Date
11 December 2017
The YMCA-type housing used to be a 27-year-old housing estate, comprising three three-story towers with 18 units. It has now been subdivided into 270 rooms. Photo: Internet
The YMCA-type housing used to be a 27-year-old housing estate, comprising three three-story towers with 18 units. It has now been subdivided into 270 rooms. Photo: Internet

For HK$8,500 a month, you can live next to Eason Chan

Think you can never afford a home in the prestigious Island South? Think again.

There we have Woodland Villa, located at 53 Shouson Hill Road, which is putting up homes for a monthly rental as low as HK$8,500.

At that price, one cannot even get a subdivided flat in Wan Chai or Causeway Bay as home prices there are prohibitively high.

But true, you only get 80 square feet of co-living space in Woodland Villa, which has made 270 similar rooms available for rent.

The YMCA-type housing was actually a 27-year-old housing estate, comprising three three-story towers with 18 units ranging from 944 square feet to 1,661 square feet.

The monthly rental was about HK$60,000, similar to those from the Government Property Agency.

But of course landlord Eton Properties, owned by Philippine tycoon Lucio Tan, knows how to maximise profits – just by jacking up 18 units 15 times to 270.

These units, each with an area of 80 square feet and 200 square feet, fetch as high as HK$106 per square foot.

(To be fair, those who sign up for 12 months would get a 10 per cent discount to as low as HK$7,650 per month)

And that is closer to what Island South offers to Shouson Hill celebrities such as financial heavyweight Ronald Arculli and top singer Eason Chan.

These co-living units are equipped with an elevated bed above a workstation, some of have windows and independent toilets.

At this price level, the rental should attract young people, even university students, many of whom need a room to stay.

Woodland Villa is not the only co-living space in the luxurious district. Eton Properties also offers units between 60 square feet and 80 square feet at 2 Tung Tau Wan Road, Stanley, for a minimum monthly rental of HK$5,000.

See? It is not difficult to live next to the rich people of Hong Kong, thanks sub-divided flats.

– Contact us at [email protected]

RA

EJ Insight writer

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