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SCMP Reporter

DIAMOND HILL IS in the news these days for all the wrong reasons: three fires in the Tai Hom Village squatter area within a week.

The fires have been blamed on arsonists. The government has started clearing up the squatter area for redevelopment, with the last residents moving out last week. Apart from this sudden burst of news, Diamond Hill has kept a low profile.

Situated in Kowloon East, the key private-sector developments are Plaza Hollywood and The Galaxia.

The Chi Lin Nunnery is another significant landmark in Diamond Hill. The nunnery has been described as 'one of Hong Kong's great spiritual and cultural treasures' by Anson Chan.

Built before World War II, the nunnery serves both religious and social purposes by providing cultural, educational and elderly-care services. It has now become a tourist attraction.

The nunnery is known for the simplicity and grandeur of its gardens, which also have five special trees which locals say are more than 100 year's old.

More than 60 per cent of the housing in Diamond Hill consists of housing estates which are about 10 to 15 years old. Property consultants describe the area as an old housing estate, with most of the apartments medium- to small-sized.

'Most of the apartments are less than 700 square feet,' said Ricky Lin, sales manager at Midlands Realty.

'Most are part of the Home Ownership Scheme and public housing by the government,' added Mr Lin.

'If your apartment is on a higher floor, say over 20 storeys, most probably you would get some sea view and view of the old airport at Kai Tak,' he said.

Standing in stark contrast to the squatters and old housing estates is the The Galaxia, situated across Lung Cheung Road.

The Galaxia is a luxurious development by Wharf (Holdings) and towers above the Diamond Hill MTR, just like Telford Gardens in Kowloon Bay.

It is one of a kind in Diamond Hill, being larger than any other development and one of the newest. The Galaxia, which was completed in 1998, comprises two 44-storey and three 45-storey residential blocks, with a total of 1,684 apartments.

The Galaxia units have been sold at an average price of HK$6,200 per square foot in 1998, and the average price has fallen by about 30 per cent to HK$4,000 per sq ft, according to Denise Wong, manager of the Diamond Hill branch of Centaline Properties.

'Despite the poorer economic conditions, the decrease in prices has been considered not too large because of the good location of The Galaxia,' said Ms Wong, comparing the slide in prices of Laguna City in Lam Tin.

'Diamond Hill is like Central,' said Ms Wong, 'It leads to Sha Tin and Ma On Shan via the [Tate's Cairn] tunnel and it is situated along the MTR line which makes travelling very convenient.'

There were five sales transactions last month as more residents were changing to bigger flats due to optimism in the property market, said Ms Wong.

Mr Lin pointed out that since the high-storey apartments at the south side of the development had good views, they would command a price of about HK$4,300 per sq ft.

Rentals at The Galaxia for 650 to 750 sq ft partly furnished apartments are available at an average of HK$18 per sq ft, inclusive of rates, management fees and taxes.

The most expensive are the four duplexes (four bedrooms), which are found in each of the five blocks.

These duplexes, which measure 1,600 sq ft, are priced at HK$6,000 per sq ft on average.

Plaza Hollywood, which is built within The Galaxia, is the trend-setter for determining market prices in Kowloon East, and has a catchment area covering Diamond Hill, Kowloon Bay, Kwun Tong, Kowloon City, Sha Tin and Ma On Shan, with a total of about 1.3 million people.

The 560,000 sq ft shopping arcade has more than 200 shops, 10 restaurants, a food court with 12 kiosks and a six-screen cinema. Anchor tenants in this complex are Marks & Spencer, Disney, Jumpin Gym, Federal Seafood Restaurant and Golden Village Hollywood.

The arcade is supported by a 500-space parking facility, as it has a traffic flow of over 80,000 visitors during weekends.

Regent On The Hill is the newest development in Diamond Hill completed last August by Hon Kwok Land Investment.

It is a five-minute mini-bus ride from the MTR station and is one of the few options if one wants cheaper apartments.

Regent On The Hill has 186 units in one 37-storey block, with apartments ranging from 668 to 1,222 sq ft. The average price is HK$3,300 to HK$3,600 per sq ft. There are basic recreational facilities including a swimming pool and gym. Rental rates are about HK$17 per sq ft.

Next week: Robinson Road

Graphic: pro25gwz



As the squatters disappear, market optimism is pushing residents into bigger flats in conveniently located Galaxia