launched MTR line, Wong Chuk Hang is gradually getting rid of the image of an industrial area and being replaced by a new look as a commercial centre. It looks promising in the long run, and the residential property is expected to increase in value,” says Brian Wong of Happy Properties Agency.

“For example, at present, the price per square feet of saleable area and for rental are about $28,000 to 30,000 and $52 respectively. There is room for an increase in the future.”

Apart from luxurious homes, situated in the prime location near the Aberdeen Marina Club, Broadview Court and South Wave Court under the home ownership scheme have also benefited from the momentum and have increased in value.

According to the record of Midland Realty, a 590 square foot unit at South Wave Court has been acquired by a green form homebuyer for $5 million. The value of the unit has increased by 2.6 times.
Wong adds: “The cost of saleable area per square feet is about $9,000 for South Wave Court while the rental price is about $45 per square feet. The estate is about 10 minutes away from the Wong Chuk Hang MTR station. But there are only a few on offer in the free market.”

Selective Properties

Located at No. 9 Welfare Road, the estate is composed of six apartment buildings, offering 411 large units, including 388 flats, 12 duplexes and 11 garden villas. It was completed at the end of 2012. The estate is close to Aberdeen Marina Club and offers views of Shek O coast, Deep Water Bay and Repulse Bay. The latest lease transaction involves a four-bedroom unit at 1,650 square feet. The rate is $105,000 and the price per square feet is $63.60.

South Coast
The estate is located at No.1 Tang Fung Street. It is a single apartment block with six units on each floor, offering 150 units in total. It was completed recently and provides open and two-bedroom floor plan designs. Most of the units are facing South and have views of Aberdeen Typhoon Shelter. Wong says the rental fee of a 250 square foot studio flat is about $17,000.

Facts about living in Wong Chuk Hang

According to the documents of the 2016 Legislative Council’s Panel on Development, the property development atop of the Wong Chuk Hang MTR station can offer 4,700 residential units and will be completed in stages from 2018 to 2024. However, there are only three compartments for every train running the South Island Line, and the platform design is relatively narrow. There is a concern if the new railway can deal with the increasing load of traffic.

Business Transformation
Since the implementation of the revitalisation of the old industrial building policy from April 2010, there are altogether 12 industrial buildings that have been rebuilt or renovated. Nine have been transformed into commercial buildings which comprise a total area of more than 2.6 million square feet. The other three have been redesigned into hotels.

Elite School Network
Under the primary one placement scheme, the district belongs to school net 18. There is St. Paul’s Co-educational College Primary School, St. Stephen’s College Preparatory School, and St Peter’s Catholic Primary School. Under the secondary school placement scheme, it belongs to the Southern District. There is St. Peter’s Secondary School, Hong Kong True Light College, Sacred Heart Canossian College, St Stephen’s College and some international schools, including Singapore International School (Hong Kong), Canadian International School of Hong Kong and Victoria Shanghai Academy.