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Written by: Lu Jinyang and Li Xingran
2021-02-26 12:30
Last update date: 2021-02-26 12:30
[Tenancy / Fung Tak Estate / Star River Ming Ju] Fung Tak Estate, Wong Tai Sin, is the king of public housing in East Kowloon, and is the focus of the Tenants Purchase Scheme.
Fung Tak Village is located between Wong Tai Sin and Diamond Hill Station of the MTR. It is close to Lung Cheung Road and has an excellent geographical location. There are private buildings such as Yue Ting Heen and Galaxia on the other side of the street. There are luxury houses on the other side of Lung Cheung Road. Now Chongshan.
All kinds of good things have contributed to the soaring price of units in Fung Tak Village. After the premium was paid for only the nano-units of more than 100 square feet, the transaction price per square foot was forced to 20,000 yuan, which is higher than that of nearby private housing estates.
Fung Tak Village is the king of public housing, and the price per square foot of the land has been compensated for nearby private properties.
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Fengde Village was occupied in 1991. Seven buildings provide about 5,300 units. As of December 31, 2019, about 4,300 units have been sold, and less than 1,000 units have not been sold.
Fung Tak Village is only one street away from the large shopping mall "Plaza Hollywood". It is close to MTR Wong Tai Sin and Diamond Hill stations. Diamond Hill Station is the interchange station of Kwun Tong Line and Tuen Ma Line, Lung Cheung Road There are also many bus lines connecting various districts in Hong Kong, and the traffic is extremely convenient.
Transaction price of small units in Fengde Village▼ ▼ ▼
Transaction price of a medium-sized unit in Fengde Village▼ ▼ ▼
There are a number of private developments near Fung Tak Village, including Galaxia next to Plaza Hollywood.
Galaxy Mingju was occupied in 1998, and 5 houses provide 1684 units.
According to reports, the average price per square foot of the first batch of units sold was about 5,900 yuan. After the financial turmoil, the price was reduced by nearly 20% the following year to less than 5,000 yuan per square foot.
A high-rise 517-square-foot unit in Block A of Galaxia changed hands for 9.13 million in December 2019. The average price per square foot is about $17,700. The unit is a small unit in the housing estate.
Another 1027-square-foot super high-rise building belonging to Block A was sold for 18.68 million in the same month, with an average price of about 18,000 yuan per square foot.
Flats in Fung Tak Village, regardless of whether the land price is paid or not, the transaction price from time to time hits new highs and becomes the king of public housing. Due to the large area of private buildings in the area, there are few nano-sized units. It has become a hot commodity, and the price per square foot even surpasses that of private units. Take the 153-square-foot mini-unit on the middle floor of Bifeng Building as an example. In December 2019, it was sold for 2.98 million yuan, which is about 19,500 yuan per square foot, which is higher than that of Galaxy Mingju At the same time, it proves that the smaller the units in Hong Kong, the more expensive.
The unit was sold for 1.25 million yuan after the land premium was paid in 2014, and it changed hands in the free market for 2.98 million yuan after 5 years. Excluding transaction-related expenses, the second business will earn about 1.4 times in 5 years.
The Galaxy Mingju unit is larger than Fung Tak Village, so there is no similar situation where the smaller the more expensive the unit, whether it is about 500 square feet or about 1,000 square feet, the price difference is about 2% or about 300 yuan per square foot, and the average price per square foot is about 16,000. Compared with the larger land premium unit in Fengde Village, the price per square foot of Star River Mingju is still about 20% higher.
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