Laurie Lankester, Director, Residential Leasing and Relocation Services at Jones Lang LaSalle Limited (JLL), gives us the low down on the Hong Kong property market.
Summer 2018 has proven to be the traditional “busy period” for both newcomers to Hong Kong and those relocating within the territory. The tender of the HK Government’s Mansfield Road Quarters (some 80 to 90 apartments) has seen some pressure on the rental market between $50,000 and $100,000, with an influx of outgoing tenants needing to find new homes.
The rental market continues to be competitive across the board, with the higher quality, well presented properties being taken up quickly. Popular developments in the Southside such as The Manhattan and The Repulse Bay portfolios as well as some in Mid-Levels such as Dynasty Court and Queen’s Garden continue to be near to maximum occupancy, and in some cases have waiting lists.
As the summer season is also the time when new families tend to relocate to Hong Kong, the typically family-friendly developments and locations found in the Southside and MidLevels have proven to be popular as always.
There is much speculation about how the new Government Vacancy Tax will affect the overall property market in HK and we have started to see some developers releasing their properties to the leasing market in order to avoid this new measure. This new stock appears to be predominantly smaller apartments for the time being, but there is some hope that this new tax could contribute to an increase in choice for potential tenants’ territory-wide in the near future.
Rent: $120,000 per month
Size: 1,700 sq. ft
This rarely available low-rise colonial apartment is in a peaceful and extremely well managed private development, with a huge terrace overlooking spectacular sea and island views. There’s a communal heated swimming pool for year-round enjoyment, plus easy access to hiking trails, yet it’s still just five minutes from all the conveniences in Repulse Bay and Stanley.
Ideal for families
Size: 1,767 sq. ft
This superior quality apartment available in the upper MidLevels is the ideal family home, with high-quality finishes throughout. Branksome Crest provides convenience, quality and superb management for those seeking apartment living at its finest, with easy access to Central and full club facilities including a lovely outdoor swimming pool, gym, sauna, indoor children’s playground and shuttle bus.
Peace and proximity
Area: The Peak
Size: 1,225 sq. ft
This small exclusive development on The Peak offers a recently refurbished apartment with spectacular views over the Aberdeen Country Park, Lamma Channel and the islands beyond. With a lovely large swimming pool, it’s ideal for a couple or young family seeking the convenience of being 15 minutes’ drive into Central but wanting to escape to the peace and serenity of The Peak.
Area: South Bay
Size: 1,239 sq. ft
Grand Garden has just undergone extensive renovations of the communal areas, delivering modern and attractive facilities including a swimming pool, gym, clubhouse, tennis court and children’s playground. This apartment has been newly refurbished and offers superior quality finishes throughout. Being on the lower level of the building, it overlooks a pleasant green area and the swimming pool, and the balcony allows some outdoor space for a small table and chairs.
Area: South Bay
Rent: $92,000 (incl.)
Size: 2,143 sq. ft
This is great value: an exceptionally high-quality refurbished apartment enjoying pretty views across South Bay. Due to proposed future external improvements on the building, the apartment is being offered at a greatly reduced rate from the normal market value. No dates are set for the commencement of the renovations, so the property could offer good value for money in the meantime.
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This article first appeared in the October/November 2018 issue of Expat Living magazine. Subscribe now so you never miss an issue.