Hot Neighborhood in Hong Kong – Olympic Station
Today, we report on a hot neighborhood in Hong Kong’s West Kowloon area. Located close to the new Union Square transport-oriented development where the new Ritz Carlton, W Hotel and International Commerce Centre are located in, Olympic Station properties are priced quite reasonably. Considering the average unit in Kowloon Station is priced at HKD 20,000 per square feet. Units that don’t have views are priced at around HKD 12,000 to 13,000 a square foot. However, one MTR subway station away, Olympic, one can find quality Victoria Harbour view homes at One Silver Sea in the Olympic Station at around HKD 10,000 a square foot. Non-view units at desirable waterfront communities like The Long Beach are around HKD 7,000. Island Harborview and the waterfront community Hampton Place are a bit cheaper.
If you have a pure investment cash flow objective, then the most cost-effective buy is definitely Metro Harbourview in Tai Kok Tsui near Olympic Station. Like its name, some flats in the Henderson-developed property have wonderful harbour views. Units without views can be snatched at about HKD 4,xxx per square foot and they have cap rates of nearly four to five percent. Of all the properties in Hong Kong I’ve looked at, Metro Harbourview has a more sustainable return on investment in terms of cash flow potential.
For more information, I would suggest contacting a professional (estate agent, solicitior or accountant) with regards to specifics about investing in Hong Kong urban real estate.
September 2nd, 2008 at 7:57 am
Interesting article. I am thinking about purchasing a couple flats at Metro Harbourview, since it really is a good deal. It’s practially right next to the Olympic area, but a lot cheaper and the surroundings are about the same or maybe slightly better than the development in Cheung Sha Wan with Liberte and the other communities.
December 29th, 2008 at 9:16 am
Nice article! I think some of the property prices have changed since then, but I feel as the overall world economy gets better, West Kowloon will improve accordingly. Please check out my blog for updates in the West Kowloon/Olympic Station/Tai Kok Tsui area. Many thanks!