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THE FOREST OF SLIM concrete blocks that makes up Taikoo Shing is rooted in what began as a dockyard in the late 1800s.

Today, there is little to remind residents of the Taikoo docks, or the expatriate and local communities who lived and worked there.

The area was devastated in World War II air raids and the docks began to wane in importance as Kwai Chung and Tsing Yi took over in the 1970s.

Swire held on through all the upheavals and during the past 25 years has developed 61 residential tower blocks, some reaching as high as 30 floors. Eight terraces contain almost 13,000 units in a neat, compact zone tucked behind the Island Eastern Corridor.

Covered walkways connect the City Plaza shopping mall with residential towers and Swire's remodelled Quarry Bay office zone, where used to stand the Taikoo sugar refinery.

Pedestrians can meander through the glass and concrete warren - starting out at either the Quarry Bay or Taikoo Shing MTR stations - in the pouring rain and be caught by only a few drops.

Taikoo Shing has many of the key ingredients that Hong Kong people look for in a home base.

It is convenient, close to transport links and good shopping, and attracts local residents and a sizeable Korean and Japanese community.

The oldest units are in 22-year-old Kao Shan Terrace and the newest at Horizon Gardens, which is 14 years old. Harbour View Garden consists of 11 blocks, ranging from 15 to 20 years old. These apartments live up to their name, with some offering ocean views.

Other towers look out over manicured shrubbery, podiums and paved walkways.

'These are not brand new buildings,' said Kenneth Chiu, branch manager at Centaline Property Agency's Chai Kung Mansion branch in Taikoo Shing.

'Buyers will need to redecorate kitchens and bathrooms and re-do the flooring.'

According to Mr Chiu, the dwellings are notable for their efficient use of space.

'The units are famous for their high efficiency - the saleable area against the gross area - which is about 90 per cent,' he said.

'They are also known for their good management. A subsidiary of Swire Properties looks after all of them. They have a sound reputation, good security and the maintenance, such as piping and outside areas, is good.'

Frankie Yeung, sales department manager at Easy Property, said the age of the units was mitigated by high quality estate management.

A range of prices and sizes is on offer. The average sale price at Tsui Woo Terrace, the oldest building, is HK$2,886 per square foot. Prices go as high as HK$5,376 per sq ft at Harbour View Garden.

Taikoo Shing sale prices are stable, up slightly at HK$3,944 per sq ft from HK$3,800 at the beginning of the year. Of course, prices are down 50 per cent since 1997 highs, when a unique duplex unit fetched HK$12,000 per sq ft.

According to Mr Yeung, units which sold for HK$6.15 million in 1997 will go for HK$2.7 million now.

The rental market is very active, according to Mr Chiu, with at least 60 transactions each month. Rentals range from HK$16 per sq ft to HK$30 per sq ft.

Sizes are anything between 585 sq ft to 1,237 sq ft, with many mid-size options in the 600-800 sq ft range. Top-end units at Harbour View have four bedrooms, including one master suite and a smaller maid's room. Residents on the top floors have roof access.

'The vacancy rate is only around 2 per cent, and there are about 400 flats available in the rental and sales market. Two hundred and fifty of those are for sale,' Mr Chiu said.

'There is no room to develop so supply is limited.'

Swire is in talks with the government about the development of Cityplaza 2 where Mount Parker House used to stand.

Frills and fancies are not high on the Taikoo Shing agenda. Car parks may be rented but not bought, at HK$2,450 a month rising to HK$2,750 at Horizon Gardens. Kwung Hoi Terrace, Horizon Gardens and Harbour View Garden (stage three) have swimming pools.

For the rest, the Quarry Bay Park offers tennis courts, a jogging and cycling track and a football pitch. The park accommodates a changing peoplescape - from children and their minders to older folk taking a walk or harried office workers soaking in a few rays during their lunch hour. Book the courts early as Japanese housewives are regular players, suggests one resident.

Dining and shopping options are impressive, with weekday office drinkers giving way to local residents at the weekends.

Construction work at the Cityplaza malls has kept the crowds down at weekends, according to one resident, but the recently completed cinemas have pushed up the people quotient. Week days and off-peak times are quiet.

'It is a very good time to buy for the end-user as mortgage rates are very attractive. Monthly instalments work out to less than rentals,' Mr Chiu said. 'People tend to stay in the area and upgrade to bigger flats with more bedrooms as their families grow.'

Next week: Tung Chung

Graphic: PRO24gwz



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Swire Group

Swire's vigorous development of Taikoo Shing has left few traces of this industrious area's previous incarnation