Low-rise buildings are appealing

PUBLISHED : Friday, 24 September, 2010, 12:00am
UPDATED : Friday, 24 September, 2010, 12:00am

Expatriates in Hong Kong prefer low-rise residential buildings to high-rises because of the greater privacy they can enjoy, according to Centaline Property. However, the shortage of land in Hong Kong means that low-rises are few and far between.

Centaline's figures indicate that only about 10 per cent of properties in Mid-Levels West are low-rises. Not surprisingly, Ada Ng, regional associate director of Mid-Levels West at Centaline Property, says prices for those are similar to high-rises.

The average price of apartments without a sea view in the area ranges from HK$10,000 to HK$11,000 per square foot. Those with sea views can command prices of up to HK$13,000 to HK$14,000 per square foot.

A 2,050 sqft flat with views of greenery at Medallion Heights, Conduit Road, sold for HK$23.3 million recently, rounding up to about HK11,300 per sqft. The unit has three bedrooms, a balcony and one car park space.

A 2,334 sqft apartment with a sea view at Serene Court, on Kotewall Road, recently sold for about HK$13,200 per square foot. The unit includes four bedrooms. Gym facilities are also provided for residents.

Ng expects property prices in Mid-Levels West to rise a further 10 to 15 per cent this year as several new properties go on the market.

A low-rise apartment is up for sale at Mirror Marina, Conduit Road. The asking price for the 2,300 sqft unit is HK$23.8 million, rounding up to about HK$10,300 per square foot. It has four bedrooms, one of which has an en-suite bathroom. There is also a balcony overlooking greenery and one car park space.

Ng expects the unit to be sold before next month, adding that the owners 'may be willing to negotiate on the asking price with interested buyers'. No other units are on sale at Mirror Marina, where only one unit is up for rent at HK$65,000 per month.

The building, constructed in 1970, has been renovated and the apartment has high space-usage efficiency. There are three simplexes on each of the 12 floors, ranging from 2,000 sqft to 2,300sqft. The estate is located in a peaceful spot at the end of Conduit Road, within walking distance of the University of Hong Kong.