9 July 2020 - SCMP consulted OKAY.com's Tommy Kwan and Belinda Woo about the recent trend of property buyers seeking upscale local residences by the sea and the consequences of this trend. Scroll down to read more!
Tommy Kwan, of Okay Property Agency, says the main reason people choose Repulse Bay is for the wide sea view. “You can see as far as Lamma Island on a clear day,” he says.
Watching sunsets over the water are particularly peaceful to unwind after work, Kwan adds. He notes that the strategic arrangement of low-rise and high-rise housing ensures that all properties facing the sea retain uninterrupted views.
Residents also like the fact there are green mountains behind their properties, Kwan says. “According to feng shui, mountains full of trees – and not all mountains in Hong Kong are like that; some are quite rocky – provide a good solid back while facing a calm sea.”
A relatively small (for the area) apartment of around 2,000 sq ft in a development like Repulse Bay Garden would cost HK$45-HK$55 million to buy. For a bigger unit of around 2,500 sq ft, expect to pay HK$85-HK$95 million. Explains Kwan: “The bigger units are more expensive not just because of the net size, but also as it is rare to have over 2,500 square foot in that compound.”
For those can afford it, Kwan adds, Repulse Bay is one of Hong Kong's most prestigious areas. “There always are luxury buyers waiting to purchase,” he says. But don't count on a bargain. “A stock market downturn or civil unrest does not have much impact on property prices in this area as owners are all cash rich and have no urgency to sell,” Kwan says. “Prices are solid and go up steadily over the years.”
OKAY.com's properties for sale in Repulse Bay: https://bit.ly/2O4yfpA
OKAY.com's properties for rent in Repulse Bay: https://bit.ly/31YmQQd