Kowloon apartments could see prices surge as Express Rail Link opening approaches
Mong Kok and surrounding areas are expected to see positive spillover from the high-speed rail terminus opening in the third quarter, according to agents
Philip Chau, a Mong Kok resident who lives with his parents in a housing estate near Austin Station and the soon-to-be completed high-speed rail terminus, has witnessed dramatic change in his neighbourhood during the past decade.
The area has undergone surging home prices and an infusion of new shops and restaurants as it transforms into a major transit and shopping hub.
“My family bought the flat for about HK$3.8 million (US$484,184) a year before it was announced the [Express Rail Link] terminus would be located near the region,” he said. “There are a greater variety of restaurants now, instead of just McDonald’s.”
The terminus – built at a cost of HK$86.42 billion – is expected to cut the journey time from Hong Kong to Guangzhou by half, making rail transit between the two cities possible in under an hour when it opens in the third quarter of this year.
The Transport and Housing Bureau has predicted 109,200 annual passengers will make use of the high-speed rail line.
Since Chau’s family bought the 592 square foot unit in the 18 block development Charming Garden, prices have increased several times. The development, completed in 1998, was built under the government’s Home Ownership Scheme. Chau’s parents purchased the unit at the prevailing market rate that included an offset premium that went to the government.