Wednesday, 26 April 2017

Even Border Town Flats Cost $$$

Sha Tau Kok is mostly closed off to the 3,000 people living there
Sha Tau Kok is a rural town that is very close to the mainland border, 11 kilometres northeast of Fanling. It was known for being the place where goods and people were smuggled across the border in the 1950s.

But the town was sealed off from the rest of Hong Kong in 1951 onwards when the Communists took power in China, and access to the town was only restricted to local residents until February 2012 when it was partially reopened.

Marin Point is the first development in 17 years
And now developers have come in and are building flats, and starting to sell them.

Far East Consortium International has unveiled its project called Marin Point, the first development in 17 years, and prices range from HK$10,196 to HK$17,815 per square foot.

These are comparable to flats -- both first and second hand -- closer to town.

There are 57 units for sale, with the average price of HK$10,175 per square foot after discounts, while the most expensive flat is a 593-square-foot flat priced at HK$9.6 million. They will be completed in October next year.

Are three-storey houses still relatively cheap in Sha Tau Kok?
To put this into perspective, existing three-storey village houses there went for HK$4,500 to HK$5,000 per square foot in December last year.

However not every one can buy these flats -- only existing Sha Tau Kok residents are allowed to purchase these units, but they are going to make a killing because eventually the frontier town will be fully opened up, and also rising housing prices in Shenzhen at HK$23,000 per square foot in Shenzhen Bay make Marin Point and other flats in Hong Kong look cheap.

How scary is that?

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