Property

Tseung Kwan O: the new hot housing spot

Tseung Kwan O construction

A third-generation city in Hong Kong, Tseung Kwan O started with less than 10,000 residents at the initial stages of its development. As more public and private housing estates were developed in the area, as well as a wide range of community facilities, the population of Tseung Kwan O has now exceeded 400,000. In addition, a number of luxury developments established in the past decade have added new energy into the local real estate market, which has been geared towards small- and medium-sized properties.

In recent years, new developments have been taking the lead in Hong Kong’s housing market, and primary offerings have concentrated in districts such as Yuen Long and Tseung Kwan O, making the latter a home-buying hot spot. “Tseung Kwan O has a great variety of property types, including subsidised housing, private housing estates and seaside luxury homes,” says Gorman Kwong, manager of Century 21 Property Agency’s Tseung Kwan O branch. “The buyers we see here are not limited to first-time homeowners. There are also home-seekers from outside the area, families looking for a home upgrade, as well as professionals and expats, many of whom currently live in East Kowloon or Island East.”

The diversity of property types is an attraction for renters, Kwong adds. Around 300 new leases take place in Tseung Kwan O every month, with the average rent set at HK$14,000-16,000 and with plenty of options for renters. Meanwhile, thanks to the scenic sea views, lush greenery and international schools in the area, Tseung Kwan O properties pack great potential in their value and make ideal investments.

>> More on Tseung Kwan O: Unlocking the potential of Tseung Kwan O

Selected properties

Wings at Sea

Located on 1 Lohas Park Road, Wings at Sea is the Phase 4 project of LOHAS Park, developed by Sun Hung Kai Properties. It comprises of two blocks, offering a total of 1,040 one- to four-bedroom units. Most units are one or two bedrooms, with special units becoming available next month at the earliest. The per-square-foot price of second-hand units at The Wings (right now averaging HK$16,000 per square foot), also a Tseung Kwan O development by Sun Hung Kai Properties, can provide some reference for buyers interested in Wings at Sea. 

>> Wings at Sea show flat


Wings at Sea

Bauhinia Garden

A Home Ownership Scheme (HOS) estate located on Tong Chun Street, Bauhinia Garden has eight blocks and 3,200 units, with areas ranging between 495 and 689 square feet. It is Hong Kong’s first “smart” HOS estate, and the first HOS estate in Tseung Kwan O to have a pool (measuring at 25m). A mid-level G unit in Block 3 with a saleable area of 484 square feet was recently sold at HK$5.95 million, or HK$12,293 per square foot, setting a new record for a two-bedroom unit in Bauhinia Garden. 

Alto Residences

Alto Residences, on 29 Tong Yin Street, consists of seven apartment buildings and 23 villas, offering a total of 605 units. The saleable areas of Alto Residences’ apartments range from 368 to 1,874 square feet and villas from 2,222 to 3,756 square feet.
A penthouse unit in Block 3, with four bedrooms and a saleable area of 1,412 square feet, plus a 420-square-foot balcony and a 1,031-square-foot rooftop, was recently sold at a staggering HK$44.468 million, making its per-square-foot price HK$31,493, the highest in the area.


Alto Residences

Metro City

A Henderson Land Development project, Metro City is situated in the heart of Po Lam, and is a large-scale private estate in the area. Developed in three phases, it has 21 blocks and 6,768 units with various layout types. Each of the three phases has a mall attached to it. A high-level B unit in Block 6, Phase 1, with two bedrooms and an area of 364 square feet, was sold at HK$5.9 million, or HK$16,209 per square foot.

>> Other new developments in Tseung Kwan O

Things to know before moving into Tseung Kwan O

Heavy traffic

The rapidly increasing population in the area means that rush hour can be highly inconvenient, with the Tseung Kwan O Tunnel and MTR station platforms often crowded. However, the Cross Bay Link, set to be put in use in 2020, should help ease the heavy traffic.

School net

The district belongs to primary school net 95, which includes Tseung Kwan O Catholic Primary School, Christian and Missionary Alliance Sun Kei Primary School, and Saint Andrew's Catholic Primary School. Its secondary school net, which belongs to Sai Kung District, features T.W.G.Hs Lui Yun Choy Memorial College, Carmel Divine Grace Foundation Secondary School, and Tseung Kwan O Government Secondary School. It also has international school ESF Clearwater Bay School, with Shrewsbury International School and the new residence halls of the French International School of Hong Kong set to open next year. 

>> Previous issue: Quarry Bay’s secondary market still offers great choices

>> Next issue: Life in the centre - Mid Levels Central