Mini-Taikoo holds firm
PROPERTY prices at Heng Fa Chuen are holding steady despite further softening in the Hongkong market.
''It's one of those estates that is rather 'recession proof' due to its easy-access location and consequently prices have not dropped dramatically as in other areas of the market,'' said Mr David Faulkner, a partner at Brooke Hillier Parker. ''Of course prices are not as high as Quarry Bay, which enjoys an even better urban access location.'' According to the latest Brooke Hillier Parker report, prices in the first quarter increased 5.5 per cent from $3,569 per square foot in January to $3,764 per sq ft in February.
And since its peak last August at $3,975 per sq ft, prices have only dropped 5.3 per cent.
Heng Fa Chuen is located at the east end of Hongkong island - the last stop before Chai Wan - and is labelled as a mid-market estate.
''Its facilities are very adequate, sort of like a mini Taikoo Shing version, and its easy urban access makes travelling time to Central only half an hour,'' Mr Faulkner said, adding that once the market started going up, Heng Fa Chuen was expected to respond quickly.