Posted by
Rups11
12 yrs ago
Anybody got any thoughts on this place? Seems like there are a lot of apartments for rent at around 700 sq ft. does this mean owners have split their 1,500 sq foot flats in 2?
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the 771 SF apts are actually the normal size units in tower 8 or 9 I think. But it is mountain facing. The smallest units facing the sea is 13XX+. The mountain facing is 59X to 1013sf.
THe rent on these things are incredibly cheap. The reasons why 7XX is so available is because a lot of the owners of the 13XX to 14XX apts are renting it at 25-30K a month.. basically charging the price of what a 7XX unit hsould cost in about 2 yrs. If you can rent it at a great price, lease it. THe rental prices are ridiculously low because it is still relatively new. WIthin two years, they will raise up significantly I am pretty sure.
Full disclosure: I have bought an apt there and am moving in there. But I almost rented there before buying it. The rental, especially for the 14XX units, were ridiculously cheap about 6 months ago. But they are deffinitely creeping up as vacancies goes down.
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Thanks for the confirmation AsiaKid. Do you know about the public transport links available at the moment. Does the bus come down as far as Larvotto or do you need to walk up to the main road? If so, how far is that?
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The Renter carries the property during the period that transport is poor. That's great for the owner, and justifies a low rent
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Rups11: You gotta walk up to the main rd. Right across teh street from Sham Wan Tower, but that takes like 3 minutes. I took my time walkign to the proposed MTR stop at Ap Lei Chau main street, less than 10 minutes. So quite pleased with that.
OTP: The transport may be a contributor to the low rent, but definitely is not the whole reason. THere are many new buildings everywhere which go through the same phase of low rent with the flood of vacancy. It is pretty incomplete to point that solely to the undeveloped transport network - though it may be relevant in Larvotto's case (I don't expect the network to get any better with exception to the MTR). I don't recall any large development coming online the last few years that didn't have low rental prices in the beginning. Larvotto is special too as well because a lot of the buyers are investors, so I suspect there was a bigger proportion of offerings.
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Ha.
Maybe we should have a look. My partner loves the area, and we are considering to sell our place.
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