Combined units on Park Island

It seems to be a trend among expats with money to buy two apartments in Park Island, and then combine them into a single unit.

I took a look at a combined unit in Block 16 today, which was two units of 750 sqft each, making 1500 sqft in total. I must say, the living room is huge, and what you then get is 4 bedrooms total (two on the left and two on the right, with the big living room in the middle). You also get two bathrooms.

You do however get two kitchens, which you can either keep, or you can convert one kitchen into another bedroom, or a maids room, or a storage room.

Some photos of a combined Park Island apartment:

A Park Island apartment with two units combined

Combined apartments

Two apartments knocked into one creates a lot of living room space

A spacious Park Island apartment


This particular apartment is for sale at 9.3m, but I think 9m could probably get it.

Comments

  1. do u need to get the approval from the Housing Department to combine two units into one?

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  2. I checked with an agent on this question.

    As far as I know, yes, you need to get an approval from the Building Depertment to make a "non-structural altertation". It takes around 2 days, and is a very straight forward process. They know from the Park Island layout plans that the wall seperating the two apartments is non-structural, so it will be approved.

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  3. Correction, these are now 10mil minimum. But yes they are nice.

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  4. I love these converted units. The best use of space IMHO but now rare to get as you need to be able to buy two next to each other. Also you would be looking at 12-13 mil now for 2 combined units which are usually around 700 to 750 sqft each. Iam not sure how the recent restriction on mainlanders buying in HK will affect prices, but it seems to me most Park Island buyers are HKers or expats.

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  5. SO AN EXPAT CAN NOT ALSO BE A MAINLANDER? A BIT XENO OF YOU TO ASSUME THAT DONT U THINK?

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  6. I'm considering buying a combined unit similar to the one in this picture. It would be around 1500 in size and is 14m asking price. Bank will lend around 11m. What would be the correct price to offer?

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  7. Could a combined units be worth more than 2 singles?

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  8. Anon - In terms of a sales/purchase price, my view is that 2 units (whether combined, or just next to each other but not combined) will command a higher price than two units in separate locations in the Park Island estate, perhaps by a margin of 10-15% over the two single units. The reason being is that if they are next to each other, an owner has the option of combining and getting a great open-plan apartment which people are prepared to pay a premium for to own. Its actually quite rare, if you want to buy two separate units, that you will get two owners both willing to sell. And right now, in most part of HK you are paying a lot (both to buy and stamp duty) to buy an apartment the size of two combined.

    From a rental yield perspective, its much the same, possibly even a slight advantage to two separate units. So if you have two 750 square foot units, they might rent for $15K each, whereas if combined and rented you might get say 27K-28K. The advantage as an owner though might be you only need to manage one tenant, rather than two, so there are pros and cons.

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  9. I own a combined Unit on the island. It rents for 32K at present to good tenants. The market value is around 12m but according to agents I could get more if I was willing to sell.

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  10. These will double in value over the next 5 years. Around 12m now and will be over 20, in 5 years just watch.

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  11. There are quite rare so if you can get one or accumulate 2 units it would be great for living and as an investment.

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