Weekend Property

Island life: Young professionals seek green comforts in Lantau’s Tung Chung district

It is estimated that Tung Chung will have a population of about 270,000 by 2023, and provide 40,000 job opportunities

PUBLISHED : Friday, 12 May, 2017, 9:30am
UPDATED : Friday, 12 May, 2017, 12:09pm

Tung Chung on Lantau island is growing and thousands more homes are in the pipeline. The area has become a popular residential destination for airline crews and those working at the nearby airport at Chek Lap Kok.

Agents say more young professionals working in Kowloon and Central are moving to Tung Chung, attracted by the greener environment, proximity to the airport and Lantau’s beautiful beaches on the doorstep.

According to the draft government plans for Tung Chung Town Centre Area and Tung Chung Valley Outline Zoning Plans, which were approved in February, Tung Chung will be extended to provide an additional 49,400 private and public homes, and approximately 877,000 square metres of commercial space, to accommodate an extra 144,400 people by 2023 at the earliest. By that time, it is estimated that Tung Chung will have a population of about 270,000 and provide 40,000 job opportunities.

Infrastructure work will include reclamation of about 130 hectares of land in eastern Tung Chung, site formation works in western Tung Chung, and the building of roads, footbridges, drainage, sewerage and waterworks, according to the Civil Engineering and Development Department.

Tung Chung is becoming walkable, livable and vibrant, with the delivery of two major residential developments last year and the expected completion of another commercial facility by next year.

One of the residential development is Century Link, which was developed in two phases, providing a total of 2,339 flats.

The first-phase properties were handed over to their owners last year, while the second phase was delivered earlier this year.

“Because the newbuild units were just handed over to the landlords earlier this year, new rentals are concentrated in Century Link II,” says Alpha Wong, an associate director at Ricacorp Properties in Tung Chung. “For those interested in renting a new flat in Tung Chung, there are some good deals.”

In the secondary market, Caribbean Coast, comprising 5,430 flats, remains the most actively traded development. He said that about 20 deals were closed in March at close to HK$10,000 per square foot.

Located next to Century Link, The Visionarycomprises 1,419 homes in a diverse layout mix, from one- to five-bedrooms, with duplexes and houses. According to the developer Nan Fung, a 2,120 sq ft penthouse unit sold for HK$48.2 million in April, equivalent to about HK$22,746 per square foot. It was the last one sold, it adds.

Prices of The Visionary flats on the secondary market achieved around HK$10,500 to HK$15,000 per square foot, Wong says.

Swire Properties says the Tung Chung commercial scheme, in which it has a 20 per cent interest, next to Citygate Outlets is being developed into a multi-storey commercial building with a gross retail and hotel floor area of about 460,000 sq ft.

In southern Lantau, Swire Properties is marketing two houses (No 9 and No 26) at the Whitesands development, which are on sale for about HK$43 million (HK$22,012 per square foot) and HK$57.3 million (HK$24,339 per square foot), respectively.

The tender for the sale of five other houses (No. 19, No. 21, No. 23, No. 27 and No. 31), with indicative prices ranging from HK$50 million to HK$63 million, closed last week.

Before that, four houses at Whitesands were sold by tender, including No 20, at 2,586 sq ft, for about HK$64 million (HK$24,783 per square foot), setting a record for the project. The other three houses fetched between HK$34.4 million and HK$38 million apiece.

Some of the houses would be listed for lease rather than for sale, with rates at about HK$85,000 to HK$95,000 per month, Swire says.

The development site atop Siu Ho Wan Depot, owned by MTR Corp, is set to become another source of private housing supply in the medium term.

After planning approval and an environment impact assessment, the mixed-use project will include residential towers comprising about 14,000 flats, commercial/retail facilities, schools, kindergartens, parking, and a public transport interchange, according to MTR Corp.

The government has also announced an ambitious plan to build the East Lantau Metropolis on the eastern shore, which will include the creation of an artificial island, to accommodate more people and a new core business district at a later stage.