SHK pricing of Teun Mun Development at $13,000 per square foot
Interesting to read today that Sun Hun Kai (the developer of Park Island) is likely to price its new Tuen Mun project at a minimum of $13,000 psf. The development called Century Gateway is due for completion in the third quarter of 2013.
It also appears that someone was a little naughty in advertising the development for sale before official approval had been granted. See the article here: Century Gateway Apartments for Sale
If these prices are correct, it again makes Park Island look remarkably cheap. Sooner or later price arbitrage must take place, with Park Island coming up in price to other similar developments, of course taking into account all factors such as location, transport, schooling, facilities, etc.
You have taken "some of" and applied it to the whole project
ReplyDelete"is likely to price its new Tuen Mun project at a minimum of $13,000 psf"
is a bit of a stretch from
"SHKP said yesterday that some of the 1,200-square-foot flats at the 1,075-unit project would be priced from at least HK$13,000 psf."
If SHK Property applies the same tactic as Anacapri, the final sale price list will be lower than what was rumoured initially. $13,000 psf may apply to special units only but Blogger has a point that it made Park Island look cheap, very cheap indeed.
ReplyDeleteBut larger flats in HK usually have a higher PSF than smaller flats and so comparing new 1,200 sqf flats with the 600 to 800 sqf that is usual in PI is a bit misleading.
ReplyDeleteAgreed. But I think SHK has placed a lot of optimism in Tuen Mun, previously a place avoided by locals. I wonder what is up with Tuen Mun.
ReplyDeleteHi Park Island Blogger. I want to thank you for a most informative blog you have here. We researched extensively before taking up residence in Hong Kong, and are very thankful as we probably would not have considered Park Island until we became aware of it through your blog. We initially considered Mid Levels, as a single couple, but after a few days in a serviced apartment we felt is was too crowded, and also too expensive when we started looking at places. We looked at apartments in Mid Levels, considered Pokfulam, Happy Valley, a house in Sai Kung. Last we decided it would be Discovery Bay, and then finally we checked Park Island. Wow what an oasis of calm and relaxation after all the other stuff we saw. Why on earth is Park Island not better known? We got a place at a very good price, $29,500 for month for 1500 square foot approximately, with ocean views, nice decoration, balcony, 3 bedrooms, 2 bathrooms, and we got the beach and the pool we were hoping for. We both work on HK side and the ferry ride is reliable and we enjoy it. So thanks once again very much for helping us find a home here in Hong Kong.
ReplyDeleteExcellent choice. Park Island is for people with good taste and a sense of value. Hope you continue to enjoy living in Park Island, a little known paradise for the discerning few.
DeleteSorry I sent you an email note just now reccomending Park Island apartments. My name shoudl be Andrew Harris, with an H, not a J. I wrote about how we love living on Park Island.
ReplyDeleteAndrew, you seem to be ecstatic with your choice in Park Island and I agree with you. Just wondered what was it that gave your decision the edge over Discovery Bay
ReplyDeleteI personally love PI but i HATE DB.
ReplyDeletePI is a resort style island, but still has a culture, still has charm. Temples, old fisherman's village, the current fisherman's village with local restaurants and shops. 90%+ are asians so you still feel in HK. And amazing clubhouses, bowling, tennis, squash, 4 pools, spas...everything for any people living on PI
DB is basically a Disneyland built for american families. It's not convenient at all (from the Ferry you need to walk a lot or take buses to get to your place), you have NO local shops and only expensive gwailo restaurants. You don't feel at all in Hong Kong. 90% of people are expats, shopping in expats style shops and eating in expats type places. On top of that, no clubhouse, no pools etc... Even worse, property prices is a lot higher in DB than in PI. I went to visit a few flats there to see what you could get...and it's a massive rip off compared with PI.
The DB characteristic described is accurate. Not sure whether prices are that much more when compared with PI. The golf buggies are also a sight for sore eyes and they treat them like gold paying astronomical prices for the privilege of owning or renting one. On this fact alone PI beat DB hands down.
DeleteThe good thing about DB is that their ferries seem to run faster. On numerous occasion their ferries overtook PI ferries as they approach Central. But they pay more for their ride...
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