Leading independent real estate consultancy Knight Frank shares some insights on the current property market, plus details of five top properties available for rent in Hong Kong.
Positive Sentiment
Homebuyer sentiment in the residential market remained positive in recent months given the stable epidemic situation in Hong Kong. Despite COVID-19 and the worsening economy, there has been robust demand in the primary market.
According to the latest figures from Land Registry, almost 5,000 residential transactions were recorded in October. Primary sales accounted for over 1,000 of these – a surge of by 29 percent, month on month.
One of the new projects to catch the market’s attention is Central Peak at Stubbs Road, the super luxury development by Sun Hung Kai Properties. It has just sold out two units in its initial batch, with unit prices reaching HK$78,000 to $83,000 per square foot.
Comparatively, there is more uncertainty for the secondary market amid recent mixed sentiment – some owners have sold their properties at a loss.
The deteriorating labour market has taken its toll on the leasing market. In some areas – Tung Chung and Discovery Bay, for example – landlords have had to cut asking rents to compete for new tenants. Meanwhile, some buyers have seized the opportunity of the downturn to purchase properties. Serviced apartments are offering deeper discounts, too, as they face competition from hotels offering long-stay packages and other attractive offers.
Looking ahead, the primary sales market is expected to remain active with a few new projects scheduled for launch before the end of 2020. Developers may provide more incentives and discounts to speed up sales. With more units available for sale and protracted negative market factors, we expect housing prices to drop by three to five percent for the mass market and by five percent for the luxury market for the full year 2020.
– Maggie Lee, Senior Director, Head of Residential Agency Knight Frank | maggie.lee@hk.knightfrank.com
Properties for rent in Hong Kong
A Place In Time
District: Pok Fu Lam
Rental: $71,000 onwards
Size: 1,358 to 1,431 sq. ft (Jessville Tower)
Bedrooms: 3 bedrooms & study; 4 bedrooms; or 4 bedrooms & study
Bathrooms: 2
Set amidst the forests of Pok Fu Lam, 90-year-old Jessville Manor has been revitalised into four luxury apartments still sporting original colonial verandas. By its side is the new Jessville Tower with units commanding sweeping views. The old garden has been extended with play areas, an orchard and an infinity pool above a three-storey car park, where every space has an electric charger.
Ref No: HUB2022114
Modern Masterpiece
District: Repulse Bay
Rental: Unfurnished: $70,900-$157,000 incl. per month
Serviced apartment: $99,800-$262,000 incl. per month
Size: Unfurnished: 1,322-2,778 sq. ft
Serviced apartment: 1,305 to 2,783 sq. ft
Bedrooms: 2 to 4
Bathrooms: 2 to 3
This range of elegant, high-quality apartments with sea views overlooking Repulse Bay comprises two- to four-bedroom options, either serviced or unfurnished. All have spacious living and dining rooms with an impressive island kitchen or ample kitchen. An exclusive selection of luxurious apartments and penthouses are also available upon request.
Ref No: HKG152922
Sea Views
District: Pok Fu Lam
Rental: $120,000 incl. per month
Size: 2,502 sq. ft
Bedrooms: 4
Bathrooms: 2
This unique colonial low-rise duplex apartment comes with a private roof terrace. It boasts a highly efficient layout with decently sized bedrooms and full views of surrounding greenery and out to the sea – ideal for those famous Pok Fu Lam sunsets!
Ref No: HKG131072
Heart Of HK
District: Central
Rental: $24,000 to $32,000
Size: 740 to 1,502 sq. ft
Bedrooms: Studio
Bathrooms: 1
Located in Wellington Street in the heart of Central, Yin Serviced Apartments are designed primarily for business travellers and local executives, and aim to successfully combine the luxury of a five-star hotel with the warm ambience of home.
Ref No. HKG192672
Cosy Quarters
District: Tsim Sha Tsui
Rental: $12,000 to $21,000
Size: 368 to 755 sq. ft
Bedrooms: Studio to 1 bed
Bathrooms: 1
Situated in bustling Tsim Sha Tsui in Kowloon, Yi Serviced Apartments intelligently combine modern sophistication and old-world cosiness to provide residents with a true home away from home. Room types include studios and one-bedders.
Ref No. HKG192671
For more info on these properties or to see more options, go to knightfrank.com.hk
This article first appeared in the Winter 2020 issue of Expat Living magazine. Subscribe now so you never miss an issue.
