Lucky break: Pok Fu Lam is a yardstick for Hong Kong’s luxury property market, thanks to area’s good feng shui
Pok Fu Lam has access to popular hiking trails. En route, onecan spot native birds and enjoy spectacular views across Lamma Channel
In a city where people are prepared to pay a premium to ensure good feng shui, Pok Fu Lam is believed to bring luck.
Most of the property developments in Pok Fu Lam face the Lamma Channel, meaning there is plenty of good feng shui to go around, raising the demand for rental homes in the valley at the western end of the Southern District between Victoria Peak and Mount Kellet.
Pok Fu Lam is only 15-minutes’ drive from the central business district,offering access to popular hiking trails. En route, one can spot native birds and enjoy spectacular views across Lamma Channel.
The area is also one of Hong Kong’s wealthiest and most secluded places. A respite from the density of the city centre, it offers low-rise residential blocks along quiet streets and established housing complexes with excellent on-site facilities.
“The most popular housing choice in Pok Fu Lam is still Bel-Air since it is a large luxury development with different sizes and layouts of properties available for a greater range of rental budgets,” says Clara Chu, a senior director and head of residential leasing at Colliers International.
“It has good facilities, management, sea views, car-parking and shuttle bus services. Quite a lot of properties are held as buy to let, so it is not difficult to rent apartments at good prices.”
Bel-Air is a landmark residential development in Cyberport. It comprises six phases. Phases 1 and 2 belong to Residence Bel-Air, while Phase 3 is referred to as Bel-Air on The Peak.
The shopping and entertainment destination, The Arcade of Cyberport, offers a cinema, Western and Japanese restaurants, lifestyle stops, a supermarket and a hotel. The community plaza, which features a large, open lawn, is a popular gathering place for events and families with children to get together during weekends. Because of its scale and active secondary market, it is seen as a yardstick for luxury property. For example, prices of Residence Bel-Air witnessed growth of 14 per cent from a trough in April to HK$21,700 per square foot in December, according to DTZ/Cushman & Wakefield.
There were 13 sales in the whole development in October, down 7 per cent from September, according to Land Registry figures compiled by Ricacorp Research.
“For low-rise options, say two and three-bedrooms at 1,000 square feet to 1,500 square feet, rentals can be found in Consort Rise, Crown Terrace as well as smaller complexes in the Bisney Road area, such as Aqua 33 and the Regalis,” Chu says, adding that most of these homes cater to families and cost HK$40,000 to HK$65,000 per month in rent.
Bigger families who want more privacy might consider renting or buying a low-rise apartment or townhouse. Listings may come from Villa Cecilo or those along Sassoon Road, though availability varies.
Monthly rentals for lower-density luxury homes can range from HK$85,000 to HK$140,000, although Felix Villas could command as much as HK$180,000, Chu says.
While availability of luxury townhouses is limited since most properties are occupied by the owners, Vantage International, a mid-sized homebuilder, is marketing a luxury house development, Pokfulam Peak, at 92A-92E Pok Fu Lam Road.
Yau Kwok-fai, Vantage’s vice-chairman and CEO, says the development comprises five houses. Each occupies an independent lot with its own address and lot number.
“As our first residential development, we have paid a great deal of attention to architectural design and detail in these homes. I believe the construction costs are higher due to careful selection of materials.”
The four-bedroom houses are configured with 3,757 sq ft to 4,733 sq ft of saleable floor area. The largest, measuring 4,733 sq ft, features a 1,085 sq ft garden. All properties have a fully equipped kitchen, two parking spaces and a rooftop terrace with swimming pool.
Elsewhere, at 45-65A Pokfulam Road, China Overseas is building a twin-tower complex with more than 300 units on its scheduled completion in the third quarter of 2017, a company spokeswoman says. The developer has yet to announce more details since securing a presale permission.