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Sandy Li

A developer is converting 18 flats in an upmarket complex in one of Hong Kong’s most prestigious neighbourhoods into 270 units as small as 80 sq ft to rent out as ­co-living spaces to young ­graduates and jobseekers.

Eton Properties, owned by the family of Filipino magnate Lucio Tan, will convert Woodland Villas on Shouson Hill Road into single-bedroom flats between 80 and 200 sq ft in size, with all-inclusive monthly rent starting from HK$7,600.
The project will be renamed Mini Ocean Park Station, in a nod to the tourist attraction nearby.

“Our research showed that ­demand for co-living space is on the rise, as Hong Kong’s home prices and rents have sky­rocketed,” Eton marketing ­manager Cynthia Cheung said.
“It’s a new lifestyle experience for young people. We will provide 24-hour security for them, unlike subdivided flats in poorly ­managed, ageing buildings.”
The plan, devised after railway operator MTR Corp opened a ­station nearby, comes as record residential property prices have kept home ownership beyond the reach of the average jobseeker or graduate.


The plan is actually a shrewd application of mathematics. ­Before the conversion, Woodland Villas’ 1,600 sq ft units were ­offered for rent at HK$98,000, not including a monthly management fee of HK$8,570.
By subdividing, Eton gets 270 units out of the complex, ­compared with just 18 before the ­conversion.





The monthly unit price of HK$95 per sq ft is 13 per cent more than for serviced apartments ­operated by the Four Seasons Hotel in Central.
The most expensive leases are 120 sq ft units with sea views, which are listed at HK$20,000 per month.
Each of the converted units, which come with a bathroom and weekly cleaning service, can house two residents.
A peek into 6 of the smallest flats in Hong Kong
Leases are available from a month to longer durations, and include utility charges and Wi-fi.
The conversion of the first of three residential blocks had been completed and those units were available for lease now, with 10 ­already rented, Cheung said.
Eton, founded during the 1980s, is one of the largest private property developers in the city.
It is valued at more than HK$20 billion with projects such as Carmen’s Garden, Dragon Centre, King’s Court and Eton Tower.
Tuen Mun’s ‘nano flats’, smaller than standard car parking lots, command outsize rents
Eton is not the only company cashing in on co-living spaces, otherwise known as subdivided flats in less luxurious ­circumstances.
Synergy Biz will launch a HK$150 million co-living space called Bibliotheque in Mong Kok in September.
The project – converted from two five-storey buildings – ­provides 166 bed spaces in 15 units, with a monthly rent ­starting from HK$4,000 inclusive of ­regular cleaning and ­management ­services.



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Hong Kong housing

Filipino tycoon subdivides Shouson Hill units into nano flats, pricing them more than Four Seasons’ rent

Exterior view of Woodland Villas at 53 Shouson Hill Road in Wong Chuk Hang. Photo: SCMP / Felix Wong

Woodland Villas. Photo: handout

Eton Properties is converting its luxury project, Woodland Villas, at 53 Shouson Hill Road, into mirco flats with size starting from 80 square feet and offer for leasing as low as HK$7,600 per month. Photo: Handout

A peek into 6 of the smallest flats in Hong Kong

A 360-degree view of the Seven Victory Avenue’s 263-sq ft show flat. Photo: Martin Chan

The floor plan of a 163 sq ft unit on 6/F at One Prestige.

SCMP Graphics

Nano flats completed in 2016.

Star Studios, a twin-block residential development, offers units as small as 142 sq ft. Photo: Dickson Lee

The One Prestige project at Yuet Yuen Street in North Point was the tiniest available on Hong Kong island as of September 2016. Photo: Felix Wong

Chun Wo Property takes the dubious honour as the developer of the smallest living space in Hong Kong. Photo: Edmond So

The room comes with an en suite bathroom (far right) and a sink. A couch would be a luxury too far.

The view inside a flat at Mont Vert II, Tai Po. The apartment’s price has been affected by the view into the cemetery, which many Hong Kong buyers dislike.