THE REEMERGENCE OF TSUEN WAN'S PROPERTY MARKET
Although not as famous as Victoria Harbour, the Rambler Channel has been hailed as having one of the best sea views in town. This popularity has perhaps paved the way for Tsuen Wan to become an emerging residential hub in recent years, since waterfront flats are a big draw for buyers.
Whether for wellbeing, leisure or connectivity, Tsuen Wan has so much to offer: a promenade park, town hall, two public swimming pools, two MTR stations, three cinemas, four wet markets, five sports centres, dozens of shopping malls and restaurants, coupled with the most interconnected flyover network in Hong Kong. Amenities are simply abundant in this district.
Despite the impression that Tsuen Wan is more of an industrial town like To Kwa Wan and San Po Kong, the neighbourhood has a much more developed residential market. The wide range of housing types and layouts available in Tsuen Wan caters to residents from all walks of life, and its increasingly stellar infrastructure has led to growth, not only in mass housing, but also in the luxury sector over the last decade. Villa projects such as The Seafront and Stars By The Harbour come with a hefty price tag.
The emerging luxury market is very much a testimony to the area's superior environment and infrastructure. Following a series of revitalisation projects to transform old buildings into new malls, Tsuen Wan has also seen a growing number of retail brands and this has helped stimulate consumer spending from both residents in the neighbourhood and from other districts. The second IKEA store in the New Territories opened in Tsuen Wan after Sha Tin; the popular Japanese lifestyle store Don Quijote will open its doors in the new podium mall Ocean Pride at the end of this year. To commuters, perhaps the best thing about Tsuen Wan is its extensive transportation network. Thanks to a massive flyover system that weaves the main areas together, residents enjoy easy access to malls, bus and mini-bus stops, two MTR stations and ferries to Ma Wan and Park Island. It is equally convenient whether travelling to Hong Kong Island for work, Kowloon for shopping or the New Territories for hiking, any day of the week.
From what was once a satellite town in the 1960s to an upcoming haven for big brands and quality residences, Tsuen Wan has come a long way in terms of development and potential. According to data from squarefoot. com.hk, Tsuen Wan has an average persquare-foot price of HK$11,509. Ocean Pride is the most recently launched project in the area; Vision City has relatively high average persquare-foot prices, while Tsuen Wan Centre, Riviera Gardens and Luk Yeung Sun Chuen have relatively high transaction volumes.