Property

Full circle with Wan Chai

Wan Chai traffic road

Wan Chai is one of the highest-earning districts in Hong Kong, with the average income of residents at HK$40,000 per month. A great school net, corporate offices, entertainment venues, and an endless supply of dining and retail outlets allow Wan Chai dwellers to enjoy the best the city can offer without setting foot outside the district. Plus, with the Sha Tin to Central Link opening in a few years, Wan Chai will become even more accessible. 

Michael Sze, Managing Director of Island Property Consultancy Limited, tells us that the overall performance of Wan Chai’s real estate market has been strong. Thanks to the government and developers’ projects, the area has seen new sales records in both the primary and secondary markets. In addition, as a major business area of Hong Kong, Wan Chai never has a shortage of corporate workers seeking rentals, resulting in a robust rental market. 

Related articles:

>> Wan Chai, renewed

>> Wan Chai officially has its own chic corner along Queen's Road

Sze adds that due to their comprehensive range of facilities and well-connected locations, The Avenue, The Zenith and Star Crest are some of the most coveted housing estates in the district. These three estates have had a number of sales so far this year, and more are expected to follow. 

Selected Properties

The Avenue


The Avenue estate apartment

Located on 200 Queen’s Road East, The Avenue was co-developed by Sino Land, Hopewell Holdings and the Urban Renewal Authority. It consists of four blocks, offering a total of 1,275 units ranging from studio to three-bedroom apartments, plus a few special units. The sales took place in two instalments in 2014 and 2015. The estate has a large clubhouse, a pool and a mall. Unit 37E in Phase II of Block 1 was recently sold at HK$12.9 million or HK$28,859 per square foot.

Star Crest


Star Crest Star Street Swire Properties

Star Crest, a Swire Properties development, is located on 9 Star Street, adjacent to Three Pacific Place in Admiralty. Completed in 1999, it has two blocks and 329 one- to three-bedroom units measuring 561 to 925 square feet; special units are also available. Sze says that Unit 16A in Block 1, with a saleable area of 912 square feet, was sold last month at HK$30 million or HK$32,895 per square foot.

The Zenith


Wan Chai The Zenith estate apartment

Co-developed by the Urban Renewal Authority and Chinese Estates Holdings, this 11-year-old, three-block estate is located on 258 Queen’s Road East, and offers 652 units. These units are mostly two- to three-bedroom apartments with a saleable area ranging from 441 to 612 square feet. Unit 17A in Phase 1 of Block 3, with a saleable area of 479 square feet, was recently sold at HK$9.75 million or HK$20,355 per square foot. 

York Place

York Place, a 10-year-old building, is located on 22 Johnston Road and offers a total of 94 two-bedroom units with a saleable area of either 422 or 431 square feet, with five units that come with a terrace. According to Sze, Unit 30A, with a saleable area of 684 square feet, was sold last December at HK$18 million, making the per-square-foot price HK$26,316.

 You may also be interested in:

>> Things to know before moving into Wan Chai

 

>> Previous issue: Causeway Bay: The Golden District

>> Next issue: The double-edged sword that is Tung Chung