At home in nature: Yuen Long area proves popular with buyers in search of space
Feverish state of construction activity, with units in residential developments such as Grand Yoho phase two now up for sale
Yuen Long in New Territories West has been a hive of construction activity, with new property projects announced almost every week.
Across the western area of Yuen Long, including the suburbs of Tong Yan San Tsuen, Ping Shan and Tai Tong, there are 14 new residential projects on the market, according to an electronic platform that gives details of the sales of first-hand residential properties.
Most have been on the market for a while, except the two latest ones being marketed by Sun Hung Kai Properties (SHKP) and New World Development (NWD).
Scheduled for completion later this year, the second phase of the Grand Yoho development will offer 826 residential units, spread across three blocks, in total in a diverse layout mix, from 394 sq ft to 2,125 sq ft. The majority of units will be laid out as two- and three-bedrooms.
The first batch of 166 units has just been released for sale. Stripping off discounts, the units come with a price tag of approximately HK$12,000 to HK$17,000 per square foot, which is about 20 per cent more expensive than those priced for the first phase. Selling prices range from HK$6.7 million to HK$21 million each.
SHKP deputy managing director Victor Lui says that the family-sized units with four bedrooms, including two with en-suite bathrooms, are one key differentiator from units available in the first phase.
Stamp duty rebates are offered to partially offset the extra upfront costs incurred by punitive taxes imposed on second-home buyers and non-Hong Kong permanent residents, according to SHKP.
Sun Hung Kai Real Estate Agency assistant general manager Allen Woo adds that the company is planning to launch St. Moritz, a low-density project offering 60 homes, in Kau To Shan, for sale as early as in the second quarter when it is completed.
In Tong Yan San Tsuen, NWD is also marketing Park Villa, the company’s fourth development in the area, following the sales of The Woodside, The Woodsville and The Parkhill.
The vast majority of stock in these developments was sold earlier, with only four garden houses at The Woodsville remaining as of the end of December, according to a company spokeswoman.
Touted as “luxury collectibles”, Park Villa comprises 51 four-storey, five-bedroom homes configured at between 2,834 and 5,426 sq ft, each with its own internal lift and fully integrated kitchen. Further benefits include private parking lots, garden and rooftop terrace.
Tong Yan San Tsuen is a planned low-density neighbourhood in a tranquil country environment. To its north is downtown Yuen Long, which has all the amenities of a modern city. It also neighbours the Hung Shui Kiu development area to its northwestern edge.
Crescendo, a low-density development in Ngau Tam Mei comprising 67 luxury houses, was completed and granted an occupation permit last September, according to Building Department records. More details are expected to be announced by the developer CK Property around mid-January, estate agents say.
Elsewhere, Chinachem has yet to announce the marketing plan for its joint-venture project (720 units) with the MTR Corp at Long Ping station, which it said would likely go on sale this year. It is close to the Spectra development built by K.Wah International, which has released a further of 44 units for sale.
In the village-house market, three new homes at the Shan Pui Villa development have gone on sale. These include a penthouse with rooftop, a duplex arranged over the lower floors in Block 2, and Block 1 en bloc. Asking prices range from about HK$3.5 million to HK$10.6 million, equivalent to about HK$4,951 to HK$5,211 per sq ft.
Two properties from another village house development, Hillford, in Tai Tong – one measuring 700 sq ft, the other a duplex of 1,400 sq ft with roof – went on the market in early December, according to the new home sales platform.
In the development pipeline, construction work on two residential development sites commenced in July and September respectively, including a detached property in Ngau Tam Mei and an eight-house complex at 105 Ng Ka Tsuen, according to Building Department records.
In 2017, Yuen Long is set to be a major source of new housing supply after Sai Kung (including Tseung Kwan O) and Tsuen Wan. Three key developments will inject about 2,097 new homes into the housing inventory, according to a research note by Ricacorp Properties.