Overview
Pok Fu Lam, on the western side of Hong Kong Island, is an area which attracts Hongkongers in search of a quiet life, and offers apartments with stunning sea and mountain views. Situated outside of the city centre (a 10 to 15-minute drive from Central), the area is greener than other parts of Hong Kong, but lacks the kind of large-scale shopping centres which tend to spring up in big residential areas. Residents of Pok Fu Lam looking for shops with designer labels and branded goods need go no further than Central to get their fix. Aberdeen and Kennedy Town are a closer option for those in search of a wider range of shops. With the launch of Cyberport a few years ago, however, the area's entertainment facilities have improved somewhat. The commercial complex features a cinema and various dining options both in the arcade and at the nearby Le Meridien Cyberport.
Accommodation
There are pockets of low-rise units on Bisney Road and Mount Davis Road, but the apartments in Pok Fu Lam are for the most part high-rise. Ringo Tsang, a branch manager for Midland Reality in Pok Fu Lam, said most of the major residential estates in Pok Fu Lam were relatively old, but had been kept in reasonable condition and boasted a high space utilisation rate. Of the big estates, the oldest is Baguio Villas on Victoria Road near the Cyberport, which is about 33 years old. Mr Tsang said units in the residential project, which were divided into upper blocks and lower blocks, had the highest efficiency ratio of any apartments on the market. Apartments ranged from 1,000 to 2,700 square feet, and most offered panoramic sea views. Units recently sold on the market were fetching in the region of HK$5,300 per square foot. Mr Tsang said one of the best value estates in the area was Chi Fu Fa Yuen. The estate had been well maintained, despite being 28 years old, and was convenient for travel. It is located on Chi Fu Road with a bus terminal nearby, and its residents could get to Central by bus in 20 minutes. In recent transactions, apartments at the development sold for HK$3,400 to HK$6,100 per square foot. Apartment sizes are relatively small, beginning at just over 500 sq ft. Mr Tsang said the development had in recent months attracted investors due to its high rental yield, which was estimated to be five percentage points above current interest rates. In terms of luxury properties in his sales area, Mr Tsang said there was the Residence Bel-Air estate (right) on the waterfront built by Pacific Century Premium Developments. The upmarket residential estate is being completed in phases, with the sixth phase recently presold at HK$11,000 to HK$16,000 per square foot. Mr Tsang said prices had risen because it was the final phase of the project to be released. Standard apartment sizes at the estate ranged from 647 to 2,429 sqft, while duplexes ranged from 3,184 to 6,201 sqft. All apartments have a balcony, with ocean views across to Lamma. Mr Tsang believed that residential property prices in the area had the potential to increase as much as 10 per cent this year. 'Supply in Pok Fu Lam is very stable,' he said.
Transport
Residents in Pok Fu Lam who use public transport rely on buses, minibuses or taxis to get around. Some of the larger complexes offer a shuttle bus service for residents into Central. Mr Tsang said the area was less isolated than it seemed. 'By bus, you can get to Sheung Wan in 15 minutes and to downtown Central in 20 minutes. There is also the prospect of the area being linked by an MTR station.'