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.

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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 ?

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