Hong Kong property developers are unequaled when it comes to naming their residential projects: the names invariably evoke exotic places wrapped in legends and myths; they always exude charm, luxury and exclusivity. But the end-product, despite the fancy name, doesn’t always deliver.
To illustrate my point, I need not go any farther than my Tseung Kwan O neighborhood. There you will find Savannah, Capri, Alto Residences and The Papillons, to mention just a few of the elegant names attached to new developments in the area. Nothing in those names suggest that they’re located in one of the densest, drabbest districts in Hong Kong.
And so I am not at all surprised that Victoria Harbour, a residential project in North Point that has notched up record-breaking prices for its units, does not have, in fact, a view of the city’s world-famous harbor. (It was formerly known as North Point Pier, actually.)
Developer Sun Hung Kai Properties is selling the most expensive studio apartment in Hong Kong at over HK$35,000 (US$4,487) per square foot. The tiny unit in Block 5A, measuring 286 square feet, has a price tag of HK$10.25 million (US$1.31 million).
There’s one unit in the development that has a sea-view, if you consider a small peephole view of the harbor as a sea-view. But the 15 other studio units in the development have none at all.
In other words, although you are paying between HK$15 million and HK$20 million for a unit, you still won’t have a view of what the residential project is named after.
Well, this is crazy Hong Kong. We may have the world’s highest density of millionaires, but don’t expect these supposedly moneyed urbanites to invite you to their homes – they simply don’t have space for even just one visitor.
Actually, in psf terms, the costliest studio unit is at 63 Pokfulam Road in Sai Ying Pun. This April Kowloon Development sold a 209 square foot unit in the project for HK$8.36 million, or an average price of HK$40,146 psf.
They say small is beautiful. Not in Hong Kong. Here it is very expensive.
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