6 September 2019 - When people think about Hong Kong Island, they often think of luxury districts such as the Mid-Levels, the Peak and Southside. However, there are out-of-the-box options that are more affordable (and may be more convenient if your office is East of Central). Specifically, Quarry Bay and Taikoo Shing have emerged as vibrant neighborhoods with easy access to transportation, great dining options and a hip vibe associated with newly-opened art galleries and cafes. The ongoing gentrification of these areas have also made them great investment options, with plenty of remaining upside in the years to come. If you want to expand your property horizons, read on, as we list 5 reasons to consider these districts for your next move or purchase.
1. Convenience
Many residents choose to live in Quarry Bay or Taikoo Shing in order to minimize their commute time. The development of One Island East by Swire, now over 10 years ago, began a trend of new office developments in the districts, attracting some of Hong Kong’s largest corporations. These developments, in turn, led to the blossoming F&B scene in the area, so finding a fun bar or restaurant is easy too.
But living in these districts aren’t just convenient if you work nearby, as they enjoy a comprehensive public transport network with the MTR, various bus, minibus and tram lines. You can get to Central in just 20 minutes via multiple options, right at your doorstep.
Fancy a little weekend trip to Sai Kung or Clearwater Bay? That’s easy, the Quarry Bay MTR station is connected to Tseung Kwan O line (which also accesses Kowloon East) which will get you to Heng Hau station (and buses from there) much faster than if you were living in mid-levels.
In terms of housing ideas, this King’s Road rental unit at Novum East, a brand new property project on Hong Kong Island East, would make the sweetest home for singles and couples. The one-bedroom flat features fresh renovation, modern design and a stunning mountain view thanks to its vicinity to Braemar Hill. The building also has fantastic clubhouse facilities including a lovely garden area, large swimming pool and modern gym. Available for rent for only $19,000 per month, it’s also a short walk to the Quarry Bay MTR station. Learn more about this charming unit.
2. Preservation of property value
Owners of properties in Quarry Bay and Taikoo Shing tend to hold onto them for a long time, thanks to an excellent record of capital growth. The area is pretty much self-sufficient with a wide variety of high-end shopping malls and affordable eateries, so you don’t need to be buying right in the heart of Taikoo Shing to enjoy a positive return on property appreciation.
A good example is the Grand Promenade. Built in 2005 by Henderson Land, this high floor two-bedroom unit is well-maintained with homey decor, while its bedrooms and balcony offer a sweeping view of the Victoria Harbour. Residents can also enjoy the sky garden, swimming pools and clubhouse at the complex. The unit is attractively priced for sale at $11,400,000. Learn more about it here.
3. Ongoing gentrification
According to the 2018 data from the Census and Statistics Department, the Eastern District is the fifth highest income area among the city’s 18 districts with an average monthly household income of $33,000, some 25% higher than the median ($28,000). Middle-class households demonstrate strong consumption ability, which lure a wide range of retail brands and has created a vibrant environment with plenty of entertainment options. Another interesting fact about Quarry Bay and Taikoo Shing is their popularity among the Japanese and Korean population, for whom multiple markets and restaurants cater to their needs. Great if you’re a foodie!
This high level, 1,353-square foot unit at Mount Parker Residences (developed by Swire), 1 Sai Wan Terrace, is available for both rent or sale. The spacious apartment comes with four bedrooms, including two ensuites, and is perfect for those who would like a little more space and privacy. The unit is blessed with a mountainous backdrop while overlooking the Victoria Harbour, so a spectacular sea view is guaranteed. The apartment is priced at $48,000,000, or $78,000 in rent per month. Learn more about this Mount Parker Residences.
4. Shopping and entertainment
As mentioned earlier, Quarry Bay and Taikoo Shing are known for their shopping and entertainment options. These include the fashion, beauty and daily goods stores, terrific shopping malls such as Cityplaza, which also has cinemas, Japanese department stores such as AEON and APITA, and the Ice Palace - the only ice rink on Hong Kong Island.
This three-bedroom, two-bathroom unit at Banyan Mansion, is over 1,100 square foot with a balcony overlooking the Victoria Harbour. The ensuite is in good size where you have plenty of space after putting a king size bed. Residents can also enjoy the playground, outdoor swimming pool and 24-hour security on site. Available for rent at $52,000 per month, this apartment offers great value for the space. Learn more here.
5. Art and nature
The burgeoning art scene at Quarry Bay and Taikoo Shing are certainly not to be missed, with new galleries abound. Two popular galleries are ArtisTree, a 7,000-square foot multi-purpose art space, and Para Site, which shows works by up-and-coming as well as established contemporary artists for free.
To enjoy the outdoors, you have many options starting with the scenic Quarry Bay Promenade, which connects to Quarry Bay and Taikoo parks with access to multiple playgrounds, roller skating rinks and pet park. Fancy a walk in nature? The 1.1-km long Quarry Bay Tree Walk would be your go-to. And if you’re looking to escape the city, it’s a surprisingly quick 20-30 minute bus ride to go East around the island to Shek-O or Tai Tam Country Park.
A new on market three-bedroom unit at Kwun Tien Mansion, located right next to Cityplaza, features the classic black and white decor, and a large built-in closet in the master bedroom, you will not be disappointed with this unit. Find out more about this property, available for sale at $17,500,000 or for rent at $35,000 per month.
The combination of a perfect transport network, abundant entertainment options and the vicinity to nature makes Quarry Bay and Taikoo one of the most livable areas on Hong Kong Island, and it’s no surprise the area has always led the city’s property market.
