Overview
Happy Valley is a traditional luxury residential suburb which has avoided the development that has turned neighbouring areas Causeway Bay and Wan Chai into bustling commercial zones. Somewhat disconnected from the rest of the city due to the absence of an MTR station, the area has clung on to a more sedate pace of life, but has enough shops, restaurants, markets and facilities to be considered self-contained. This combination of qualities has given the area the character of a cosy village, even though it has its fair share of high-rise buildings. The area, which comes under the administration of the Wan Chai District, is called Pau Ma Dei in Cantonese, or 'horse racing place', after the imposing racecourse that was built there more than 150 years ago. The area's English name is a euphemistic reference to its cemeteries. Hong Kong's first Christian cemetery was built there during the 19th century. According to William Lau, the district sales director for Eastern Mid-Levels and Happy Valley at Midland Realty, Happy Valley has traditionally attracted mid to high income earners and wealthy families from 'old money'. He estimated that 60 per cent of property owners in Happy Valley held 100 per cent equity in their apartments, which is above average. Mr Lau said the area was family orientated, with most residents being owner-occupiers.
Accommodation
Happy Valley has a wide range of properties available for sale and rent. In the area surrounding the racecourse and Tai Hang Road, home seekers can find small and medium-sized flats in high-rise complexes, while those in search of large luxury flats can find properties in Jardine's Lookout and other locations. Also, there are pockets of low-rise apartment complexes in Blue Pool Road, Briar Avenue and Broom Road. William Lau, the district sales director for Eastern Mid-Levels and Happy Valley at Midland Realty, said Leighton Hill, built by Sun Hung Kai Properties, stood out as a major property estate for its size and quality. The estate, which has eight blocks, is five years old. Situated on Link Road, it offers easy access to Causeway Bay and has open views. Mr Lau said flats ranged from 1,200 to 2,200 sqft and the market price was about HK$13,500 per square foot. Also at the luxury end of the market in Happy Valley is the Legend, developed by Cheung Kong (Holdings). The four-block property, in the more secluded Jardine's Lookout, has flats of a similar size to the Leighton and is expected to be completed next month. Mr Lau said about 10 per cent of the development's more than 376 units were on the market and prices ranged from about HK$12,000 per sqft for flats with mountain views to HK$15,000 for those with sea views. The most expensive apartment in the development, he said, was a 3,860 sqft penthouse with a private swimming pool, which had sold for HK$33,300 per sqft. Home seekers can find mid-range flats priced at between HK$7,000 and HK$10,000 per sqft. These include another Cheung Kong development at Jardine's Lookout - Cavendish Heights - with flats of 1,600 to 2,200 sqft in eight towers. The Beverly Hill on Broadwood Road (right) is a 10-block apartment complex overlooking Happy Valley. Flat sizes range from 1,300 to 2,000 sqft. Mr Lau said with new land scarce in Happy Valley there was likely to be little property development in the coming years. He said the tight supply of land, combined with the neighbourhood's cachet, supported property values in Happy Valley. 'Market fundamentals for the area are good because the scarcity of land means no new property developments can be expected for the next five years. Because of this, we believe Happy Valley is an excellent area to seek property investment,' he said.
Driving and Transport
Plans by the MTR to build a new line from South Horizons to Admiralty have been shelved pending a government review. Should the project go ahead, it is possible that a station could be built in Happy Valley, according to proposals released by the transport company. In the meantime, the nearest MTR station is in neighbouring Causeway Bay. The area is better served by minibuses, buses and trams.