• Fri
  • Dec 19, 2014
  • Updated: 5:00am
NewsHong Kong
PROPERTY

Big interest expected in small flats at Fung Yuen, Tai Po

New homes in Fung Yuen, under 200 sq ft and less than HK$2m, are due on sale this month

PUBLISHED : Friday, 11 July, 2014, 11:39pm
UPDATED : Saturday, 12 July, 2014, 2:38am

Tiny flats on offer at Cheung Kong's Mont Vert in Tai Po are set to cause a big impact among investors and first-time buyers.

The 1,071-unit project in Fung Yuen offers 196 flats with sizes of less than 200 sq ft.

The smallest have a saleable area of only 177 sq ft, with 97 sq ft living rooms, 13 sq ft kitchens and 31 sq ft washrooms.

It makes them similar to typical public housing studio flats, which have monthly rents of HK$1,200. They are also bigger than flats at Henderson Land's High Place in Kowloon City, which launched in September with a saleable area of 166 sq ft. Cheung Kong plans to launch Mont Vert this month, and property agents expect prices will be more than HK$1.7 million, or HK$10,000 per sq ft.

Anthony Man, a district manager at Centaline Property Agency, said: "The market response will depend on asking prices. But many people are interested in the project.

"The demand for small flats in Tai Po from end-users has been very strong in recent months."

Man added: "The leasing market in Tai Po usually records 40 to 60 deals a month.

"However, leasing transactions increase to over 100 a month from June to August.

"More than half of the tenants are mainland students. They have to rent a flat before the academic year at the universities begins."

Liu Zhanxiang, a mainlander newly graduated from Chinese University, said: "Tai Po is close to the university. I think many mainland students would be interested in the flats. But the flat size is only 177 sq ft. It's too small for me."

Veteran residential investor Chan Ching-pak is not interested in the project. "It would be difficult to find tenants when the project is completed - and it is not located in the urban area. You have to ask for a lower rent to attract tenants.

"I don't think the monthly rent of the flats can reach HK$5,300 or HK$30 per sq ft," he said, adding that small flats in urban areas such as Causeway Bay and Wan Chai were more popular in the leasing market.

Chan added: "It may be difficult to resell the flats. They are too small. No one would pay a large amount to buy a tiny flat."

An architect, who declined to be identified, believes the developer is trying to both maximise the floor area and comply with the Buildings Ordinance.

He said: "They may not be able to offer one-bedroom flats based on the building layout.

"Another possible reason is that it is a marketing strategy. It is easy to catch the market's attention with an asking price of less than HK$2 million."

 

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26

This article is now closed to comments

whoaman
All this from the biggest crook of them all - LKS.
First he somehow gets to build these flats in what is supposed to be a Butterfly preserve, he screws over the villagers, not giving them a road he promised (I used to live in Lau Hang), then makes flats so small they're not even fit for humans, charging 2million - AND HE SAYS HE CAN'T SLEEP AT NIGHT BECAUSE OF HK's Problems?????????
Oh, and just down the road he built a mausoleum for himself, and a grotesque huge Kun Yam, in another village. What ever happened to green belts and environmental preservation. Oh yeah, I forgot, LKS runs Hong Kong.
ngsw
Well, have a little fun with the following check list:
[ ] Not qualified for a public house.
[ ] Don't want to live with parents.
[ ] Don't want to pay exorbitant rent for don't know how many years even for a divided flat.
[ ] Don't have a rich parent.
[ ] Don't want to leave HK.
...
If five ticks above, choose one box to tick below:
[ ] Be an idiot to spend 2M to buy a small cubicle.
[ ] Be a rough sleeper.
KwunTongBypass
I guess, instead of a bed you could think of installing three rows of each two aircraft economy class seats - you know the ones you can eat and sleep in comfort in - and you can rent the whole place to six people!
ngsw
2M for a flat smaller than a public house. Plight of the middle class.
impala
I would like to dispute whether something of less than 200 square feet can still be called a 'flat.' It would be more appropriate to speak of a 'cell.'
virokick
Pay 2M to be confined in prison. What is becoming of HK.
ngsw
Not qualified for a public house. Don't want to live with parents. Don't want to pay exorbitant rent for don't know how many years even for a divided flat. Don't want to leave HK. Then you have to be an idiot.
johnyuan
This 177 sq ft is barely twice the area of a single cell prison. No one in normal circumstance would choose it as a daily living quarter. It is just a little more than half of 300 sq ft studio that New York City is building for its young graduates.
.
In subtracting the areas for the kitchen, bathroom and the bed there is about 90 square ft free area left. In that area we must include a coffee/dining table, a closet, a desk with chair all must occupy a footprint within the unit. Access circulation to kitchen and bathroom also would take up room. I foresee whatever space left the unit would be cluttered up with possessions even with the bed doubles up as storage.
.
If such a plan is to go ahead, I advise the architect to relocate the entrance door near to the bathroom. It will reduce the amount of circulation space and allows the bed turn 90 degree to free up an area with more usable space in a contiguous rectangular area.
.
Further improvement can be made to reduce the construction cost by keeping the exterior wall to the minimum. Reconfigure the plan to become a rectangular shape by maintaining the 16 feet frontage and adjust the depth of the unit to 11 ft. Use mechanical ventilation for the bathroom. Here we should innovate and ask for deductable area for enclosed plumbing area. Hong Kong should not subject the risk of spread of SARS because of leaking plumbing installed outdoor next to open windows.
virokick
In HK 200 sqft is called a flat. We argue day and night about other stuff like landfills and democracy. But overlook things like self voluntary imprisonment - where one would even pay $2M dollars for this privilege.
A country where it's people are forced to live in 200sqft bird cages has totally lost it's priorities.
asiaseen
13 sq ft kitchens? This isn't April 1st is it or maybe Li Ka Shing's idea of a joke?

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