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AMONG THE VARIOUS SUBURBAN areas situated in the southern part of Hong Kong Island, Tin Wan is the most low-profile, with not many people knowing about it outside of Aberdeen.

It is not on the tourist map, unlike Aberdeen, which has a floating restaurant and a promenade, nor does it have a shopping complex. It is just a non-descript suburb, home to middle- and lower-middle-class people.

In the early part of the 20th century, Tin Hau and neighbouring Aberdeen were inhabited mainly by fishermen, and even today a number of them still remain in the area. Most of them live in their fishing boats, well protected from occasional typhoons by a shelter.

Each morning, the wholesale fishing market in Aberdeen Praya Road is abuzz with fishermen hawking off their fresh catch to retailers.

The arrival of property developers has meant that Tin Wan is getting its fair share of new residential developments, although a few old housing development blocks still survive along with some industrial buildings.

One of the first housing estates in the area, Tin Wan Estate, was redeveloped about five years ago.

About a dozen old housing-estate blocks still exist in Ka Wo Street, as well as a home ownership scheme project, Hung Fuk Court.

Newer developments in the area worth mentioning are Waterfront South in Yue Wok Street and Tin Wan Court in Tin Wan Street.

Property agents say a lack of facilities and its remote location are reasons why Tin Wan has always been viewed as a second choice to Aberdeen by property buyers.

Arthur Yip, a regional sales manager at Centaline Property Agency in Aberdeen, said most of the residents in Tin Wan were either those who had lived there for a long time, or those who failed to find a suitable apartment in Aberdeen within their budget.

Agents suggest one of the reasons for low property prices in Tin Wan is the location of the Chinese Permanent Cemetery, which divides the suburb with Aberdeen.

Transport is another factor keeping prices in the area down.

Despite franchised buses and minibuses serving the area, residents find it difficult to catch a bus during peak hours.

'Most of the buses start in Aberdeen and they are already packed with people in the morning peak hours,' Mr Yip said.

'But it is a quiet place to live . . . Everything is a tradeoff.'

That being the case, home buyers willing to compromise can find some good bargains in the area. Apartments with sea views can be bought at a reasonable price.

Waterfront South, a three-year-old residential project by Sun Hung Kai Development, serves as a benchmark for Tin Wan properties.

The project comprises two blocks with 235 medium-sized apartments, with two or three bedrooms. Apartment size ranges from 688 square feet to 895 sq ft. The property faces Aberdeen Harbour, and all flats in the project have a sea view.

The average selling price in the development is about HK$2,600 per square foot. The average cost for an apartment is HK$1.79 million for a 688 sq ft unit - a price hard to find in any other area on the island. Monthly rentals average out at HK$10.90 per square foot, with a small one-bedroom apartment renting for HK$7,500 per month, while a larger flat, with at least two bedrooms, can fetch HK$9,000 to HK$10,000 per month.

Property agents said Tin Wan property prices were about 10 per cent less than prices in neighbouring Aberdeen.

For example, apartments in Bayshore, at 244 Aberdeen Main Road, with units similar in size and age to Waterfront South cost as much as HK$2,900 per sq ft compared to HK$2,600 per sq ft at Waterfront.

'Property prices are higher in Aberdeen because of its convenience. The price difference is because of better accessibility,' Mr Yip said.

Tin Wan is an ideal locality for first time home buyers because of the affordable prices.

Full Jade Mansion, located in Shek Pai Wan Road, is especially suitable because of the smaller apartments it provides. The Henderson Land development is about 10 years old with 96 apartments, ranging from 342 sq ft to 369 sq ft in size.

The average selling price in the development is about HK$2,300 per sq ft, with the smallest apartment costing HK$786,600.

Rentals in the development are also cheap at about HK$5,000 per month.

Prices in Tin Wan Court, a joint development between New World Development and Kwong Sang Hong International, are cheaper because the project faces the Chinese Permanent Cemetery.

The units are selling for HK$1,951 to HK$2,300 per square foot, a rare price for a building which is just a year old.

The building has 94 flats, including 680 sq ft two-bedroom apartments and 820 sq ft three-bedroom flats. There are 14 flats yet to be sold in the development.

Monthly rental for a three-bedroom flat is about HK$7,800 per month.

Next week: Red Hill

Graphic: PROP25gwz



Bargains found in forgotten Tin Wan