Newly Properties Make Sai Ying Pun Even More Popular

The commute between Central and the Western District has never been faster and easier since the opening of the West Island Line—great news for those who go to Central for work from Western on a daily basis. With a string of new real estate developments, Sai Ying Pun has become a highly-coveted area where buyers can find sleek, modern and newly decorated flats. So it is no wonder that home prices have steadily climbing in this booming market.

In fact, Sai Ying Pun had been a real estate hotspot for developers over a decade ago, thanks for its premium location and huge potentials, while the West Island Line is giving the neighborhood an extra boost in recent years. After all, the reputable schools and peaceful environment of Sai Ying Pun will always appeal to families. “Luxury estate with large units such as The Belcher's have a diversified range of units and great views, therefore are popular amongst buyers with kids,” says licensed realtor of Mou Sun Property and long-time Western District resident Polly Liu. “The dominant type of unit is three-bedroom flat measuring between 600 to 1,800 square feet, with saleable area reaching a price of approximately HK$20,000 per square foot.” In the meantime, Sai Ying Pun has also attracted a large number of young professionals and expats, who are drawn to the district’s well-developed transportation system, and its mixture of old-time charms and new bar and
restaurant scene.

Upcoming new housing developments in the area include the Western Court Rebuilding Project (approx. 700 units) and the Chung Ching Street Project (approx. 200 units) by the Henderson Land Development Company, as well as the Sai Yuen Lane Project (approx. 250 units) by the New World
Development Company.

Selected properties

Kensington Hill

Developed by Wheelock and Company, this 32-floor building is located on 98 High Street in Sai Ying Pun, and offers 75 units. The main apartment type is three-bedroom, with saleable areas ranging from 569 to 1,134 square feet. The building also features a 7,000-square-foot luxury club. The building is fresh on the market, and a special unit on 33A, with a saleable area of 1,134 square feet, was recently sold at HK$39.7 million, or HK$35,011 per saleable square foot—both new records for this development.

Bohemian House

Co-developed by New World Development Company and Henderson Land Development Company, Bohemian House is a free-standing building on 321 Des Voeux Road West, Sai Ying Pun. It has 28 stories and 191 units with property types ranging from studio to three-bedroom, measuring at 262-965 square feet each. A three-bedroom special unit on 31A, which has an area of 965 square feet and a 158-square-foot terrace, was recently sold at HK$29.91 million, or HK$30,996 per square foot, setting new records for both unit price and per-square-foot price for this project.

The Nova

A single-standing building on 88 Third Street, The Nova offers 255 units, mainly one-bedroom or two-bedroom apartments with areas ranging from 387 to 855 square feet. The building has a luxury club with a 19-meter infinity pool. “This building just entered the market last year with limited number of available units. Adding on the fact that property prices are on the rise at the moment, the rent of this building is relatively high,” Polly says. “One-bedroom units (approx. 390 square foot) are fetching monthly rent of HK$22,000-23,000, while rent for a two-bedroom unit is HK$30,000 or above, and a three-bedroom unit (approx. 850 square feet) HK$52,000-60,000.”

Things to Know Before Moving into Sai Ying Pun

 Limited Parking Spaces

Polly says that the number of parking spaces varies depending on the location in this area. There are more parking spaces in Mid-Levels West estates, while free-standing buildings north of Bonham Road offer rather limited number of parking spaces, and they are more expensive as well.

Community Atmosphere

Despite its proximity to the Central business area, Sai Ying Pun is surprisingly under-commercialized. On the contrary, the neighborhood is tranquil and laid-back, with an abundant of interesting little shops and a strong community atmosphere.

School Net

Sai Ying Pun also boasts a great selection of schools. The district belongs to primary school net 11, which includes S.K.H. St. Peter's Primary School, S.K.H. Kei Yan Primary School, and King's College Old Boys' Association Primary School (School 2). ). Its secondary school net belongs to Central and Western District, which includes St. Stephen's Girls' College, St. Paul's Co-educational College, King's College and Ying Wa Girls' School, among others.  

>> Issue 265: Seize Opportunity in Causeway Bay
>> Issue 267: Favourable conditions push Aberdeen housing prices