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Weekend Property

New developments on Hong Kong Island’s Stubbs Road make it a desirable location

Supply mainly provided by The Summit, Highcliff, Evergreen Villa, Villa Monte Rosa and most recently Harmony

PUBLISHED : Friday, 14 July, 2017, 10:50am
UPDATED : Friday, 14 July, 2017, 11:46am

Wedged between Happy Valley and The Peak, Stubbs Road has great views, and is dotted with residential buildings built in the 1960s and ’70s. These homes are large, and were favourites of the former colonial government officials.

In recent times, new developments have cropped up priced at the top of the property market.

Stubbs Road attracts the high rollers mainly because of good feng shui and proximity to hospitals and international schools .

Stubbs Road residents can easily reach the Hong Kong Adventist Hospital and their children can be driven within minutes to international schools, such as ESF Bradbury School and Rosaryhill School.

Because most Stubbs Road properties are owner occupied or held as long-term investments, transaction volume has been relatively subdued since last year. Less than 20 deals had closed on the secondary market by the end of May, according to Land Registry records.

Sales activity was concentrated on Villa Monte Rosa and Evergreen Villa, two of the bigger complexes where prices fetched from HK$19,100 to HK$24,300 per sq ft.

Located on Upper Stubbs Road, Villa Monte Rosa was built in the ’60s and comprises six residential blocks with 240 flats laid out in a choice of three- and four-bedroom options.

The established Evergreen Villa complex overlooking Happy Valley is renowned for its well proportioned accommodation with a space efficiency rate above 90 per cent. It offers 218 units across six apartment blocks.

Rental availability is relatively tight along Stubbs Road, with supply mainly provided by The Summit, Highcliff, Evergreen Villa, Villa Monte Rosa and most recently Harmony, says Lily Wong, an associate director at OKAY.com.

“Most properties on Stubbs Road are geared to families,” she says. “Rentals range from HK$80,000 to HK$200,000 a month. New rentals are taken up quickly especially those that have been refurbished.”

The distinctive 75-storey Highcliff complex offers larger four- and three-bathroom flats, as well as a full clubhouse, says Clara Chu, a senior director of residential services at Colliers International.

In March and April this year, two flats at Highcliff, both with 3,816 sq ft of gross floor area, were sold for HK$133 million and HK$133.8 million, respectively, equivalent to HK$34,853 per sq ft and HK$35,063 per sq ft.

Rental rates asked for an apartment of more than 2,500 sq ft at Highcliff ranged from HK$140,000 to HK$160,000 a month, exclusive of other charges.

“Stubbs Road is perfectly set above Wan Chai and Happy Valley and has excellent connectivity to the CBD,” Chu says. “It is tucked away in an elevated position off the main road, and so it is quieter and closer to greenery. Lower Stubbs Road is also connected to the end of Bowen Road, a popular trail where people jog or walk dogs.”

Opposite Highcliff is The Summit, which comprises 54 duplex suites with six-metre ceilings, according to developer Hang Lung Properties. Each residence features a private lift lobby and personalised lift codes to ensure security.

The twin towers of The Summit and The Highcliff are tall, pencil thin and close to each other. They are dubbed the Hong Kong Chopsticks by local people.

On Upper Stubbs Road, another complex to let is the 18-unit Harmony, which boasts four-bedroom residences (2,800-6,170 sq ft) with high ceilings, all with en-suite bathrooms, according to Savills, the marketing and leasing agent.

Perched atop a forested slope, the building is barely visible from the street, but its elevated position gives each flat sweeping views of Victoria Harbour from the balconies, says Edina Wong, senior director and head of residential services at Savills.

Other features include a fully outfitted kitchen, Wi-fi, centralised air conditioning, heating and fresh air intake control, heated pool and gymnasium.

“All the monthly rents are about HK$80 per sq ft. So far, about three-quarters of the units have been rented out. Tenants will be moving in before September,” Wong says.

“The rental rates achieved at Harmony have outperformed similar-sized rentals in the vicinity.”

Wong of Okay.com says you can get a big flat on Stubbs Road that satisfies all your requirements such as a fancy décor and great views, depending on the budget.