This page has been archived and commenting is disabled.

Listed At "Only" HK$1.94 Million, This Is What Hong Kong's Cheapest "Home" Looks Like

Tyler Durden's picture




 

First the good news: one can now buy an apartment in Hong Kong for the low, low price of under HK$2 million, or HK$1.94 million to be precise which amounts to a measly USD $250,000.

Hong Kong's leading property developer and conglomerate, Cheung Kong Holdings (whose position in the Hong Kong financial pyramid is best described by its stock ticker: 0001) is selling a studio at Mont Vert in Tai Powhich is also the cheapest new home available for sale in Hong Kong, at HK$1.94 million, according to the price list Cheung Kong released on Thursday for the first batch of units at the development.

"New flats selling for less than HK$2 million are almost impossible to find in Hong Kong," said Louis Chan Wing-kit, managing director of Centaline Property Agency's residential department.

Now the bad news: the studio has an area of a whopping 194 square feet, which works out to HK$10,031 per sq ft or about USD$1,300 per square foot. And just in case this may seem like a cavernous McMansion to some, Cheung Kong is also selling an even smaller pad, one sized a tiny 177 sq ft. This particular unit did not have a sale price listed in the first batch.

The unit is about double the size of a prison cell.

It looks as follows:

 

But ignore the fact that the apartment is just double the size of a prison cell, according to SCMP: Justin Chiu Kwok-hung, an executive director at Cheung Kong, said he was told by property agents that prices at the project were about 30 per cent below transaction prices for other new flats in the area.

"The stunning low price is because of low land cost," he said. "The site was converted from farmland for residential use. We also secured lower construction cost as the contract was awarded several years ago."

For those who demand more "princely" estates, there are options: the first batch of the 1,071-unit project going on sale includes two-bedroom or three-bedroom flats, as well as 43 studio flats. Sellable area for the flats ranges from 194 to 945 square feet. Flats cost between HK$1.65 million and HK$8.70 million with maximum discounts of 15 percent.

Of the 260 units on offer, 43 are studio flats, 20 are two-bedroom units and 197 are three-bedroom units. They are priced at HK$8,961 to HK$11,162 per square foot, while the going rates for second-hand flats in the area are HK$8,310 to HK$10,334.

Don't expect anything new however, most of those flats are more than 20 years old.

So act now to buy your own prison cell at the low, low price of a quarter million dollars. In fact, you have to buy it "sight unseen."

Meanwhile, the Sales of First-hand Residential Properties Authority reminded potential buyers to look at the flat before signing the provisional purchase deal.

 

It came after the authority noticed that Cheung Kong was requiring potential buyers to sign a no-visit agreement, baring them from seeing the flat they want to buy before signing the provisional contract.

Best of all, all of this is coming to a housing bubble near you.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sat, 07/19/2014 - 10:07 | 4976758 samlau
samlau's picture

cheap ja ja

Sat, 07/19/2014 - 10:29 | 4976791 BaBaBouy
BaBaBouy's picture

Looks To Me Like That Poor CAT Wants OUT!

Sat, 07/19/2014 - 10:31 | 4976813 Publicus
Publicus's picture

Ebola will solve all our problems.

Sat, 07/19/2014 - 10:36 | 4976824 BaBaBouy
BaBaBouy's picture

It Looks Like A Great DEAL, Until You Find Out Its 14 Floors Underground...

Sat, 07/19/2014 - 10:43 | 4976845 SuperRay
SuperRay's picture

Put all the yes-voters for Agenda 21 in there...

Sat, 07/19/2014 - 10:46 | 4976851 Manthong
Manthong's picture

How does he have room for a cat?

Or is that dinner?

Sat, 07/19/2014 - 10:49 | 4976855 BaBaBouy
BaBaBouy's picture

So The Cat's Saying To The Guy On The Bed, "Meeow, You Fuckin' Loser, How Did We End Up Here..."

Sat, 07/19/2014 - 11:05 | 4976886 SafelyGraze
SafelyGraze's picture

if you don't have $250k for this unit, not to worry

you and your friends can share the space, save money

 

Sat, 07/19/2014 - 11:13 | 4976897 Pure Evil
Pure Evil's picture

I'm sure they could house 50 Mexicans in there easy.

Sat, 07/19/2014 - 12:12 | 4976930 BaBaBouy
BaBaBouy's picture

.

Sat, 07/19/2014 - 13:19 | 4977263 Paveway IV
Paveway IV's picture

Stop yer whinin' - at least there's plenty of closet space in there. Right behind the refridgerator and kitchen table. 

Personally, I would upgrade to the next bigger version. It has space for chair. Oh, the luxury...  Only $75K more.

Sat, 07/19/2014 - 13:46 | 4977371 SF beatnik
SF beatnik's picture

Well, I'm not going to Honk Kong in this lifetime. But I fear that Hong Kong is coming to me, here in the USA. More and more people, the Great Impoverishment. 

Sat, 07/19/2014 - 15:41 | 4977694 Skateboarder
Skateboarder's picture

I don't go to the city often these days, but I was there yesterday. Had some beers in the South Of MArket neighborhood with a good friend. The place we were at was teeming with startup faces: so easy to distinguish an SF startup face. Across the street from the bar was construction - they're building high rise flats. SF housing is so overwhelmed that individual flat sales similar to the one in the article will be all the craze in just a couple of years.

Too bad regular average people are totally shut out of this market. Fuck get-rich-fast-and-easy startup motherfuckers. Fucking cunts.

Sat, 07/19/2014 - 10:59 | 4976868 Smegley Wanxalot
Smegley Wanxalot's picture

It's Hong Kong.  That poor cat was brought to the taxidermist last week and stuffed/freeze-dried in a sleeping position.  It's insides were sold to a local restaurant.

Sat, 07/19/2014 - 17:52 | 4978016 August
August's picture

And Edward G. Robinson is your roommate.

Sat, 07/19/2014 - 10:26 | 4976799 john39
john39's picture

  As far as hong Kong goes, this sounds pretty luxurious.  After all, the poor get to live in cages: 

http://www.dailymail.co.uk/news/article-2558403/Hong-Kongs-caged-dogs-Po...

Sat, 07/19/2014 - 11:20 | 4976915 MsCreant
MsCreant's picture

Thanks for posting that john. This is worth a look, coupled with this article. Many of those folks are 60+. Retirement of the future, if you are lucky, it would seem.

Sat, 07/19/2014 - 12:46 | 4977136 Matt
Matt's picture

And yet, they still choose to stay there and live like that, rather than move to more spacious living in mainland China ...

Sat, 07/19/2014 - 14:03 | 4977417 SilverRhino
SilverRhino's picture

My walk in closet is bigger than that guy's apartment.   Crikey.

Sat, 07/19/2014 - 10:10 | 4976764 Grimbert
Grimbert's picture

At least the cat doesn't need to worry about being swung.

Sat, 07/19/2014 - 10:36 | 4976821 Save_America1st
Save_America1st's picture

yeah, but that cat is on the menu....tick tock, little kitty

Sat, 07/19/2014 - 10:48 | 4976852 Manthong
Manthong's picture

First thing I focused on..   :-D

And if it's not the entre', where is the space for the litter box, litter, cat food etc.?

Sat, 07/19/2014 - 11:20 | 4976912 patb
patb's picture

litter box goes in the niche across from the toilet.

food bowl, put out in the kitchen so the cat eats, then put away it's bowl.

 

make sure the cat has a water bowl at all times on the ledge.

 

 

Sat, 07/19/2014 - 18:06 | 4978064 thatthingcanfly
thatthingcanfly's picture

LOL: Justin Chiu Kwok-hung

Yeah, I bet he'd Chiu some hung Kwok.

Sat, 07/19/2014 - 10:11 | 4976766 stant
stant's picture

What's a rv cost there? That would be my plan

Sat, 07/19/2014 - 10:25 | 4976773 cowdiddly
cowdiddly's picture

Its obvious you've never been to Hong Kong. Makes NYC look like a suburb

I actually seen a working class rental unit a friend of mine had. It was a bunkbed slot in a wall  stacked 4 deep with a battery operated 10 inch tv and an outlet to plug in your shaver or a mini fan. Concentration camp victims had more sleeping room. Crazy.

Sat, 07/19/2014 - 10:25 | 4976798 stant
stant's picture

That's a deal killer

Sat, 07/19/2014 - 10:50 | 4976803 cowdiddly
cowdiddly's picture

I hear you bro. can smell that shit hole 150 miles out in the ocean before you get there.

Its like the stone age met the 25 Century in some time warp. A 200 ft air conditioned hydrofoil come ripping by you at 80 MPH and makes the guy mad on a Chinese junk hauling pigs that looks like it was built in Columbus days. Same in town, ultramodern areas and then  you go to  a 10 square mile market all on dugout canoes with planks to walk across for miles selling every kind of thing imaginable. Yes, they sell that too. lol

I know it sounds blunt but the only lasting impression I got was that WWIII is waaaaay overdue. To many damn people, Fuck me.

Sat, 07/19/2014 - 10:54 | 4976871 Escrava Isaura
Escrava Isaura's picture

cowdiddly, .... To many damn people

Say No more!

Sat, 07/19/2014 - 11:34 | 4976916 cowdiddly
cowdiddly's picture

I realize Im from the Western US and my opinion/impression is somewhat different from say someone from Chicago or Houston. But, from someone from the outside looking in our major cities are a Rat Race. After going to a few Asian cities You realize the next step makes you think of the cities as  more of a Roach Race. And I am not knocking any race of people as the people there are every race imaginable, Its just the feeling I got going to a few of these places being a self admitted hillbilly. Culture Shock I guess you could say.

Sat, 07/19/2014 - 12:43 | 4977123 Escrava Isaura
Escrava Isaura's picture

Thanks for the reply.

Here, in DC, still manageable. But, the surrounds are deteriorating. The reason I know that is because I see both sides of DC, especially with blue color workers. Anyway, both white and blue are out of touch of how doom we are about to turn.

I see lots of cops. Yesterday, for the 1st time, I saw a Maryland trooper ticketing on the beltway on green uniform. Did he just arrive from Iraq and went straight to work? Looked that way!

Anyway, the point that I want to make: Too many people, that have nothing in common, closer to each other.

Sat, 07/19/2014 - 10:49 | 4976857 thamnosma
thamnosma's picture

I was there only once and stayed at a nice hotel at that.  Silly me, I assumed they were all living in American sized apartments.  It IS a stinking shithole though.  Good tailors.

Sat, 07/19/2014 - 13:04 | 4977207 Bunga Bunga
Bunga Bunga's picture

Yeah, stupid Chinese. Why they don't get a 38ft 5th wheel and a 3.5 ton truck and drive to the next spacious trailer park in Hong Kong and then fishing in the lake next door all day long.

Sat, 07/19/2014 - 10:11 | 4976767 i_call_you_my_base
i_call_you_my_base's picture

"We call this the Never Getting Laid model."

Sat, 07/19/2014 - 10:15 | 4976778 remain calm
remain calm's picture

I am not so sure, you better ask the cat about that.

Sat, 07/19/2014 - 11:16 | 4976903 Pure Evil
Pure Evil's picture

The cat's there to pass judgement on your masturbation techniques.

Sat, 07/19/2014 - 10:16 | 4976779 FieldingMellish
FieldingMellish's picture

A prison, how apropos. A debt prison?

Sat, 07/19/2014 - 10:22 | 4976785 RafterManFMJ
RafterManFMJ's picture

Agenda 21 - you all get 175 sq. feet of space.

Sat, 07/19/2014 - 10:52 | 4976867 barre-de-rire
barre-de-rire's picture

rest by sleeping with ability to stretch your legs is a luxe.

 

 

Sat, 07/19/2014 - 11:18 | 4976910 Pure Evil
Pure Evil's picture

Just think how much more space you'd have for your cat if they moved the toilet and shower down to the end of the hallway. Nothin like sharing with neighbors.

Sat, 07/19/2014 - 10:25 | 4976790 kurt
kurt's picture

Are not Humans superior to our primate friends?

Since we decended our arborial perch, to wander the savanas, cobble together makeshift shelters, later to more substantial ones, finally to the statuesque towers, how much happier we are!

Careful study has proven that the primate friends, who remained in the verdant forests, work fully 17% of their time securing their needs for survival. The rest of the time they play, nap, and have sex. 

We evolved creatures have found ways to spend 85% of our time in base survival mode, paying for a prison cell.

Sat, 07/19/2014 - 10:28 | 4976809 i_call_you_my_base
i_call_you_my_base's picture

We haven't evolved ways, we've contrived ways, in the complete absense of existential threat.

Sat, 07/19/2014 - 13:15 | 4977246 Anusocracy
Anusocracy's picture

Sixty percent of your work time is spent satisfying the needs and wants of your master: the government.

Sat, 07/19/2014 - 10:28 | 4976805 eishund
eishund's picture

And, Singapore is slowly but surely getting there. It always emulates HK.

Sat, 07/19/2014 - 10:29 | 4976808 Colonel Walter ...
Colonel Walter E Kurtz's picture

I love Ikea!

Sat, 07/19/2014 - 10:30 | 4976811 world_debt_slave
world_debt_slave's picture

what's that smell?

Sat, 07/19/2014 - 10:38 | 4976826 thamnosma
thamnosma's picture

That's a real cook's kitchen.  And the litter box is where?

Sat, 07/19/2014 - 10:40 | 4976837 Platinum
Platinum's picture

The artist envisioned a feline who has mastered use of the toilet, and can chip in for grub once in a while. Or at least, bring some home.

Sat, 07/19/2014 - 10:45 | 4976848 Ban KKiller
Ban KKiller's picture

Yes, minus a fridge, pantry, work space and storage. How many electrical outlets? Even have gas? 

Sun, 07/20/2014 - 04:00 | 4979160 tc06rtw
tc06rtw's picture

. . . electrical  WHAT ?

Sat, 07/19/2014 - 11:21 | 4976918 Loose Caboose
Loose Caboose's picture

"That's a real cook's kitchen.  And the litter box is where?"

.... the kitchen sink.

 

 

Sat, 07/19/2014 - 10:39 | 4976831 Platinum
Platinum's picture

That's less than a master bedroom.

Sat, 07/19/2014 - 10:45 | 4976834 williambanzai7
Sat, 07/19/2014 - 10:45 | 4976849 valley chick
valley chick's picture

Didn't they roll out a model of this same shit in NYC??? I remember an article showing taped out area on the floor for some kind of convention. 

Sat, 07/19/2014 - 10:49 | 4976853 Ban KKiller
Ban KKiller's picture

Any shit hole in any trailer park in Arkansas is better. USA USA!

If you like crime and crack, especially. Both available from the local police.

Sat, 07/19/2014 - 10:51 | 4976862 thamnosma
thamnosma's picture

Does it beat HK smack?

Sat, 07/19/2014 - 11:38 | 4976952 Ban KKiller
Ban KKiller's picture

That would be in Esapanola, New Mexico. Heroin headquarters for NM. 

Sat, 07/19/2014 - 10:52 | 4976866 Vendetta
Vendetta's picture

Sum Ting Wong with this overall picture...

Sat, 07/19/2014 - 11:00 | 4976879 Ivan Nokabolokov
Ivan Nokabolokov's picture

London prices aren't far off. New build houses in the UK
are known in the trade as 'rabbit hutches' for good reasons.

Sat, 07/19/2014 - 11:04 | 4976884 Rockfish
Rockfish's picture

So what.  Thats the way it will be until it's not. 

Sat, 07/19/2014 - 11:09 | 4976891 vegan
vegan's picture

Is there a shared kitchen at the end of the hall, or something?

Sat, 07/19/2014 - 13:48 | 4977373 MsCreant
MsCreant's picture

The kitchen is opposite the bathroom. Only one sink in the unit, it is in the kitchen.

Sat, 07/19/2014 - 11:13 | 4976895 adr
adr's picture

Haven't you guys heard of the tiny house craze. Millions of people all over the US are turning in thier 2500 sq ft homes for 250sq ft tiny pre fab homes. The TV told me so.

Propaganda to get the masses used to the idea of the 1% living in palaces and the rest lucky to have a 150 sq ft cage.

We need to complete the extinction of the parasite class. 1600 billionaires is a small price to pay for the happiness of billions.

Sat, 07/19/2014 - 11:31 | 4976922 Pure Evil
Pure Evil's picture

Who needs 250 sq ft or even 150 sq ft when you can live in a refrigerator cardboard box discarded by the gated elite.

In fact, people will be lining up for them and fighting over them like they do on Black Friday at Walmart.

Sat, 07/19/2014 - 12:02 | 4977003 Magnum
Magnum's picture

HEY!! I built a tiny house on my property.  Kind of cool.  Don't go out there much though.

Sat, 07/19/2014 - 11:15 | 4976899 fzrkid
fzrkid's picture

Not bad, its a small investment. You go there, work your ass off for a couple years and retire, taking the money you earned and live outside of town. At the same time you rent the closet to someone else that wants to do the same, so now you have a steady stream of income.

 

Hong Kong makes NYC look like a shit-hole, plus it is now the finance capital of the up-and-coming CHINA..

Sat, 07/19/2014 - 11:16 | 4976902 fzrkid
fzrkid's picture

Sure it sucks hearing the USA is like a 3rd world country. Lets do something to fix it!!

Sat, 07/19/2014 - 11:41 | 4976955 ironmace
ironmace's picture

shit-holes make NYC look like a shit-hole.

Everything is filthy. streets, sidewalks, subways,

Sat, 07/19/2014 - 11:21 | 4976920 patb
patb's picture

so how much would this rent for $2500/month?

Sat, 07/19/2014 - 11:31 | 4976939 Smegley Wanxalot
Smegley Wanxalot's picture

Size of a prison cell:  80.7 square feet.

Size of a standard office cube:  ~45 square feet.

Sat, 07/19/2014 - 11:32 | 4976942 Pure Evil
Pure Evil's picture

And, if you're lucky you won't have to share it with some smelly insourced H1-B visa monkey.

Sat, 07/19/2014 - 12:30 | 4977077 pupdog1
pupdog1's picture

I love the smell of fishheads simmering in the morning.

It smells like... training the visa monkey to do my job so I can get three months severence instead of nothing.

Sat, 07/19/2014 - 11:46 | 4976967 robertocarlos
robertocarlos's picture

I need more space so I can impress visitors with my Franklin Mint collections.

Sat, 07/19/2014 - 12:40 | 4976989 1stepcloser
1stepcloser's picture

I don't need a window...that useless, reclaimed space is where I'm puting my new 80 inch 4K ultra HDTV... 

Sun, 07/20/2014 - 10:45 | 4979616 Leraconteur
Leraconteur's picture

That would be Sully's apartment in Avatar with the 108inch tv filling the entire wall of the apt which is half the size of these HK cells.

Sat, 07/19/2014 - 11:56 | 4976990 Professorlocknload
Professorlocknload's picture

Guess I'll need to stop bitching about the 168 square foot RV the wife and I live in two months out of the year. Paid all of $13 k for it. Has a queen bed, sofa, seats four at the table,,,but no cat.

Sat, 07/19/2014 - 12:00 | 4976996 Magnum
Magnum's picture

Sounds like a nice rig, enjoy.  RV living is uniquely American, full of good times, anonymous and endlessly enjoyable.

Sat, 07/19/2014 - 11:58 | 4976994 Magnum
Magnum's picture

Is it any wonder Chinese come to North American West Coast in droves, getting fresh air and nice homes here 2200 sq ft at $300k.  

Sat, 07/19/2014 - 13:54 | 4977401 MsCreant
MsCreant's picture

Wow, when you put it like that, it is obvious we are still the new frontier. Yikes!

Sat, 07/19/2014 - 12:04 | 4976997 edifice
edifice's picture

Take note: this is coming to America. In 20-30 years, even 1,000 sq. ft. bungalows will be a luxury reserved for the wealthy few. The poor will be lucky to get a prison cell. Many cities in the US are lifting restrictions on micro-apartments (<400 sq. ft.)

Also, I'm surprised the cat is alive and well in the picture... I'd think it would be shish kabob, by now.

Sat, 07/19/2014 - 12:36 | 4977096 BGO
BGO's picture

Bloomberg before he left office was directly involved in the wholesale development of a complex in Manhattan full of "microapartments" or whatever they were calling them. ~200 sq ft per unit, IIRC. I remember seeing the pictures of Mike standing in the middle of a mockup apartment, it was pathetic, even still, the diminutive mayor was so proud of himself.  

Sat, 07/19/2014 - 12:05 | 4977010 AgentScruffy
AgentScruffy's picture

In a van, by the river. In other news, the cat in that illustration--well, I can guarantee it would go neurotic being cooped up in such small quarters. Does the apartment come with a free year's worth of Prozac for cats?

Sat, 07/19/2014 - 12:15 | 4977029 JDFX
JDFX's picture

 ' Battery Farmed Humans ' 

 

Life on the old human farm. Increased yield but requires drugs to reduce stressed out livestock.

 

 

 

Sat, 07/19/2014 - 12:26 | 4977062 slackrabbit
slackrabbit's picture

Wow; a 21st Century Debtors Prison.

Awesome!

Sat, 07/19/2014 - 12:30 | 4977074 goldhedge
goldhedge's picture

We, the 99%, are all debitors like it or not according to the NWO

 

Sat, 07/19/2014 - 12:39 | 4977107 1stepcloser
1stepcloser's picture

Let show them who is boss.  Stop all Debt service then pull all your money out of the bank and then buy physical PMs.    Wait for the system to crash, then "we the people" offer the solution.

Sat, 07/19/2014 - 12:40 | 4977105 Zero Govt
Zero Govt's picture

incredible >

i want at least 1,000 bricks for my $1m... not 28

Sat, 07/19/2014 - 12:49 | 4977143 HeavydutyMexica...
HeavydutyMexicanOfTheNorthernKingdom's picture

Wow, all i can say is.... Viva La Raza!  ;-)

Sat, 07/19/2014 - 13:06 | 4977218 ObamaDepression
ObamaDepression's picture

They're building units of the same size here in San Francisco now.

Its completely nuts

Sun, 07/20/2014 - 10:38 | 4979602 Leraconteur
Leraconteur's picture

Just like the apartments in the film Code 46. No thanks.

Sat, 07/19/2014 - 13:51 | 4977390 orangegeek
orangegeek's picture

Orwell would be proud

Sun, 07/20/2014 - 10:36 | 4979589 Leraconteur
Leraconteur's picture

Hong Kong is a world class city. The MRT baggage check in for the airport downtown when you enter the subway, 32kms from the terminal, alone, puts HK above everywhere else. Great food, beautiful mountain and ocean scenery, tall buildings. Flights to everywhere.

Everytime I visit I think that I should move there.

Then I remind myself that I would be living in an overpriced shoebox.

So I just visit once in a while and enjoy myself. I like my space. Living in a prison cell in a tower block and being a debt slave for life+1 is not wise.

Do NOT follow this link or you will be banned from the site!