Cheung Sha Wan: On New Home Seekers’ Radars
One look at Cheung Sha Wan's home market will most likely reveal property names starting with “Heya”, a prefix signifying redevelopment projects in the area. Since the Hong Kong Housing Society (HKHS) launched the first Heya project—heya Green—in 2013, four other regeneration projects (Heya Delight, Heya Star, Heya Aqua and Heya Crystal) were subsequently developed. The latest one in the game was last year's The Amused (still a rehabilitated project though without the Heya prefix).
“Cheung Sha Wan has an eclectic mix of old and new. The area is dotted with revitalised flats in between old private estates. The new development trend is towards standalone residential projects,” said Joe Li from Hey Home Property. HKHS and Urban Renewal Authority (URA) are responsible for developing Heya projects (sometimes co-developed with private developers), offering small- and medium-sized units in standalone buildings, the sale of many which is restricted to Hong Kong permanent residents due to the anti-speculation policy Hong Kong Property for Hong Kong People. Given the tiny sizes and sale restriction, asking prices for these flats are relatively low compared with similar units elsewhere.
Lee continues, “Kowloon has rarely seen home prices under HK$4 million, but Cheung Sha Wan is still an exception, presenting starter home opportunities for those with limited budgets, as flats priced under HK$4 million are entitled to mortgages of up to 90%. The district also draws enthusiasm from renters, usually professionals, currently living in the neighbouring Lai Chi Kok which is a new but less vibrant area.”
Despite the lack of big shopping malls (the nearest are Dragon Centre in Sham Shui Po and V Walk in Nam Cheong), Cheung Sha Wan is graced with ample dining, with many delis even running around the clock. Grocery options are plentiful, from wet markets and supermarkets to estate malls and mom-and-pop shops. A wide selection of bus routes is located along Cheung Sha Wan Road, and the district's MTR station exits are quite evenly distributed, thus easily accessible to residents of different estates.
There is also no shortage of leisure facilities around Cheung Sha Wan, ranging from Sham Shui Po Sports Ground, Sham Shui Po Park Swimming Pool and Lei Cheng Uk Swimming Pool to Cheung Sha Wan Sports Centre and Po On Road Sports Centre, as well as several playgrounds and gardens, such as the more popular Han Garden next to Lei Cheng Uk Han Tomb Museum.
According to data from squarefoot.com.hk, Cheung Sha Wan and Sham Shui Po had an average per-square-foot price of HK$12,098 in August, a 4.57% decrease from the previous month. New residences in the area include The Amused and The Addition and boutique residences High One and AVA 228; aged private estates include Manor Centre and Merlin Centre, and HOS flats are Cronin Garden, Yee Kok Court, Po Lai Court and Po Hei Court.