Dramatic transformation: Aberdeen housing market poised to take-off thanks to MTR’s new South Island Line
Completion of major transport infrastructure means the district is set to evolve from an old industrial town into a hub for business, innovation and the arts
Before the turn of the century, Aberdeen, like Kwun Tong of yesteryear, was pretty much an old and unattractive industrial town, largely ignored by developers and relatively isolated from the rest of Hong Kong.
How things have changed. The opening of the MTR’s South Island Line (East) later this year and the development of Wong Chuk Hang as a business hub is poised to inject life into the area’s housing market.
Positive sentiment towards the new MTR line has been reflected in the rapid price growth over the past five years, during which average home prices in Aberdeen and Ap Lei Chau since 2010 have grown 63 per cent to HK$8,865 per square foot.
After a flurry of sales between 2010 and 2014, including the launches of H Bonaire (Henderson Land), Larvotto (Sun Hung Kai Properties, Kerry Properties and Paliburg Holdings), Marinella (K. Wah, Sino Land and Nan Fung), new housing supply has been relatively subdued since last year.
With less than 50 units available for sale by the end of June, the H Bonaire development offers 106 flats, including 104 standard units (320-675 sq ft) and two special units (952-959 sq ft, excluding outdoor space). The project is earmarked for completion in early 2017.
Larvotto, located on the Ap Lei Chau waterfront opposite Sham Wan, was completed in 2010 and comprises nine towers. Marinella, which faces the Aberdeen Marina Club, is a six-tower development and was built in 2012.