New rail link to ease tyranny of distance for residents who prefer to live where the streets have new names
Loretta Chan, a resident of Topo Place in Ma On Shan (literally 'horse saddle mountain') town centre, chose the area in preference to other locations when her office moved from Quarry Bay to Tai Po. Today, she has no regrets about the move.
She says that living in the eastern New Territories suburb is akin to 'country-like living in a new town environment'.
She also points out that most of the developments in Ma On Shan are almost new, as the far flung suburb has developed only in the past decade or so.
An area that used to be known only for its now defunct Ma On Shan coal mine has become a flourishing mini-city, thanks to the Government's city planning initiative.
There are 60 buildings in the area, providing 16,000 residential units. About 3,500 units are available for rent or sale, and busy construction sites promise more to come.
The buildings average 30 storeys and are concentrated in a relatively small area, giving the place a slightly congested look.
But once you enter the area it gives you a feeling of spaciousness.
A few shopping malls and fully equipped club houses offer residents places to eat, shop and play, without having to leave the buildings, creating a self-equipped suburb.
Ms Chan also praised the Ma On Shan town planning with its foot bridges which link all the buildings. The bridges provide good cover on rainy days and an easy commute between buildings.
The town centre is a 15-minute walk from the Ma On Shan Country Park, which offers green scenery and a beautiful overview of Kowloon from the top of the mountain. The park is a popular place for residents to have barbecues, or to follow one of the various walking trails, or just take the children there to play.
It is a 15-minute drive to Sai Kung on an empty road - a popular destination for Ma On Shan residents favouring its famous seafood restaurants.
One of the few disadvantages of living in Ma On Shan is the lack of an efficient transport system. It was considered a key reason why many people were reluctant to move there.
But die-hard fans of Ma On Shan point out that an express bus takes only about 35 minutes to Central and driving is even faster via Sai Kung.
But the main drawback is the cost. The area's reasonable rents are countered by the fact a single bus fare to Central costs more than HK$20 as it has to go through two tunnels.
A new rail extension project, which will connect Ma On Shan to the KCR railway network, is expected to make a difference when it is completed in 2003-2004.
Affordability is still the major drive for most people who have decided to live in this area.
According to Ricacorp Properties, the average sale price of an apartment is about HK$3,000 per square foot for a mid-level development.
A two-bedroom mountain view apartment in Sunshine City in the centre of town recently sold for HK$2.05 million.
The price has been down by as much as 15 per cent, in keeping with most places in the SAR, due to the poor market sentiment which has been evident since the beginning of the year.
Villa Concerto, the first phase of Symphony Bay, was developed by Sun Hung Kai Properties and launched with much fanfare in February 1998.
Set at a price of HK$5,329 per sq ft, it has since seen prices decline. Just a year later, when the second batch was released, the price was scaled back to HK$4,480 a sq ft - down 16 per cent.
Today's price for Villa Concerto is HK$4,020 per sq ft - showing a fall of 24 per cent in less than three years. With the average size of apartment 1,500 sq ft, those who bought three years ago have lost almost HK$2 million.
Ricacorp Properties branch manager Donny Lee believes it is a good time to become a home owner in the area due to the steep price drop and good prospects with the rail link.
However Helen Wong, a flat hunter by-passed Ma On Shan for other locations.
'If you are buying in the hope that the value of properties will rise quickly, I would not recommend this area,' Ms Wong said.
New immigrants and young families represent the bulk of the residents. The area also has its share of public housing estates.
The fully equipped club houses, with their swimming pool, gyms, function rooms, golf putting green and children's playground make for good middle-class living, according to Mr Lee of Ricacorp Properties.
Near the waterfront, there are several upmarket, low-rise apartment buildings - such as Symphony Bay. The spacious three-bedroom, two living-room flats have an average area of between 1,180 sq ft and 1,800 sq ft. The average price of a sea-view apartment is a reasonable HK$4,020 per sq ft, according to Ricacorp.
Rental prices average HK$14 per sq ft - a reduction of 15 per cent from the beginning of the year.
Next week: Tai Tam
Graphic: VILL26gwz
Graphic: CON26gwz
