Profitable future: Tung Chung continues with a rash of master planning studies, public works and large-scale residential developments
Area has become a popular neighbourhood for expats, appealing to cabin crew and executives working in offices along the Tung Chung MTR line
After more than two decades of development, Tung Chung on Lantau Island is on track for further expansion as various master planning studies, public works and large-scale development are in the pipeline.
Tung Chung has seen the completion of three residential projects in recent months. The Visionary, a Nan Fung development, was completed and handed over to owners in February.
Since its debut in late 2013, more than 1,402 units, or 99 per cent, of the 1,419 units at the development, were sold as of mid-July, according to Chung Chi-lam, general manager of property development at Nan Fung Development.
A small number of four-bedroom, premium and townhouse properties are still available for sale.
“Of the nearly 900 occupants who have moved in, about half are renters.
“That suggests a lot of owners are buy-to-let investors, who feel confident they will make a healthy return and benefit from a large number of potential tenants,” he says, adding that less than 20 units from The Visionary are listed for rent.
