Recently I was searching online about real estate investing and I found a website featuring Real Estate News. The site had information about mortgages, banking and finance, escrow/title insurance services, business resources, FED information and insurance. In addition, it has sections on investment properties and a variety of blog articles about real estate. The blog component of their site provides information about transactions that took place, mortgage fraud situations and news related to the current real estate market. Although most of their news is focused towards the United States, many of these can be applied to many countries. Not only because what happens in the United States impacts the whole world, the nature of globalization has created a new interconnection between our economies. By reading about the economy in the United States, one can also connect it with the situation in Hong Kong with a simple change of lens with respect to demographics. Since Hong Kong is a large city, we could compare its property market to that of New York City. Anyway, I highly suggest reading Real Estate News to help enhance your knowledge about the trends in the property market.
Cool Real Estate Portal
July 31st, 2009Le Billionaire
March 30th, 2009It’s been a while since my last post. Today, I would like to share with you a new residential development outside of West Kowloon. It is actually in East Kowloon in Kowloon City. Built by Chinachem, one of the more frugal developers in Hong Kong, the building has the funniest name ever.
“Le Billionaire”
Tell your friends where you live… “Le Billionaire.”
Anyway, I was reading their brochure and the developers make Kowloon City sound like the new world-class district of Hong Kong. Although the name sounds corny, the location does have its potential. The old Kai Tak aiport is being developed into a large tourism destination with a cruise terminal amongst other tourist attractions lining up the Kowloon waterfront. With the MTR coming down the eastern part of Kowloon from Sha Tin directly to Central, Kowloon City will soon definitely be the next coolest place to live.
As I have heard, pricing starts at about HK$ 4,000 per square foot and up, which seems like a good entry price for this project. Even though it has a corny name, you will feel like a billionaire, living in the vibrant, up and coming district of Kowloon City.
For more information about Le Billionaire, I would suggest contacting the developer, Chinachem, or an estate agent that specializes in that area.
My Thoughts on Kowloon Station’s Sorrento
January 5th, 2009I have had the opportunity to view Kowloon Station’s Sorrento development a couple weeks ago and was quite satisfied with this five tower project built by Wharf Estate Limited in 2003. Ranging from 67 to 81 stories, some units of the Sorrento have stunning views. I had the chance to view two units at the Sorrento. Both were at Block 6, one was a middle floor C flat while the other is a high floor D flat. The C flat consisted of 1032 square feet and its asking price was HK$7.95 million. The D flat consisted of 998 square feet and its asking price was HK$8.5 million. Overall, both floor plans had decent views overlooking the courtyard and some blocked Victoria Harbour views. The floor plans were more rectangular and square than the slanted floor plans at the Waterfront. The unit price is not that much more expensive compared to the Waterfront, but the Sorrento has a much higher density of residents.
Overall, Sorrento is slightly better than the Waterfront, since it does not have the slanted floor plans, thus the floor plates are more functional. It is also three (3) years newer and more up to date in terms of design. Due to these advantages, it may be more competitive than the Waterfront, but these benefits have a higher cost and a lower ease of entry for many potential residents and tenants. For a good location and open views, I recommend Sorrento as a potential investment. Some units at Kowloon Station have dropped over forty (40) percent from their highs. Kowloon Station offers convenience in terms of shopping, eating, living and transportation – the four most important aspects of buying a property in Hong Kong. Its close proximity to Central also makes it competition to the traditional luxury neighborhoods of Mid-Levels Central and Mid-Levels West. Yet, Kowloon Station is more competitive in price and feels newer.
All in all, for more information about Sorrento and other residences in West Kowloon, I would recommend contacting an estate agent who specializes in the area.
Bedford 28
January 4th, 2009Boutique apartments have been the latest trend in West Kowloon and pretty much all of Hong Kong. Recently, there has been a new 94-unit property being released by Sun Hung Kai Properties, Hong Kong’s largest property developer, called Bedford 28. Located in West Kowloon, close to the prime commercial district of Mong Kok, Bedford 28 offers many conveniences including close proximity to the MTR line and shopping centres such as Olympian City and Langham Place. Set five blocks away from the hustling and bustling Golden Mile of Nathan Road, Bedford 28 is truly an urban oasis. With high quality finishes and a convenient location, the current asking and recent transaction prices have been around HK$6,000 per square foot. The 31 story building has four flats on most floors, ranging from a 556 square foot two bedroom unit to a larger three bedroom unit at 761 square foot. Most important are the two luxury penthouse units: 1086 square feet and 1221 square feet for units A and B respectively. Both of these units consist of three bedrooms with one ensuite and a private rooftop terrace. Truly an urban retreat.
Bedford 28 is located at 28 Bedford Road in the heart of West Kowloon. For more information about Bedford 28 and other properties in West Kowloon, I would recommend contacting a reputable estate agent, the developer or another professional who specializes in this market area.
My Thoughts on Kowloon Station’s The Waterfront
January 3rd, 2009About a week ago, I walked through couple units at the Waterfront, in Kowloon Station. Built by Wing Tai Asia, a Singaporean developer in 2000, the Waterfront is a six-tower project and is one of the first phases built in Kowloon Station, following the opening of the Chek Lap Kok International Airport and the Airport Express line’s route to the city. Ranging from 46 to 49 stories, the Waterfront is one of the shortest towers at Kowloon Station, and being the oldest residential project there, it is one of the more affordable ones. Compared to the Arch (HK$ 9,000 and above per square foot*), the Harbourside (HK$ 12,000 and above per square foot*), Sorrento (HK$7,700 and above per square foot*) and the Cullinan (estimated to sell for around HK$20,000 per square foot), the Waterfront also has the most distinctive floor plans and narrow views.
During my walkthrough the Waterfront, I viewed two units. The first was a low floor Flat A unit in Block 7, with an area of 1168 square feet. The asking price was HK$ 7.8 million. It had semi-open views of the City Golf Club, Tsim Sha Tsui and partial views of the Victoria Harbour, but it was not too stunning, due to its low height. The floor plan was quite slanted in living room and bedrooms, making it quite undesirable in my opinion. The second unit was in Block 3, high floor, Flat C. The views of the courtyard were not too bad, due to the high floor position of this unit. However, the floor plan once again was slanted, though not as much compared to the former. This 983 square foot unit’s asking price was HK$ 7.4 million, with a unit price of HK$7,527 per square foot, much more costly than the former.
Overall, I find the most of the floor plans at the Waterfront not very desirable due to their slanted shapes, making spaces less functional. I did not get a chance to view Block 5 or its smaller units – they appear to have more “normal” rectangular/square-shaped rooms and living areas.
However, due to their prime location atop Kowloon Station and affordable price and ease of entry compared to the other Kowloon Station residential towers makes it a potential good investment. Due to the economic downturn, many units at Kowloon Station have dropped in price by over forty (40) percent. Rental interest should remain strong, due to the planned completion of the 118 story International Commerce Centre, the tallest office tower in Hong Kong, which is in the same Kowloon Station development. Recently, even many Central-based investment banks have moved operations to that building. One can walk to work through the podiums and shopping mall, making it very convenient even if Typhoon Signal 8 is hoisted. The convenient access to Central, through the MTR Tung Chung line and Elements shopping mall right underneath the unit are also great benefits of living in Kowloon Station. So, for the price and location, the Waterfront is a good investment, yet the floor plans are less desirable. For more information about the Waterfront and other properties in West Kowloon, I would recommend contacting an estate agent who specializes in this market segment.
*Prices were gathered from reputable sources at time of publishing. Please check with your estate agent for further details on market price.
Pacifica sold for HK$2,912 per square foot!
January 2nd, 2009Pacifica, is one of the tigers in the Four Asian Tigers of West Kowloon. Located in Cheung Sha Wan, the major commercial business district for trading companies, is a property developed jointly by Sun Hung Kai Properties and Cheung Kong (Holdings). A relatively new complex, the development has six towers with units ranging from 585 to 1,514 square feet. Due to the availability of low square footage units, low unit cost and management fees, Pacifica, along with the other three tigers are going to rebound quicker in this market downturn as they provide people with more affordable housing compared to the nearby area.
On the 23rd of December in 2008, there was a provisional contract that sold a unit in the Pacifica for under $3,000 per square foot, a new low in the area. The two-bedroom, 680 square feet, Flat H, 22nd Floor, Tower 1 of the Pacifica was sold for HK$ 1.98 million.
For more information about Pacifica, the Four Asian Tigers of West Kowloon or any other properties in Hong Kong, I would advise contacting an estate agent who can help you find your dream home.
The Long Beach…can be purchased at as low as HK$3.92M!
December 29th, 2008The Long Beach is an eight tower in the Olympic Station area of Hong Kong. Each tower consists of around 52 floors, ommiting various floors with the number 4, such as 4, 14, 24, 34 and 44. Developed by Hang Lung Properties, only three of the eight towers have been released. First sold in 2007, several key purchasers bought into the properties, focusing on tower five. Those key purchasers include Ms. Angela Leung (Stanley Ho’s fourth wife), Mirae Asset Management of Korea and one of TPG’s hedge funds. Due to the global credit crisis and the weakening credit crisis, units can be purchased at around HK$ 4 million for approximately 750 square feet. Recently, there has been a deal for a 2 bedroom unit at HK$3.92 million. For more information about the Long Beach and other properties in the West Kowloon area, please contact an estate agent or other professional who specializes in this area.