Leading today’s Hong Kong real estate news, a 209 square foot apartment in Pok Fu Lam broke the price record for micro-sized flats in the city as Hong Kongers continue to show that no foothold is too tiny for jumping on the housing ladder. Also in the headlines, a HK$17 billion plot in Cheung Sha Wan is set to provide 1,400 new homes, and the city’s parents are paying a steep price to get their kids out of the house. All these stories and more await you, if you just keep reading.
An apartment unit slightly bigger than a standard shipping container sold in Hong Kong for HK$7.86 million ($1 million) this week, as a survey showed one in four residents in the world’s most expensive city said they have given up hope of ever beeing able to afford a home in their lifetime.
The 209-square-foot flat at the Pok Fu Lam neighbourhood on Hong Kong Island sold for HK$37,651 per square foot, a record price for so-called micro-apartments in the city. Read more>>
[adrotate group=”11″]A Cheung Sha Wan site awarded to a consortium led by Sino Land for HK$17 billion last November will be developed into 11 residential blocks, documents from the Town Planning Board show. The project will provide a total of 987,900 square feet GFA for around 1,400 units.
The towers will not exceed 29 stories, on top of three basement levels, and units are expected to average around 706 square feet in size. Read more>>
Home prices in Hong Kong are climbing much faster than household incomes, forcing young home buyers to turn to mom and dad for financial help.
The median family’s annual household income of HK$319,000 ($40,666) represented just 5 percent of the average HK$6.19 million price tag for an apartment in the city last year, according to research firm Demographia. Read more>>
When people talk about Lohas Park, the first question that pops into their minds is: Does it still smell bad there? The reason: proximity to the southeast New Territories landfill in Tseung Kwan O, which although it stopped receiving refuse two years ago, still takes in construction waste.
But Lohas Park’s image, about an hour by MTR to Central, seems to have changed over the past two weeks as buyers snapped up flats in a mass residential development within hours of its launch. In just four days, homebuyers splashed out HK$9.16 billion ($1.17 billion) on 1,070 units at Wheelock Properties’ Malibu project near Lohas Park MTR station in the biggest sale so far this year. Read more>>
Tune in again later for more Hong Kong news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.