Hong Kong property

Redevelopment of Ho Man Tin to increase flat supply

PUBLISHED : Wednesday, 06 March, 2013, 12:00am
UPDATED : Wednesday, 06 March, 2013, 4:40am

The gradual redevelopment of Ho Man Tin in Kowloon is expected to increase the supply of private flats and boost the area's secondary flat market, according to property agents.

"Although Ho Man Tin is well located in the centre of Kowloon, it's an old and well-developed area with many public housing estates and there aren't a lot of private flats in the area," said Eugene Cheung Yue-chi, senior district manager at Centaline Property Agency.

"Therefore, its secondary flat market isn't very active and mainly follows the price movement of the overall market."

But the district is now undergoing some changes, with the site of the Valley Road Estate site sold to Sun Hung Kai Properties for HK$12,000 per buildable square foot in 2010, and that of the Ho Man Tin Estate on Sheung Lok Street open for tenders, Cheung said. Redevelopment of both these sites will provide more private flats.

"It's currently a user-driven market and attracts mainly buyers from the same or neighbouring areas who are looking for larger flats," he said, citing the example of Everwell Garden, which was built in the 1970s and offers spacious flats with gross floor areas from 1,600 sq ft.

Flats there are priced at nearly HK$10,000 per sq ft based on gross floor area, or around HK$12,500 per sq ft in terms of saleable area. Flats in Cheung Kong's Celestial Heights, which was completed in 2009, are trading at about HK$12,000 per sq ft based on gross floor area, or HK$15,000 per sq ft in terms of saleable area, on average.

Matthews Lee, senior sales director at Centaline, said the district attracted mainly families, partly because there are many prestigious schools in the area, such as Heep Yunn School.

Agents said the market for private homes in the district had great potential in the next decade.

That was because the MTR's planned Sha Tin to Central Link will have a station at Ho Man Tin, which will improve access to the district.