Lamma folk looking forward to boom
Hongkong (November 24): One of Hongkong's offshore islands - Lamma - is experiencing a major property boom.
Spacious semi-detached buildings of modernistic design, an envy to city dwellers, are springing up all along the sea front of Picnic Bay (Sok Ku Wan) and Yung Shue Wan and the surrounding hillside.
The buildings, most of them constructed by the islanders themselves, are being offered for sale or rental at substantial prices.
A S.C.M. Post team found more than a dozen new buildings going up both in Sok Ku Wan and Yung Shue Wan.
According to residents, lighters from Hongkong and Kowloon had been arriving regularly over the past few months with cement and bricks for the building projects.
Long-time residents on the island said they generally welcomed the influx of people to the island.
Most of them actually regretted the cancellation of the proposal for a refinery on Lamma.
A flat in one of the three-storey buildings on the waterfront with a small private pier could cost up to $100,000. Rents would be in the region of $800 to $1,000.
Islanders feel Lamma would be even more popular than Cheung Chau within a few years.
Residents said there would certainly be a greater demand for houses next year when the Government approved the new ferry fares which will result in more sailings to and from Lamma.
And an enterprising few are well prepared to meet the demand.