Q & A with our experts, May 8, 2013
Q: I have just become a permanent resident and am looking to make Hong Kong my first home. My budget is up to HK$12 million. My shortlisted choices are a one-bedroom flat at Sun Hung Kai Properties' The Arch or a two-bedroom flat at Cheung Kong's Victoria Towers. I would prefer an apartment with a good view but the choices are limited. Am I right in assuming The Arch or Victoria Towers are good locations in which to buy, considering the construction of a high-speed rail link and the West Kowloon Cultural District? Am I right to expect to pay a price at the same level as recent transactions, if not slightly lower (maybe 2 to 3 per cent)? Vendors are still asking for higher prices than past sales have achieved. What should I do?
A: The two projects you mentioned are prestigious developments that have attracted wealthy buyers who are less likely to sell their properties even when the market fluctuates. They would generally prefer to lease, rather than sell the flats. Therefore there aren't many offers on the market and you may need to wait for some time before a good one comes up. Location-wise, these projects are in the most prime areas of Kowloon and their prices therefore will fall at a slower rate during a market downturn, but climb faster when the market is rosy. Although it may be possible to find a flat at a slightly lower price, in the case of a flat offering a good view this will be harder. You may wish to consider a smaller flat at The Waterfront or other properties at Olympic Station.
Kent Chui is a director at Ricacorp Properties
Q: Is there any village house or flat in Yuen Long for sale at a price of HK$1 million or less?
A: There are small village houses with floor areas of about 300 sq ft in Yuen Long that may fit your budget. But these houses are not located in the city centre. You can visit the small villages in Yuen Long and find the local agencies to help you.
Perry Fong is a senior sales director at Centaline Property Agency