Hong Kong MTR

Flat asking prices around planned MTR lines rise after announcement

PUBLISHED : Tuesday, 23 September, 2014, 2:19pm
UPDATED : Wednesday, 24 September, 2014, 12:45am

Asking prices of flats close to stations along the seven rail projects to be developed by the government have been increased by up to 10 per cent as expectations of improving accessibility could drive up property values, say agents.

On September 17, the Transport and Housing Bureau proposed four new lines, extra stations and extensions to the MTR's Tung Chung and West Rail lines. It is estimated that the expansion will cost HK$110 billion.

Property agents said the areas to benefit from the projects - to be built in phases from 2018 and 2026 - include Kwun Tong, Hong Kong Island north of the current line, Southern District, Tung Chung, Tuen Mun, Hung Shui Kiu and planned new towns in the northeastern New Territories region of Kwu Tung.

Tuen Mun and Tung Chung homeowners have reacted promptly to the new plan, say property agents.

Kurt Tse, senior sales director at Midland Realty's Tuen Mun branch, said flat owners around the Tuen Mun ferry pier raised asking prices by 5 to 10 per cent immediately after the government announced the Tuen Mun South Extension plan.

The proposed plan will extend the West Rail Line by about 2.4km from the existing Tuen Mun station to Tuen Mun South close to the Tuen Mun ferry pier.

"Though the railway plan will take several years to complete, existing owners have become more aggressive in their asking prices," he said.

Ringo Leung, sales director at Midland Realty's New Territories West district, said news of extending the Tung Chung Line westward with a new station at Tung Chung West have boosted the pre-sale of remaining units at The Visionary in Tung Chung.