Kennedy Town ticks all boxes for great value for residential property

Turbulence in global financial markets has given an unexpected boost to Kennedy Town.

Angela Wong, manager at one of Centaline Property's three branches in the district, said: "Compared to Mid-Levels, Wan Chai and other districts, Kennedy Town is now more desirable.

"Rents are cheaper, there are more open spaces, transportation is more convenient and there is a great sea view."

That has made the district more appealing to professionals whose housing allowances have been cut as a result of tighter budgeting by their employers.

And while the government's cooling measures in February have dampened activity in both the sales and rental sectors in the district, prices and rentals have continued to rise, due in part to its growing allure to expatriates, said Wong.

An 886 sq ft flat at The Merton, one of the largest housing projects in Kennedy Town, recently fetched a monthly rental, all inclusive, of HK$25,000, up from HK$23,000 in July last year.

The current asking price for the same unit is HK$12 million from HK$10.3 million in July last year, she said.