Royal lifestyle for HK$44 million

PUBLISHED : Friday, 10 September, 2010, 12:00am
UPDATED : Friday, 10 September, 2010, 12:00am

A common perception is that luxury residential properties are located on The Peak or Repulse Bay. But homes in these two picturesque areas come at staggering prices.

However, in recent years, some of the city's rich and famous have been venturing towards the New Territories, away from the bustling city, and living in areas such as the Gold Coast, Sheung Shui and Fanling.

Homes in these places are far more affordable than The Peak and Repulse Bay, while the properties are just as big. Sandra Choi, senior manager of Landscope, says properties in most of these suburban areas are usually for personal use and long-term investments.

In Sheung Shui, some of the better known luxury residential estate include The Royal Oaks and St Andrews Place. A 4,230 sqft detached house is on sale at The Royal Oaks for HK$44 million, rounding up to about HK$10,400 per square foot. Choi says the asking price is negotiable.

The two-storey property comes with four bedrooms with en-suite bathrooms and a 269 sqft terrace. There is a 1,079 sqft rooftop. A 1,997 sqft garden comes with a car park spot. The interior is nicely decorated and the complex offers full clubhouse activities and entertainment areas including a gym, swimming pool, tennis court, children's playground, Jacuzzi, barbecue areas and function rooms.

The estate is divided into three different streets, the Somerset Path, the Kensington Path and the Oxford Path and, according to Choi, the unit on sale lies on the Kensington Path which offers better surroundings.

'The houses on Kensington Path offer a more tranquil environment as it [the path] doesn't lie next to a highway,' she says.

The Royal Oaks was built in 2005 and has 44 detached houses of 4,230 sqft, 5,268 sqft and 7,643 sqft.

Choi says that people consider the two-storey houses in The Royal Oaks more convenient than the three-storey homes elsewhere in the area.

The Hong Kong Golf Club and the Hong Kong Jockey Club Beas River Country Club are located next to the estate.

This year, there have been two transactions in the estate and the two 4,230 sqft houses sold for HK$32.18 million and HK$30.5 million respectively, but Choi says that their surroundings are not as peaceful as the house on the market.

The asking price for this property for sale is more expensive than the two houses in the Royal Oaks that sold earlier this year, but Choi says that homeowners expect property prices in the area to rise after the opening of the Valais residential estate next month.