Why Hong Kong residential property management fees are Asia’s highest
Hong Kong residential property prices are not only the world’s highest, but its property management fees also top the list in Asia. Here’s why
Sabrina Wong and her family moved into their perfect home this summer, an all new 1,200 square feet flat at the posh Pavilia Hill development nestled in the coveted Tin Hau area.
Designed by a global architect firm and renowned landscape and interior designers, Wong’s new flat in the development of five towers stand out among a cluster of old properties in the area.
The estate has a 19,700 sq ft club house with a reading room, an indoor pool and gym which residents have free admission and use of towels, as well as a 15,800 sq ft communal garden and play area.
For utmost privacy, each unit of the 358-unit development by New World Development and Hip Shing Hong, has its own private lift lobby. Each floor has only two units.
Wong had happily paid HK$36 million (US$4.6 million) for all of that, until the question on the price of maintenance surfaced.
For every square foot of the flat that she owns, she has to pay HK$5.50, or a monthly management fee of HK$6,600 (US$843.50) to New World Property Management, a subsidiary of the developer that manages the estate.
Although the per square foot price of HK$30,000 that Wong had paid for the flat was not the highest in Hong Kong, Pavilia Hill’s management fee by square foot, is clearly one of highest in the city.