Big developers enter south Lantau, where luxury beachside homes are hard to find
Cheung Sha, on south Lantau Island, has attracted developers' interest, with Sino Land making a higher than expected bid of HK$428 million for a site in the beach town at a land auction last week.
Renowned for its tranquillity and sandy beach - the longest in Hong Kong - Cheung Sha is an attraction for many expatriates.
However, the premium living environment offered by beachside properties in the area does not come cheap.
Monthly rents for a 2,500 square foot house with a car park in Cheung Fu Street - where one can find most of the luxury houses on Lantau, such as Hongkong Land Holdings' Butterfly Crest - are about HK$45,000.
Transaction prices for houses in the area range from HK$5,300 to HK$6,000 per square foot, comparable with some flats in Taikoo Shing, which offers the attractions of a minute's walk to an MTR station or a shopping centre but not the scenic views in Cheung Sha.