Hello everyone I am Mickey Many people like to live close to their workplace to save commuting time So in this episode, we are in Sheung Wan to see some rental options here Of course, even if you don't work nearby you can still take a look and learn about it We will tour two rental units One is in a large estate The other is in a single-block building but is over 20 years old After watching the video you can leave your thoughts in the comments below for a chance to win a coffee voucher For those who haven't subscribed yet please subscribe to our channel and click the bell icon Sheung Wan is one of Hong Kong's traditional business districts with many office buildings However, compared to the nearby Central core business district it has more of a community atmosphere There is a greater diversity of property types ranging from old buildings to modern estates There are also many local shops shopping malls, specialty coffee shops, and bars With a lower cost of living compared to Central it attracts many people who work nearby to live here On the other hand Sheung Wan also falls within a reputable school network The primary schools are in Network 11 The secondary schools belong to the Central and Western District It's also close to the University of Hong Kong making it popular with families and students As a result, in Sheung Wan whether for buying or renting properties are highly sought after Finding rental units for this shoot was not easy After the pandemic and the border reopening many "High Talent Pass" tenants have come with their families to rent in Hong Kong Foreigners have also been returning to work in Hong Kong So rental units are quite tight Usually, tenants prefer large estates like Queen's Terrace When there are rental units available they get rented out quickly If an old building Special units with platforms or rooftops will attract some expatriate tenants. If it's a Western-style building, there's basic renovations inside, it can also be rented out quickly. In terms of rent, it has increased by about 10%. For example, the estate we first visited, Queen's Terrace, the agent said there are over 1,100 units in the entire estate, currently only about 2 to 3 units are for rent. Queen's Terrace was developed in collaboration by Cheung Kong, New World, and the Urban Renewal Authority, as the residential part of Queen Street redevelopment project. It was completed in 2003, about 21 years old. Although there are only over 1,000 units, it is still the largest private estate in the area to date. Queen's Terrace consists of three buildings, but they are separated by Queen Street, connected in the middle by a covered footbridge. There are slight differences in the layout and unit types on both sides. Located west of Queen Street are Tower 1 and Tower 2, offering one-bedroom to three-bedroom units with usable areas ranging from 322 to 539 sq ft. As for Tower 3, it is located across the street. This one is quite special, floors 3 to 23 are exclusively two-bedroom units, units on the 25th floor and above are partially converted to three-bedroom suites. Overall, the usable area ranges from 478 to 634 sq ft. However, even though they are separated into three towers, their views are largely the same. Most of the middle to lower floor units primarily have views of nearby buildings. You need to reach at least the 30th floor or above to have better views. For example, some units facing northwest or northeast could have distant views of Victoria Harbour. Among them, Tower 3 is relatively more open. The rental unit we visited is also in Tower 3, a mid-high floor unit with sea view. This tower has eight units per floor Shared by 3 elevators And Tower 12 10 units per floor 4 different elevators We are looking at Unit H The usable area is 617 sq. ft. It's a three-bedroom suite layout The owner is currently asking for a rent of $35,000 Equivalent to about $56.7 per sq. ft. The owner just put it up for rent Still living here Items have not been cleared But he says he can move out anytime Let's start from the entrance There is a corridor But no space for a shoe cabinet Mainly to accommodate the kitchen layout This kitchen is not very regular Can only have a single-line countertop But because it's irregular It means there can be more space To store quite a few things The food preparation space is fairly adequate As for storage, it's not bad either There are cabinets above and below for storage The owner has been living here for about 10 years Overall maintenance is still good Washer, fridge, and other appliances Will be left for the tenant Turning out There's a long rectangular living-dining room Both sides have built-in cabinets But even with cabinets and a dining table There's still plenty of walking space One side can put shoes The other side for miscellaneous items If that's not enough There are also cabinets under the TV wall for storage The unit is renovated With a modern and minimalist design Mainly in wood tones Pretty much move-in ready The owner said Dining table and chairs Sofa and TV will be left Plus, a lot of built-in furniture was made In other words The tenant just needs to bring a few pieces of luggage Do a simple clean And can move in The unit faces northwest As it's located in the mid to upper floors So looking out You can see a sea view through the gaps between the buildings Although there are some buildings in front It doesn't feel oppressive The lighting is not bad either When filming The owner also opened the windows in the living room and dining room There was quite a breeze Good air circulation effect The three bedrooms and bathroom Are all entered traditionally via the corridor Walking in You will see a corridor cabinet here It took a bit of space from the bathroom to build Which means the original bathtub area Has now been converted into a shower But it hasn't shrunk by much I quite like this design Inside the bathroom You can also hide the laundry basket and other items No need to put them out and waste space There's a window here for ventilation It's a bright bathroom Moderate in size Not too narrow The owner didn't build a mirror cabinet But beside the mirror A floor-to-ceiling cabinet was built Plus the cabinet under the washbasin There is ample storage space But the mirror is a bit oxidized The room opposite the bathroom Is now a storage room There's enough space for a single bed And a wardrobe But note The door and some walls of this room Have been converted to glass design If used as a bedroom You would need to add curtains The small room isn't that small There are bunk beds There's also a desk here Because a wardrobe wall was built here It has increased the space here The beds are custom-made It's more suitable for families or student tenants Finally, let's look at the master suite It’s quite large Although a recessed spot has been reserved for placing the wardrobe we see the owner has here also built a platform bed to further increase storage space Currently, the double bed is placed next to the windowsill there is still enough space in the middle for a fairly large dressing table The room is mainly decorated in light green Compared to the living and dining room there are more noticeable signs of use It wasn't very clear just now All three bedrooms face the same direction as the living room equally able to see a partial sea view The ensuite bathroom has been changed to a glass partition but retains the bathtub design The ensuite bathroom is also not small and has a window for ventilation Just that the storage area is not as much as the guest bathroom And the mirror is also smaller The unit's owner purchased it in 2014 for approximately HKD 9.3 million If successfully rented out for 35,000 dollars before deducting management fees the rental yield is about 4.5% higher than the market level The owner's asking rent is also close to the market price Referring to our 28Hse website recent rental transaction records the per-square-foot rental at Grand Pacific Views ranges between approximately 49 to 60 dollars The asking rents for rental listings are within this range Moreover, we observe that similar units had their most recent rental transaction as far back as last year also reflecting the scarcity of three-bedroom rental units in the estate Plus the interior is renovated the owner's asking price is quite appealing A one-bedroom unit's asking rent is about 18,000 dollars Two-bedroom units range from 20,000 to 25,000 dollars with options for "small two-bedroom" and "big two-bedroom" Three-bedroom units come with one or two bathrooms ranging from 28,000 to 35,000 dollars These prices are achievable and are relatively affordable for this area because even for a standalone building two-bedroom units cost about 18,000 to 20,000 dollars So tenants would rather choose a housing estate Besides the low rental listings there aren’t many sales listings in Grand Pacific Views either Owners generally reluctant to sell Agents indicate There are currently about 40 listings But most are with lease agreements Asking prices range from 6.9 million to 16 million Although Queen's Terrace is a large estate Note that there are no clubhouse facilities Only a podium garden With leisure areas and children's playground Because of this, Management fees are relatively inexpensive Around $2.73 per square foot Additionally, there is a car park Spaces are owned by the owners Monthly rent ranges from $5,500 to $6,000 Sale prices start from $3 million Even if you don't drive, Getting around is very convenient There is a bus stop right outside the front gate More bus and mini-bus routes are available Along Queen's Road West and Des Voeux Road West You can also opt for the tram If you prefer the MTR, It takes about 5 to 7 minutes on foot To Sai Ying Pun Station and Sheung Wan Station For shopping and dining, There's no need to worry The estate has a few retail shops And Queen's Street Cooked Food Market There are also many eateries nearby As well as local stores and malls A 3-minute walk takes you To Sheung Wan Market and Cooked Food Centre Where you can buy fresh ingredients Sheung Wan, as an early developed district, Has many new residential buildings Reconstructed from old buildings However, estates as large as Queen's Terrace Are very rare Many are single-block buildings Like the second rental unit we toured, Located in The Belcher's Offering only 66 units Exclusively two-bedroom units With usable floor areas ranging from 462 to 488 square feet The developer of The Belcher's is Tai Realty Completed in 2002 Building age is about 22 years It is located on Connaught Road West Farther from local stores than Queen's Terrace and dining area. But it's not very far to walk back. Relatively, the building is closer to the waterfront. So some mid-to-high floor units can overlook the police station ahead and the power station to get a very panoramic sea view. Unfortunately, the rental unit we are viewing today is on a lower floor. However, because its podium has shops, two floors of office units, and a clubhouse, even the lower floor units can be higher than the Connaught Road West Flyover in front. The clubhouse is located on the 3rd floor, offering limited facilities such as a gym and recreation room. There is a clubhouse, and few units, so management fees are relatively higher. It's about HK$3.8 per square foot. Residential floors start from the 5th floor, with only 3 units per floor. Sharing two lifts. The rental unit is from flat B, with a usable area of 483 square feet. The landlord has just listed it for rent, currently asking for HK$23,000. Rent per square foot is about HK$47.6. Upon entering, there is a long and straight living-dining room. Because there is no entrance hall, the shoe cabinet might be placed here. The dining table would be placed in the space ahead. All units here have balconies. To accommodate the door position, the owner set the TV wall at the end of the living room. So the sofa has to be placed horizontally in the middle of the living-dining room. The owner didn't leave any furniture like sofas and dining tables, tenants need to buy their own. However, a lot of built-in furniture has already been made. Both sides of the living room walls have cabinets, which can store a lot of things. The unit has simple decoration, though not very trendy, but overall it feels quite comfortable. The unit faces northeast, towards the Connaught Road West Flyover, but it actually manages to see a bit of sea view through the gaps between the buildings. It's quite surprising But after all, this place faces the main road You can also hear some noise And see how the environment is So when you open the balcony door or window There is obvious noise The balcony is not very big But it is quite square Easy to place items You can see this pillar in the layout of the building It is recessed inward So even if there is enough sunlight outside It cannot directly shine indoors There are pros and cons Depends on personal preference You can see the entire unit is quite practical Not too many corridors Bedrooms are distributed on both sides of the living room Let's take a look first At this bedroom facing the same direction as the living room It is now the master bedroom Also custom-made furniture Behind the door is the wardrobe The corner wall is the bed Connected by a desk in the middle The design is thoughtful The room is not small And no window sill Quite practical And after placing these furniture There is still space to move around Another bedroom Next to the kitchen and bathroom On the other side of the living room Connected by a small corridor Let's take a look at the bedroom first This is a single room Also custom-made furniture This bedroom is similar in size to the one just seen But as it is a single room layout And utilizing the window sill as a desk So it feels bigger This bedroom faces south The view is mainly of buildings But if you look a bit closer You can see the clubhouse platform of the building Next to it is the kitchen Also square-shaped Overall feel of the unit They all resemble old-style layouts, but very practical. There's an L-shaped countertop here. Cupboards both above and below. Ample storage space. However, there are noticeable signs of use. The owner has left some appliances. But the steam oven is quite large, taking up a portion of the countertop, reducing the food preparation space. Lastly, let's look at the bathroom. It's a bright bathroom, equipped with a bathtub. Nothing particularly special, but there's quite sufficient storage space. The owner bought this unit in 2011 for approximately HKD 4.8 million. If successfully rented out for HKD 23,000, before deducting management fees, the rental yield would reach up to 5%, above the market level. According to the agent, there are currently around two rental listings at Tak Lung Ming Gey. However, since both sales and rentals in this building are not very active, So the price may not accurately reflect the market condition. To know if the owner's rental asking price is too high, one must compare similar buildings in age and scale to Tak Lung Ming Gey. One such building is Po Tung Toi. Both buildings are about a 4-minute walk apart. Po Tung Toi was developed by Cheung Kong Holdings, and was occupied in 2003. It provides 156 two-bedroom units, with the same area of over 480 sqft. According to our 28Hse website, its rental transactions are relatively more active. In March this year, a mid-floor unit, with a similar sea view, was rented out for HKD 25,000, with a rent per sqft of about HKD 51. This is similar to the unit we just saw in Tak Lung Ming Gey. However, note that the locations of the two buildings are different. The views will vary. Moreover, Po Tung Toi is only a 2-minute walk to Sai Ying Pun Station, while Tak Lung Ming Gey is closer to Sheung Wan Station. Moreover, heading to Sai Ying Pun takes only about 3 minutes So there is a difference As for the sales listings Currently, there are about 3 listings in Tat Lung Mansion The asking price ranges from 9 million HKD to 9.6 million HKD Additionally, please note Tat Lung Mansion does not offer parking spaces After viewing these two listings today What do you think? You can leave a comment below and let us know for a chance to win a coffee voucher Finally, if you liked this video remember to Like and Share
