Lifestyle

Favourable conditions push Aberdeen housing prices


Aberdeen

The Hong Kong housing prices are climbing at a fast pace, as evidenced by a string of new records. In recent years, wealthy Chinese developers have been actively buying land in Hong Kong. This February, Chinese developers paid a record HKD$16.86 billion for a plot on Lee Nam Road in Ap Lei Chau, further pushing the price hike. With homeowners raising prices and buyers eager to enter the market, all types of residential housing in Hong Kong (including public housing) are becoming increasingly costly.  

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In the primary market, developers favour big spenders and give them special discount, resulting in the “One Contract, Multiple Units” phenomenon. Although the government has introduced new measures to block the stamp duty loophole, the effect is yet to be seen. On the other hand, second-hand properties are fetching higher prices, too—even Home Ownership Scheme (HOS) and public housing units are setting new records. Interesting, many record-breaking Home Ownership Scheme and public housing units are from the Southern District. For example, a 490-square-foot (net) high-rise unit in Lei Tung Estate, Ap Lei Chau, was sold at a Green Form (meaning land value is subsidized) price of HKD$3.5 million, or HKD$7,143 per square foot, breaking Green Form Public Housing unit record. Meanwhile, the Housing Authority announced that a 576-square-foot (net) low-rise unit in Broadview Court, Aberdeen, was sold at HKD$6.9 million without land value subsidy. At HKD$11,979 per square foot, it is the second most expensive HOS unit without land value subsidy.

Situated in oppositional positions, Ap Lei Chau and Aberdeen both boast strong school nets, with many residential building enjoying beautiful sea views. A stop on the MTR South Island Line, Ap Lei Chau is seen to have a lot of potential in its property value, but its facilities and property options are not as well-developed as Aberdeen’s. In fact, Aberdeen is slated to be a stop on the west section of the South Island Line, only one stop away from the existing Wong Chuk Hang Station. The new extension of the MTR line will start construction as early as 2021, and when it’s built, Aberdeen residents will have easy and fast access to the Admiralty Station. “Right now, there’s no more private properties selling at lower than HKD$3.5 million,” says 丘松原, Regional Chairman of Midland Realty. “Even the cheapest units you can find, such as the ones in free-standing buildings in Tin Wan, are worth around HKD$4 million.” Despite the slightly higher cost, this area has no shortage of well-located estates with beautiful sea view, giving them considerable appreciation potential.

Selected properties

Broadview Court
Situated next to the Aberdeen Marina Club, Broadview Court is a residential estate with four buildings offering a total of 1,540 units. Most of the units are two-bedroom or three-bedroom apartments, measuring at 420-591 square feet each. Recently, a C unit on a higher floor in Block 2, with three rooms and a saleable area of 577 square feet, was sold at HKD$5.85 million (Green Form price), or HKD$10,139 per saleable square foot.

 Broadview Court

Ka Lung Court
Located on Tin Wan Praya Road, Ka Lung Court is a residential estate with four towers, offering a total of 1,402 units. Most units are two-bedroom or three-bedroom flats with saleable areas ranging from 401 to 645 square feet, some of which boast unblocked sea views. A mid-level three-bedroom unit in Block B measuring at 554 square feet (net) with sea view was recently sold in the second-hand market for HKD$4.95 million, or HKD$8,900 per saleable square foot. 丘松原 says that there are limited available units from Ka Lung Court, and at the moment less than five units are in the market, with the cheapest two-bedroom flat selling at HKD$3.8 million, and three-bedroom HKD$5.8 million.

 Ka Lung Court

South Coast
This free-standing building with 150 units is located on 1 Tang Fung Street, offering studios and two-bedroom flats, most of which face south and enjoy nice sea views. 吳敬彰, Branch Manager of Centaline Property Agency, tells us that there haven’t been a lot of new developments in Aberdeen in recent years, and the Tin Wan area only has several buildings with rentals. He adds that even a 200-square-foot unit in an over-20-year-old building in Tin Wan can fetch HKD$13,000 a month, so South Coast has been attracting a lot of renters in the area. There are 45 rentals in the current market, mostly one-bedroom units, and the rents are between HKD$11,800 to HKD$14,000 a month.

South Coast

Facts about living in Aberdeen

Mainland tourists
In the past few years, Aberdeen has seen a few new hotels and restaurants targeting at mainland tour groups. With a large number of mainland tourists coming into the area, crowded sidewalks and illegal parking of tour buses have become a nuisance for local residents in the area.

School net
The district belongs to primary school net 18, which includes St. Paul's Co-educational Primary School, St. Stephen's College Preparatory School and St. Peter's Catholic Primary School. Its secondary school net belongs to the Southern District, which has St. Peter's Secondary School, Hong Kong True Light College, Sacred Heart Canossian College and St. Stephen's College. The district also has a number of international schools such as Singapore International School, Canadian International School of Hong Kong and Victoria Shanghai Academy. 

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