Luxury resort plans for Ma Wan old village
Many Park Island residents have heard, "from someone who heard", that there might be plans for a luxury resort and marina at the Ma Wan old village. I'm going to provide a little more information on this.
It is my understanding that there are indeed plans to build such a resort on Ma Wan, along with quite extensive plans to develop (with appropriate conservation and restoration) the Ma Wan old village.
The development of the resort and old village are scheduled, at this stage, to take place between 2016 -2019.
I will provide more details in due course, but for now I wanted to show you where the resort will be.
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| Location of proposed luxury resort and marina on Ma Wan |
The location marked with the red star is the area where Government approval has been given for the development of the resort. Apparently, approval requires the resort to have no more than 400 rooms, and requires, among other things, the developer to provide "sufficient road transport to and from the resort".
It is also dependent on "the completion of the clearance exercise of the existing Ma Wan Old Village". Apparently there are still one or two squatters who need to be removed!
The broader used envisaged and approved along with the resort are "a Ma Wan Heritage Museum, a Multi-purpose Performance Venue, Bed and Breakfast premises, Retail Shops, Restaurants, Artist's Village and a Forest Retreat".
The area granted for the resort will it seems also allow for some land reclamation and a marina space for boats. In the map below you can see the total allocated space.
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| Resort and marina on Ma Wan Island, Hong Kong |
http://parkislandhongkong.blogspot.sg/2012/06/photos-of-old-chinese-village-on-ma-wan.html
http://parkislandhongkong.blogspot.sg/2011/03/old-village-on-ma-wan.html
I see this as a positive development for anyone considering Park Island as a Hong Kong property investment. For residents, some might welcome the additional facilities/restaurants etc, but I am sure there might be others who will resent the presence of "tourists".
Will this development bring us closer to private cars being allowed on Ma Wan? In my view, clearly yes. I think it will happen. If/when approved, private cars will likely be limited either only for people who have hotel booking, and/or residents of Park Island, and then initially with exit and entry from Ma Wan restricted during "peak hours" (eg 7.30am to 9.30am) and (5.30pm to 7.30pm).
If they do build a marina in Ma Wan, how much do you think the berth spot would cost? I imagine cheaper than Aberdeen or DB, but I don't know how much cheaper. Any predictions or guesses?
ReplyDeleter u a property agent in disguise?!
ReplyDeleteAnon - No, I;m not an agent.
ReplyDeleteAnon - Regarding "If they do build a marina in Ma Wan, how much do you think the berth spot would cost?".
ReplyDeleteI have no idea about pricing at this stage. I will report details as I hear them, but this is all very preliminary at this stage.
As I said earlier though, good potential upside (and little downside) for anyone owning property on Ma Wan already or wanting to buy. Unlike DB, or other locations, the supply on Park Island really is limited. Once the other major developments are complete, at a certain point that will be it, no more supply, which (provided the quality of life and living on Park Island remains as good as it is) will only lead to upside as demand exceeds supply. Add to that the potential of private car access and you have the potential for some quite impressive capital gains!
i would like to see some solid proof that this is going to happen, not just based on your speculation
ReplyDeleteAnon - that sounds like a good idea. Please contact relevant planning authorities, and then report back here any further information that you find out. There are also publicly available documents outlining these plans, so you can also view these. Please feel free to send me anything of use or interest that you find and I will publish it.
ReplyDeleteThis is a truely useful blog. Thank you for putting it all together. My wife and I actually viewed Park Island last week are were very impressed to say the least given the pricing. I am by no means a property expert in HK but have done well in the UK. We are now seriously starting the process of looking to buy on Park Island, probably a medium sized 3 bedder with ocean views. Are the club facilities all free on the island. The pools are fantastic when I see what is offered at other estates. How packed is the ferry service in the mornings? I work in Central so would catch it each morning. I think cars are not needed, but as I understand it the taxi service to the island is quite good. I also think there is a change for big price gains if they more to allowing more car access which also makes this an attractive investment from my perspective.
ReplyDeletethe cci Centadata index is showing property prices in HK are on the up.
ReplyDeleteI am planning to buy on Park Island over the next month ideally. Can somone one reccomend a broker to use please?
ReplyDeleteI another considering buying having been a resident here watching prices go ever on up since I arrived here. I'm in two minds between buying now as I agree the market is on the up again, and holding off as who knows what will happen to interest rates let alone the election in 2017. I love Park Island as a place to live which is probably the biggest influencer giving me comfort to buy along with the knowledge that each month rent I pay is dead money.
ReplyDeleteI see from the SCMP today that the Government still wants to restrain property prices in HK. I am not sure where this will end, but there is so much pent up demand that I think its still a good time to buy now as the cooling measures will not last for ever. And like others here I think Park Island is a lovely place to live and would be a good long term investment.
ReplyDeletePark Island will keep going up. Its gone from being on the side of HK, to almost very central to everything when then entire Zone of Macau, HK, China, Zhuhai and ShenZhen is connected. That's why the prices up and up.
ReplyDeleteThe above comment is correct but how long will it take until all these cities are connected? And crucial to it all would be if they allowed you to drive your car onto Ma Wan. If the do that it would be awesome, not just to live but for buyers whose prices would shoot up (MRT station at ParkIsland woudl also be very good).
ReplyDeleteNot related to buying, but is there a good Realtor or an agency I could contact about renting upon my arrival to Hong Kong next month? Also, are the units fully furnished?
ReplyDeletePS please reply promptly as I would like to secure accommodation as soon as possible before I depart.
ReplyDeleteI'm going over to look at a few places to buy this weekend. Prices are firming up but still very good IMO.
ReplyDeleteBloody hell prices on cci index for park island up again 16%. Buyers must be back in the market.
ReplyDeleteMarket seems pretty active today. Buyers out in force today it seems.
ReplyDeleteTo the person who posted "is there a good Realtor or an agency I could contact about renting upon my arrival to Hong Kong next month? Also, are the units fully furnished?" and "please reply promptly as I would like to secure accommodation as soon as possible before I depart.", please note that I am not an agent or a property advisor etc.
ReplyDeleteThere are plenty of agencies that you can contact for an apartment on Park Island. Try Midland Realty and Centaline Property (google them and then call them).
Some Park Island apartments are furnished, some are not. You need to speak to the agent or landlord to see what is offered.
Finally, whilst I understand the desire to "secure an apartment" before you arrive, I would strongly urge you to take a look around, see what apartment are available, which view you like etc, and then make some offers around 5% below asking price. (Although I agree, overall Park Island is a very good choice).
This would really be pretty cool and as a resident I support it. Lets face it the "old village" is really a bunch of deserted ramshackle houses and other than taking photographs of history long past its of little value to preserve. A classy development with a waterfront promenade would be a great idea, although I would suggest to aim at very up market, and I am not sure you would get or even want the mass market public coming over.
ReplyDeleteHi there, I'd like to talk to you about this in a little more detail if you don't mind? I work for CNN and am looking into a story. Are you able to drop me an email? jonathan.stayton@cnn.com
ReplyDelete