Property

Sai Wan Ho is a place to advance and retreat

 Sai Wan Ho

With mainland Chinese investors ploughing money into Hong Kong land, plus the low interest rate and insufficient supply for housing, Hong Kong property prices are further driven up. Even though property prices have exceeded present household income, it will continue to increase. However, high prices will always come with high risks, and property prices might, at any time, experience huge U-turns because of the unstable global landscape and fluctuating interest rates. Therefore, even if one has enough resources to enter the market, it is always important to remain cautious. It would be wise to invest in areas with various types of housing, complete facilities, high volume of transactions, and great appreciation potential so that buyers can either advance or retreat in the market. Sai Wan Ho of Hong Kong Island is one example.

Sai Wan Ho, located in the eastern part of Hong Kong Island, is a well-developed community. It has well-rounded transportation networks, with buses, MTRs and trams allowing travel to Wan Chai and Central. There is a huge variety with different types of property in the area; ranging from public housing such as Tung Lam Court, Tung Hei Court, and Tung Yan Court, standalone buildings like Ellen Building, Tai On Building, and The Oakridge, large housing estates such as Lei King Wan, to luxury housing complexes such as Grand Promenade and Les Saisons. There are also several housing estates with sea views within this area.


 Sai Wan Ho

Kathy Yuen, senior property consultant at Emblazon Property, says that “Currently, housing prices per square foot in this area are within several ranges. Home Ownership Scheme (HOS) flats without paying land premiums are sold around $8,000 to $9,000 per square foot; standalone buildings are around $11,000 to $15,000 depending on the building’s age and quality; large housing estates are around $15,000 to $16,000; luxury estates are $20,000 and above.” As property market prices are unlikely to fall in the future, a portion of tenants are worried they won’t be able to afford to buy property so they opt to buy now before it’s too late, instead of renting. However, housing prices remain high so the rental market in this area is still supported. Kathy also adds that “Current rental price for one-bedroom flat is around $11,000, two-bedroom around $12,000 to $15,000. Current rental price for a two-bedroom, 445 square-foot flat in Ellen Building is $14,800.”

>> Issue 268 : Street life: Sai Wan Ho — a dining and cultural hub

New properties

Parker 33
Developed by Henderson Land Group, Parker 33 is a new standalone building located on 33 Shing On Street, Shau Kei Wan. It is close to Sai Wan Ho MTR station, offering 234 flats in studio, one-bedroom and two-bedroom formats. Sales started as early as 2015 and only special units are available now. It will be opened for occupancy this year.


>> Other new properties include ISLAND RESIDENCE and 18 Upper East

Other selected properties

Grand Promenade
Located on 38 Tai Hong Street, Sai Wan Ho, Grand Promenade is comprised of five blocks of 63-storey and 65-storey high buildings and welcomed occupancy in 2005. The housing estate offers 2,020 flats between 435 and 1,532 square feet depending on the floorplan. There is a 130 thousand square-foot club house on the sixth floor. A two-bedroom G unit on the upper floor of Tower 6, with a saleable area of 508 square feet, was recently leased at $23,500 per month, around $46.3 per square foot.


Les Saisons
Les Saisons is on 28 Tai On Street, Aldrich Bay. It is comprised of four blocks with 866 units with mainly two-bedroom and three-bedroom designs. Saleable area ranges from 552 to 1,237 square feet depending on the floorplan. A 868 square-foot three-bedroom D unit on the upper floor of Tower 2 was leased in April at $45,000, which equates to $51.8 per square foot.


Les Saisons

The Oakridge
The Oakridge is a standalone building on 88 Yiu Hing Road, Sai Wan Ho offering 155 units. It was built in 2003 with units between 567 and 847 square feet depending on the floorplan. The latest transaction was closed on a two-bedroom B unit on the upper floor with garden views and a saleable area of 421 square feet. It was sold at $6.89 million, with the cost per saleable square foot at $16,366.

Tung Hei Court
Tung Hei Court, a housing estate, is located mid-way up a hill at 38 Yiu Hing Road, Sai Wan Ho. It is comprised of four blocks. It offers 2,432 units with gross areas between 600 and 900 square feet, and the first occupants moved into Tung Hei Court in 1995. A two-bedroom apartment on the upper floor of Block C, which has a saleable area of 538 square feet, was recently sold at $4.38 million, or $8,141 per saleable square foot, to a green form buyer.


>> Related article: Rising in the East

Facts about living in Sai Wan Ho

Management fee
Although standalone buildings are comparatively lower in price, they have fewer units which implies an increase in management fee per unit.

School net
Sai Wan Ho belongs to primary school net 16, which includes Aldrich Bay Government Primary School, St Mark’s Primary School and The Hong Kong Chinese Women’s Club Hioe Tjo Yoeng Primary School. Its secondary school net belongs to the Eastern District, which includes Belilios Public School, Cheung Chuk Shan College,
Shau Kei Wan Government Secondary School and Munsang College (Hong Kong Island). 

>> Issue 267: Favourable conditions push Aberdeen housing prices

>> Issue 269: Sai Kung's cost effective homes