Lohas Park: The Jewel of Tseung Kwan O

THE JEWEL OF TSEUNG KWANO

The local residential market has experienced volatility in recent months. Sales volumes shot up almost instantly after the amendments to the Mortgage Insurance Programme, a measure that aimed to relax the ceiling on mortgage financing, took effect last October. “Since the new arrangements are in place, the secondary market has recorded over 100 transactions in just half a month. As local political tension and the Us-china trade dispute appear to be abating, we expect the residential market to remain exuberant,” said Alvin Leung, regional director at Ricacorp Properties. However, market activities quickly ground to a halt in the wake of last December's Wuhan coronavirus outbreak. Worse still, putting the local economy and the lives of people under threat.

Fears of the virus not only throw developers' project launches into disarray, but also discourage buyers from even viewing flats. It's likely that potential buyers would hold back on purchases while some landlords are making price concessions. While home seekers remain cautious, they should also keep track of price changes and look for positive signs in the property market, especially in their preferred districts. Whether they are firsttime buyers, upgraders or investors, Tseung Kwan O's wide array of flat types and sizes, and better still, an active rental market, will cater to everyone's needs. The cream of the crop in the area is LOHAS Park, an upcoming neighbourhood offering attractive long-term yields.

“Tseung Kwan O spans five MTR stations— Tiu Keng Leng, Tseung Kwan O, Po Lam, Hang Hau and LOHAS Park,” said Ricacorp's assistant district manager Dicky Tang. “Normally, first-time buyers can expect more affordable flats in Po Lam and Hang Hau while Tiu Keng Leng and Tseung Kwan O have the most comprehensive social facilities. LOHAS Park, on the other hand, is packed with potential.” When asked about why the sizable LOHAS Park project is gaining traction, Tang explained that for one thing the neighbourhood is a purely private estate, in other words, it has no subsidised housing but prices are still low for now. In addition, the new shopping mall The LOHAS, measuring roughly 480,000 square feet in size, is slated to open this September, which will provide residents with added convenience and various kinds of leisurely experiences in their immediate surroundings. All of this adds to the area's investment value, which will only grow stronger.

Leung agrees with Tang, adding that traffic is going to be another feature of the area. The 1.8-kilometre-long Cross Bay Link (CBL) will soon join the east part of TKO to the west and further to the Tseung Kwan O—lam Tin Tunnel, which is currently under construction. Upon completion, the district's transport network will be significantly upgraded. As a diversifying residential market with frequent high transaction volumes, TKO'S rental market has been met with enthusiasm from prospective renters in Kowloon East, Island East and Central.

For the time being, new flats in TKO are mainly unsold units from Alto Residences, The Papillons and LP6 (Phase XI of LOHAS Park), MONTARA and GRAND MONTARA ( Phase VIIA and VIIB), MARINI and GRAND MARINI (Phase IXA and IXB), according to Tang, with Phase VIII of LOHAS Park SEA TO SKY, Phase IXC and Phase X expected to launch in 2020's first half. On the secondary market front, Leung suggests first timers to look at Metro City, Park Central and Tseung Kwan O Plaza, and points to Ocean Shores, Corinthia by the Sea, The Wings and LOHAS Park for upgraders as well as investors. According to January data from Centaline Property, Tseung Kwan O averaged around HK$14,142 per saleable square foot, a 5.1% decrease from the previous month while LOHAS Park sat at HK$12,533.

The new shopping mall The LOHAS is slated to open this September, which will add to the area’s investment value.