Fanling flat sets new price record for property on public estate
Northern New Territories flat has beaten the record sale price, changing hands for HK$2,473 more per square foot, a property agent says.
A flat in a northern New Territories public housing estate has beaten the record sale price for a Kowloon home of the same kind last month, changing hands for HK$2,473 more per square foot, a property agent says.
The 25-year-old Fanling property had a saleable area of only 147 sq ft and was sold for HK$1.7 million, according to Fortune Six Property Agency branch manager Bowie Chan Po-wah, who handled the transaction.
It is located in Shun Ming House on Wah Ming Estate, a public rental housing estate that was offered to tenants for sale at discounts more than 15 years ago under a now-defunct government scheme.
The home commanded HK$11,564 per sq ft in the sale. "The per sq ft price is 10 per cent higher than those of private flats in the district," Chan said. It was also more expensive than a roughly 440 sq ft flat on Fung Tak Estate, Wong Tai Sin, that changed hands for HK$4 million, or HK$9,091 per sq ft, about two months ago.
The Fanling flat is currently under lease for a monthly HK$4,700. Chan said the buyer considered it a good investment because some homes of this size in the area were being rented at HK$6,500 per month.
The estate lies about 780 metres from Fanling MTR station. Under the Tenants Purchase Scheme in 1999, tenants were given discounts ranging from 48 to 56 per cent of market rates to own their homes.
