Demand for homes in frontier town Sha Tau Kok rises after government unveils plan to develop Northern Metropolis near mainland China border

Home prices in the border town could jump by up to 10 per cent in the next six to 12 months, according to Charles Lee, co-founder of STK 1 Properties

The town has already enjoyed a stunning rally in property prices over the years, easily outpacing the wider market

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Properties in Sha Tau Kok, a sleepy town in the far north of Hong Kong, have enjoyed a spurt of popularity. Photo: Martin Chan

Published: 9:30am, 27 Oct 2021

Properties in Sha Tau Kok, a sleepy town in the far north of Hong Kong, have enjoyed a spurt of popularity after the government unveiled plans to develop the northern New Territories.

Home prices in the frontier town could jump by between 5 and 10 per cent in the next six to 12 months, according to Charles Lee, the co-founder of local agency STK 1 Properties and a Sha Tau Kok resident.

“More people have been looking for homes [here],” said Lee, who has observed a greater sense of optimism about Sha Tau Kok’s growth potential.

Only Sha Tau Kok residents are permitted to buy homes in new projects such as Marin Point, because of the town’s special status as a frontier closed area, or divided border town.

But buyers of older homes, and renters, can get permits to live there once they have made the transaction and obtained the property’s title deed or rental agreement, said Lee.

Hong Kong’s border area with mainland China is to be built into a new Northern Metropolis of 2.5 million people over the next 20 years, including a “Silicon Valley” that will closely interact with neighbouring Shenzhen, according to a blueprint laid down by Chief Executive Carrie Lam Cheng Yuet-ngor in her policy address earlier this month.

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