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Denise Tsang

Residential sales in the Northwest New Territories have received a boost

The property market in the Northwest New Territories is receiving a boost as the $46 billion West Rail link brings residents closer to urban Hong Kong, according to realtors.

The 30.5km rail line linking Tuen Mun and Kowloon, via Yuen Long and Tin Shui Wai, had already pushed up prices and spurred sales ahead of the official launch of services on Saturday, they said.

Midland Realty director Lawrence Wong said: 'We saw the market getting more and more active in Yuen Long and Tuen Mun even before the first West Rail train arrived.'

He said sales of residential properties jumped about 20 per cent last month compared to October, with small to medium-sized apartments the most popular.

Another prime example was provided by sales at Sun Hung Kai Properties' Yoho Town, Yuen Long's largest private housing estate. There were 160 units sold last week,  compared with a weekly average of 30 units in the past few months.

'It's incredible,' Mr Wong said. 'Buyers find it is more convenient to travel on the West Rail and the travelling time is more predictable [than on buses].'

The KCRC says travelling time to urban areas has been halved for some residents. It says it takes 37 minutes to travel on West Rail from the Tuen Mun terminal to Nam Cheong station in Shamshuipo.

Buyers of new apartments were mainly focusing on areas like Yuen Long and Tuen Mun, Mr Wong said. Prices in the second-hand residential market were also up by about 3 per cent, he said.

Mr Wong said West Rail could also boost other housing projects such as the Lai Chi Kok bus depot redevelopment - a joint venture between Sun Hung Kai and Kowloon Motor Bus Holdings - and Sun Hung Kai's Fu Tei residential development in Tuen Mun.

FPD Savills senior research director Simon Smith said he believed West Rail would lift property values in retail shopping centres in urban districts, especially West Kowloon, as New Territories shoppers headed into town.

'I think a new travel pattern will emerge, with the West Rail being used to get to West Kowloon and even to Central,' Mr Smith said. 'The retail property market in the Northwest New Territories may not benefit as a direct result.'



West Rail is adding steam to property market, realtors say