Monday, 15 December 2014

Moaning About Housing (Again)

Cheung Kong's Mont Vert development in Tai Po is not selling like hot cakes
Occupy is over for now, but grumbling about property prices is not.

Tonight a friend told us about looking at flats for investment in Happy Valley. She saw a studio that was 210 square feet. For how much? I guessed right -- HK$3 million.

She said it was so tiny, with only a small counter space for a "kitchen", if you can call it that. There would only be room for a hot plate and maybe a fridge.

If the place was rented out, the landlord could get HK$10,000 a month.

Flats here are less than 200 sq ft, and not near public transport
She said that it was good for people who wanted to move out of their parents' place to have their own space -- but only 210 sq ft?! Why waste the money for that! Might as well grin and bear it with the parental units and save the HK$10K and perhaps go on short trips more often instead.

Anyway -- this ties into the latest news with Mont Vert, Cheung Kong's development in Tai Po that is selling its microflats that are 180 sq ft.

A female reporter checked out the space and when she stretched out her arms, they almost reached the width of the room. Of course there was only enough room for a bed and perhaps a wardrobe.

The cost of flats these size? HK$1.59 million to HK$1.65 million.

Would a first-time homeowner really put down their hard-earned money on such a tiny space to live in?

Its location near Chinese tombs hardly makes it desirable!
The other factor holding back buyers is that the flats are located near large traditional Chinese tombs, which is not good for fung shui reasons.

Oh but wait -- how about buying three microflats together and making them into one big flat of 540 sq ft for HK$7 million?

Prices like these are outrageous to say the least, not to mention the psychological effects of living in such tiny spaces.

This is one of the reasons why we went out and occupied the streets!

Obviously no one is listening or cares to listen...

2 comments:

  1. When Occupy is around, you are given a chance to voice your disapproval of the high flat/real estate prices....but HK people in general (sans university students) are too cowardly to protest and will continue to be pushovers (or PRC HK doormats...)

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    Replies
    1. Hi nulle -- so what do you think we should be doing now post-Occupy?

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