The government has vigorously promoted the concept of Kai Tak CBD 2, and new development areas such as the Northern Metropolitan Area and Lantau Tomorrow are even more popular. However, the status of traditional luxury areas has not been shaken. Singer Eason Chan recently bought a unit in the Pau Yuk Sau Building at a low price in the name of his company. The price per square foot is only NT$13,135, which is an eight-year low for housing estates. What is the appeal of an old building in Happy Valley that is 50 years old?
Don’t like CBD 2 love traditional mansions, Eason Chan bought an old building in Happy Valley for 13,000 square feet. (Photo by VCG/VCG via Getty Images, file photo) (VCG via Getty Images)
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Eason Chan scoops up Yuxiu Building at the lowest price in eight years
The unit purchased by Eason Chan is Unit B on the lower floor of the Yuxiu Building in Happy Valley. It is a two-bedroom unit with an area of 638 square feet. The unit was put on the market two years ago with an asking price of NT$13 million. However, the owner saw that the market conditions were not good and lowered the price several times. After bidding, it was finally sold for NT$8.38 million. The price per square foot was only NT$13,135. The other two taxes totaled NT$1.257 million. Eason Chan can be said to have caught a lot of money this time. The transaction volume hit an eight-year low for housing estates. There were not many transactions in Yuxiu Building. The last one was counted in September 2022. At that time, the price per square foot of a mid-rise unit was NT$19,000. Compared with Eason Chan’s units are nearly 50% more expensive, and the transaction price in this traditional luxury area is even similar to the price per square foot of large housing estates in the New Territories.
Celebrities gather in Happy Valley and form their own corner
Happy Valley has always been a traditional luxury area. It is not only a gathering place for high-income professionals and the middle class. Many celebrities such as Lai Lai, Shu Qi, Joey Yung, etc. are residents of the area. It is said that Eason Chan and his family lived in Happy Valley in 2008. , so I am particularly emotional. The reason why Happy Valley gathers professionals is related to its unique geographical advantage. Happy Valley is a corner of its own and has a quiet environment. However, it is only about ten to fifteen minutes away from Causeway Bay. There are all kinds of shops and restaurants in the area, and there are many Famous schools, such as St. Paul’s Catholic Primary School, Marymount Primary School, Precious Blood Primary School, etc., are an ideal place to live for parents who want their children to succeed. There are many types of properties in Happy Valley, including small units of 400 to 500 sq. Buyers with different budgets have the opportunity to make friends with famous people.
Happy Valley has always been a traditional luxury area, where high-income professionals and the middle class live. (Photo by Garrige Ho/South China Morning Post via Getty Images) (South China Morning Post via Getty Images)
CBD 2 phase loss?
Celebrities love traditional luxury areas, but few celebrities live in Kai Tak Runway area, which is adjacent to “CBD2”. In 2011, then Chief Executive Donald Tsang proposed the “Startup Kowloon East” plan. Since Kai Tak is a brand-new site, it aroused special expectations from the outside world. However, the development process was full of twists and turns. The monorail, the focus of infrastructure, was eventually replaced by buses, minibuses, and moving walkways. The real estate in the district has lost its main selling point; the Development Bureau has also stated that the 1.5-kilometer-long underground street will not be completed until 2029. The flash point of the controversy was the use of the Shi Wan Road site as one of the sites for simple public housing, which immediately triggered the development of the district. Some residents are dissatisfied and questioned as it violates the original “CBD2” planning. However, unlike Happy Valley, the Kai Tak runway area has an unrivaled sea view advantage. In the past six months, the price per square foot has been as high as 58,000, which is on par with the top properties in Happy Valley. However, whether Kai Tak can replace the traditional luxury area will depend on time. verify.
Luxury homes in Kai Tak Runway District have been the main urban residential supply in recent years. (Getty Images) (Derek Yung via Getty Images)
Eason Chan invests wisely in the property market
Eason Chan has always been a wise investor in the property market. As early as 2000, he spent NT$22.43 million to buy a 2,256-square-foot mid-rise unit in Grand Terrace, Happy Valley. He sold it eight years later for NT$35.5 million, earning more than NT$1,300. Ten thousand yuan, and he rents a unit in Xiaolu, Stubbs Road with a monthly rent of 200,000 yuan. By 2013, he saw that the property market had declined, and he boldly purchased a detached house in Shouson Peak, Shoushan Village Road, Southern District, for NT$231 million to live in. It has a usable area of about 3,238 sq. ft. and a garden of nearly 1,000 sq. Moved into 3 commercial building units in Wong Chuk Hang and used them as his own studio and recording studio.
