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Showing posts from October, 2011

Park Island property update

Transactions were again been low over the last month, which is not good news for Park Island Real estate agents who make the bulk of their money on property sales.
Prices of those properties that did sell last month however again hit absolute record highs.
Over the weekend, Sun Hung Kai sold all of its first 50 apartments in its The Wings development at Tseung Kwan O, with a penthouse selling for HKD $20,000 per square foot. Agents I have spoken to think these good sales results will likely lead to higher prices for Park Island, although they don't see a big pickup in sales transactions happening until the recent stock market volatility starts to show signs of stabilization.

A proposed MTR station for Ma Wan? Is a Park Island MTR station coming?

Recently there has been talk of an MTR station at Park Island. It seems MTR Corporation may soon conduct a feasibility study into providing an MTR station at Park Island.
Primary factors, I would think, are customer demand and profitability, and also whether a station is physically possible to build.
See here for the proposed location of the Park Island MTR station: Location of station.
Both the Airport Express and the Tung Chung line go though Tsing Ma Bridge above Ma Wan so the proposal seems to be building a platform on Tsing Ma Bridge and then building a ststation with a lift up and down to the train line.
My feeling is that both Ma Wan residents, and Hong Kong residents in general would overwhelmingly support having an MTR station at Ma Wan. Whether it would be profitable I am not sure. I presume MTR would have a financial model that calculates not just trips to and from Ma Wan, but also the increased use that residents would make of the MTR network as a whole, as well as likely incr…

Property update

Stock markets have been very volitile, and further there will apparently be an announcement on Wednesday about the HK Government providing some more low cost housing for people on lower incomes.
Agents tell me that property sales transactions have been very low over the last month, although the very few that did take place seem to have been at "record prices". There have however been more people renting, and it seems the standard asking price is now $20 per square foot, per month.