Posted by
eifu
16 yrs ago
Has anyone information on Park Island? I have found the website "http://www.parkisland.com.hk/", but it is of no use. I cannot even acced to the contact. How to have information about the school and About the houses available and the prices?
Thanks a lot for your help
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I live on Park Island and love it. Fabulous place if you have children, loads of facilities and onlyl 20 mins by ferry to Central. Best idea would be to come out and have a look one day if you're interested in moving here. Feel free to PM me!
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Hey Guys,
we Just moved to Park Island today. actually signed the contract today. I was not supposed to go there, my wife said she is taking me somewhere and boy.... oh boy. i love the place. I quite picky man in term of where to live but hell, as soon as i reached there i was amazed.
3 swimming pool. 1 hot swimming pool. GYM, SPA, Megastore Park n shop, 3 bedroom, with sea view.
I met the agent, showed three houses, called the landlord signed the contract in less than 3 hour.
I would recommend it to anyone.
If you need help, Go there and go to midland reality, ask for Penny, he is the fattest one there ( sorry penny if you read this mate) tell him u are from Lounis. He is the one who took care of us. Very honest very reliable.
Good luck.
PM me if u need any help
Cheers
Lounis
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eifu
16 yrs ago
Thanks Lounis!
Once I will be in Hong Kong I will value every opportunity.
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Park Island, the living environment is good but you have to accept inconvenience traffic. Also during poor weather like heavy rainfall and typhoon, the TV reception is pretty bad unless you have a digitival TV. Cable TV, screen will totally black out.
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I own a flat in Park Island. rents and prices are at least 25% below where they should be given the extremely high quality of the flats (Sun Hung Kai), the facilities (a Banyan Tree-run spa with genuine Thai masseuses) and management quality. Why is this? Because you can't drive your car there and it is deemed to be inconvenient by locals. However, the development is only 20 mins by direct ferry to IFC2 and there are shuttle buses to the Tsing Yi and Kwai Fong MTRs, another ferry to the Tsuen Wan West MTR station and a shuttle to the airport. It's more convenient and cheaper to get there than DB but DB has the advantage of being first off the block and has a better selection of restaurants.
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LGMV, the spa is loss making and we finance it trough the mgt company charges. so not sure how long it will survive (though hopefully long enough for my wife to redeem her multiple vouchers that she had to buy)
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Yes but the spa is the intrinsic part of the development and has been from the start. How did you get information that it is loss-making by the way? It's not cheap to go there (HK$700) and they can't have much in the way of overheads.
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they mentioned to us once. the issue is the banyan tree mgt charge that they must pay. apparently they got a deal with some guaranteed mgt charge, i.e. profit (thank you SHK)
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I agree with LGMV. I have been living in Park Island for 4 years, and we just love the place. IMHO, it would be difficult to find another place in HK with this kind of environment and at this price range. It's not that inconvenient either, especially with the opening of the place to taxis from 8 p.m. to 7 a.m., and talk of extending such hours further (a proposal will be tabled to the Transport Department following a recent residents' survey).
LGMV, do you think Park Island prices have the potential to rise in the next few years? To me, it is very low compared to nearby areas like Tsing Yi and Tsuen Wan. If I recall, Discovery Bay prices were on the low end for many years too, and it was only in the past 10 years or so that they began to catch up.
What do you think of the special flats in Park Island? The Phase 1 flats facing the sea with either a large balcony or the roof are terribly tempting. They are not exactly cheap in absolute amount, and they have risen quite a bit in the past year or so, but in terms of price per square foot (around HK$7,500 for the highest quality flats with roof/large balcony), they still seem cheap when compared to the quality you can get for other flats in Tsing Yi/Tsuen Wan for the same price. And I would imagine they would go up once SHK starts to market the new Phase 6 flats...
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"around HK$7,500 for the highest quality flats"
That doesnt sound particularly cheap, when you can buy a 1200 sf flat with an excellent view in Tung Chung for HK$4,000 psf
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"around HK$7,500 for the highest quality flats"
That doesnt sound particularly cheap, when you can buy a 1200 sf flat with an excellent view in Tung Chung for HK$4,000 psf
we're talking about top floor 1500 sqf places with 700 sqf roof here. lower floors at 1000+ sqf without roof are approx. 4,500 now.
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i love the houses at Park Island. They are really beautiful and has a really good and nice environment!
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Maya1005. I don't know is the answer. My brain says it should catch if they're selling Larvotto flats at 15,000 psf with similar views however HK people just don't seem to like it - and of course it is not on HK island and Larvotto I believe is 2,000 sgft+. It's probably worth a punt given that - in my view - it is about 25% undervalued. My target price is around 8,000 psf - 996 sft, high floor over looking Sham Tseng. Even then, it would be a shame to part with it as the view is magnificent. Cookie09. Tung Chung is an awful long way away from Central. Park Island is about 20-25 mins away by relaxing ferry direct to IFC2. Not really comparable.
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LGMV, i give you my take on PI (and i am an owner of a top floor bridge facing apartment). i think it will be difficult to ever reach 8000sqf (or 10000 for mine) primarily for the following reasons:
- tung chung is also just 25 min from central by MTR (ok give and take a bit more)
- no direct MTR station at Park Island
- No cars allowed
The only thing that can substantially change this valuation is three things:
- The govt builds a MTR station in PI (probably technically possible underneath the bridge, and who knows what the plans for the fishing village area...)
- They allow private cars into PI: I have actually voiced out to the OC to allow private cars to do drop off/pick ups at the current taxi stand once the taxi stands moves to where the current airport pick up point bus is (which i am sure the govt is going to approve in line with the extended taxi hours).
- Lastly, if the govt allows the building of expensive villa type buildings in the fishing village (10,000+/sqf) which could lift the overall price level of PI.
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Cookie09. If the government builds a link from the airport to Tuen Mun - which is being planned - then maybe they will allow a car park to be built near PI as the Tsing-ma bridge won't get so busy. As I said, you can't really compare Tung Chung with Park island. PI is much, much closer and has good links to Central, Tsing Yi, Western NT. I'm going to hold if I can - but it may be a long wait.
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Cookie09. If the government builds a link from the airport to Tuen Mun - which is being planned - then maybe they will allow a car park to be built near PI as the Tsing-ma bridge won't get so busy. As I said, you can't really compare Tung Chung with Park island. PI is much, much closer and has good links to Central, Tsing Yi, Western NT. I'm going to hold if I can - but it may be a long wait.
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actually i am not so sure that we will see reduced traffic on the bridge, because using tsing ma bridge vs using the new link coming from/going to tuen mum would save you 30 HKD for the bridge.
or you are saying that people from tuen mum going to/coming from the airport will not use the two bridges anymore? i don't think that's too much traffic honestly.
i always thought that the empty village house area on PI looks like a car park in waiting . . .
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"Tung Chung is an awful long way away from Central. Park Island is about 20-25 mins away by relaxing ferry direct to IFC2. Not really comparable."
Well, by MTR, its 27 minutes to the IFC, and only 23 minutes to Kowloon Station, where there are an increasin number of highly paid workers.
You have to add on walking time to the MTR, but that's ditto with the Park Island ferryboat. If PI is $4500 or a large flat, good view, it may be sustable versus $4000 at CC,TC. But the Macau bridge could push TC beyond PI.
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Cookie09. If you get a large car park at PI, I'm sure that Park Island prices will double. I've heard that Sun Hung Kai applied to the govt to build a large car park but was turned down because the govt wants to keep traffic flow over the Tsing-Ma bridge to a minimum. This was not from a reliable source just tittle-tattle or maybe even urban myth from a HK Chinese Park Island resident - so don't buy based on that). However, it has a ring of truth and the same guy said this could change once there was another road access to the airport at Tuen Mun. At some point, the car situation will have to change. Also PI is becoming a little more 'gentrified' after being initially bought up by Tsuen Wan residents. This sounds snobbish but it's true. OffThePeak. Maybe you are right but I still think TC is too remote and if it's successful, it's not too hard to build more places whereas Park Island has a limited supply and is geographically in the centre of HK being close to Tsing Yi. There's also a shuttle bus to Tsing Yi and Kwai Fong MTRs. Only 15 minutes for the former. Having said that, Tung Chung appears to be prefered by local HK people to PI.
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Not only locals, L.
There are many expats happily living in TC. A 27 minute commute by MTR is not a big deal, especially if you work in or near IFC, or ICC, ontop of MTR stations. The quality of restaurants and socially activity is gradually improving in TC (and maybe in Park Island too.)
Both places could be ideal for self-employed investors who do not have to commute into Central everyday. DB too, although it is more pricey.
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Here's the link from the Highways Department web-site about the Tuen Mu-Chek Lap Kok link http://www.hyd.gov.hk/eng/major/road/road/future.htm If this is completed in 2016 and the government allows greater access over the Tsing-Ma bridge, then we may get a large car park which should mean soaring Park Island property prices - all things being equal. That's the time I would consider selling my unit. Still think prices look very cheap with 1,000 sq ft flats with stunning sea views going in the 4,000-6,000 price range. Anyway, I'll post the Highway Dept details below:
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The proposed Tuen Mun-Chek Lap Kok Link and Tuen Mun Western Bypass is a 17km long dual two-lane highway between Kong Sham Western Highway and North Lantau. It will provide the most direct route between the Northwest New Territories (NWNT) and Lantau, joining Kong Sham Western Highway, the road network at Tuen Mun, the proposed Hong Kong-Zhuhai-Macao Bridge (HZMB) Hong Kong Boundary Crossing Facilities (HKBCF), the Hong Kong International Airport (HKIA) and various North Lantau developments. Upon completion, the new route will significantly reduce the journey time between the NWNT and Lantau, and will also relieve the traffic condition of the existing road network (viz. Tuen Mun Road, Ting Kau Bridge and Tsing Ma Bridge, etc.). The project is planned to commence in 2011 for completion in 2016.
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For map see http://www.hyd.gov.hk/eng/major/road/projects/tmclkl_tmwb/TMCLKL_TMWB.pdf
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Remmy
13 yrs ago
I recently moved to Park Island. It is without doubt the best place to live in Hong Kong.
When I came to HK I considered a range of living options. My budget was 40K a month, and I needed a place for me, my wife, son, and our family dog Lottie.
Mid Levels was WAY to expensive. Also it seemed very noisy with cars honking, construction works.
Happy Valley was also too expensive.
I looked at Sai Kung - too remote.
Lamma island - a little too rustic and ramshacke for me, although it woudl have been good for our dog.
Discovery Bay - I considered it as an option, but I don't like how most of the apartments require a seperate trip once off the ferry.
Then, on the reccomendation I took a look at Park Island! Wow! After seeing all the other places (whcih took me 4 days to check it all out) I was blown away by PArk Island. The greenery, the cleanliness. The amazing facilities, pools, gym, parks, gardens, BBQs, etc.
Happy children running around, and HEALTHY looking people everywhere.
The apartments are quite reasonably priced, and of excellent quality. My office is in Central, so this is really perfect.
After renting a 1000 square foot place (at that time that was 24K a month, furnished) we decided to buy. We bought a similar sized place for around 6800 per square foot, which is cheeper and much better value and size than Mid Levels.
Every time I bring a friend over and show them around, they are equally amazed as me at this place.
Here is my prediction - Park Island will go from an unknown "jewel" of HK resort living to a highly desired place for expats to live. I just hope though that this trend does not change the lovely relaxed feel of the place as it has right now.
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Oh Remmy,
I do agree with you very much! I move to PI since Sep last year and we love it so much!
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pommy
13 yrs ago
There is a group on facebook called the Ma Wan Network.
Its a handy resource for locals
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Remmy
13 yrs ago
I will check out that Ma Wan Network some time. I know there is a Chinese langage one, but if there is an English one that would be great.
Here is a video clip of a nice apartment on Park Island.
https://youtu.be/xQifHXePX44?si=jGkzH5-a2zTX9-Ma
Ma Wan really seems to be a nice place to live for expat families.
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whats the approx rental price on a flat like the one in the video?
Sadly I just signed a pre-lease for a sh*thole south horizon place out of desperation. I'm regretting it big time but probably cant get my deposit back if I pull out. Will try to get half anyway. SH is way too canto/hk//local for my tastes and is in poor condition, and I have come to the realization that I need to be around a more international/expat/cosmo crowd.
a very costly mistake but PI sounds better
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Remmy
13 yrs ago
Park Island is certainly very livable. If you speak to residents there, there are almost universially very happy about the living environment, lifestyle etc.
Why don't you come over to PI and check it out. Lots of expats here, and all really fun friendly people.
Prices are around HKD 18 pewr square foot on Park Island to rent. Facilities are amazing.
Here is a useful blog about expats living on Park Island http://parkislandhongkong.blogspot.com
There is also a Park Island facebook group for expats which is very helpful.
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My uneducated opinion: Park Island is really horrible... horrible little spaces that aren't useable, crappy build, low low ceilings, that are really ugly, and the food situation is terrible (horrible restaurant we ate at, with a bunch of people at 10am finishing off beer in the courtyard - very inviting!).
And worst of all, a circle of buildings that look in on each other with a few metres of air to circulate at each end, yuck! And the TV downstairs. Did I mention horrible finish, terrible colours and tacky design.
I thought I better take a look at this overlooked paradise after Loyd's constant comments (call me crazy), as maybe I was missing something. Sorry DB is massively better, as is South Horizon, as is Mei Foo for that matter, and anywhere in mid-levels and places in Kowloon too - actually only marginally better than Jordan I think. I wouldn't live there ever. I wouldn't buy there either. Even the ferries seemed second class compared to DB boats the last time I looked. Dirtier? Not sure.
Amazing views of the bridge and ships and infrastructure though. And the village outside the gates had a much better feel to it. There is a locked fence, it felt to me it was there to keep the residents in....
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Remmy
13 yrs ago
I agree with you on one thing - Your opinion certainly does appear to be "uneducated". When was the last time you were at Park Island?
The photos on the Park Island blog site give a more realistic of how life on PI is like. I have lived in many places in HK before, and nothing else comes close in terms of quality, value for money, and convenience.
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My biggest issue with park island is the noise pollution from the airport. With the newly planned third runway, there will be over 100 flights flying directly over Ma Wan between 11pm and 7 am alone...thats a flight every 5 minutes or so. According to an article in today's standard, noise level tests reached over 80 decibels. Thats the noise equivalent of dragon I on a saturday night flying over your roof ever 5 minutes while you try to sleep.
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Remmy
13 yrs ago
Noise pollution is a fair concern to have.
All I can say is that I have found many parts of HK very noisy (whether its cars honking outside, busses, trucks, noisy neighbours, etc).
Most residents at Park Island find it very peaceful. Its so quite, that when a plane does fly above yes you can somtimes hear it. In most parts of HK, its so loud that you would barely notice it above the rest of the noise!
Also, the apartments are solidly built, with good windows and insulation, so again this keeps noise out.
This risk of noise was indeed a concern I had before I moved to PI as I am very sensitive to noise, and I had read a few things on chat forums about this. I can tell you for sure that I sleep better on PI than I have in any other place in HK!
I think there is a PI committee chairman who for whatever reason is highly opposed to a 3rd runway being built at the HK airport, but that really the fuss he is kicking up is unwarranted. There is a Park Island expat group website on Facebook that provides some good conversation on this topic if you are interested.
Ultimately though, the best test is to come out to Park Island and see it for yourself.
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Actually i read that standard acticle too and i feel i can compare because i do own one of these top floor apartments that have supposedly 80+ decibels every 5 minutes.
my own experience suggests that it's a complete non-issue, to the point that i am about to write to the park island ownership committee to suck it up and stop complaining. but who am i to tell other people what to think - especially when the result would help the value of my property.
admittedly i do not sleep with open windows (but who does anyway in hong kong??). while i am indoors, day or night, i have never noticed any plane noise. i am sure it does exist, but either i got used to it or it doesn't exist.
while i am on my top floor roof garden, i did notice the plane noise a few times in the last 2 years, but again it was not much of an issue. in fact my gut feel tells me that it was maybe 3 times over the course of a 6 hour BBQ feast. i might not have noticed due to getting used to it, but at the end of the day, my own experience counts for me.
so net-net: not much of an issue so far (and an issue that i was fully aware about when i bought my place)
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Remmy
13 yrs ago
Cookie - I LOVE those top floor apartments. Every owner I have asked about possible noise before I moved to PI has said the same thing - not a problem at all, and very peaceful. And indeed this is exactly what I found when I moved (much to my relief) as I was desperately seeking an apartment where I could sleep peacefully.
What's the rent on one of those penthouse Park Island places? Still available for 45K? Some residents were telling me they were going for 30K a few years back before PI became more popular with expats, but one rented recently for 65K apparently.
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One should attack the argument not the person where one disagrees. It only shows a lack of manners to do otherwise.
Actually the penthouses are nice (which penthouses aren't?) but they do not reflect the estate. They have very high ceilings, completely different renovations (cannot compare), outside terrace and roof etc. They have wide expansive views. I looked at 3 or 4, and yes one could live there, but at a multiple of the price of the rest of the estate and that is not what 98% of the estate is (ie no longer cheap). The rest have low ceilings and you look onto each other. Anyway, I visited it and did the whole tour. I fully recommend no one take my comments as gospel, go see. Spend the half day there like I did, it is nice to see what is out there. Ultimately I bought elsewhere. I did love the bridge views and the penthouse views were spectacular too. Anyway, I think my review is balanced, and time for a bit of balance about PI!
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dunno what the rental of these flats is, but i would not rent mine for 45k (primarily also due to the special interior design).
the 65k one was probably the best apartment in park island overall as it has good views, zero neighbour impact, a flat roof AND a top roof plus the decoration was very nice. taking that as a bench mark, i would rent mine for more like 55k or so
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We used to own a flat in Park Island. High floor in Block 2, 996 square feet with sweeping views. Reluctantly sold because we work on HK Island and the kids go to school there. PI is convenient by western standards but logistics too great with two kids going to school in North Point and extracurricular activities etc. By far the best quality lifestyle in relation to price in HK - of that there is no doubt (the prices have been constrained by the fact that cars aren't allowed which is big problem for many local buyers but not for me). Also, seen as inconvenient though the commute is quicker and cheaper than DB and there are more options as regards buses and ferries. The penthouses used to sell for HK$4m.
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Remmy
13 yrs ago
Cookie09 - I just saw your quote from exactly a year ago:
" i give you my take on PI (and i am an owner of a top floor bridge facing apartment). i think it will be difficult to ever reach 8000sqf (or 10000 for mine)".
I looks like you have been proven wrong, (which as an owner must be nice!). Prices for the penthouses are apparently now 12,000 per square foot or more depending on view etc. So for a 1500 square foot penthouse, it seems from speaking to agents recently, the prices are around 16-18mil.
Still of course great value compared to mid levels or nice places with ocean views on HK island, but still they have obviously come a lot it seems.
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Remmy
13 yrs ago
I thought the Ma Wan network was mainly expats? Most of the people posting on it seem to be anyhow.
For post offices, I have seen a few post-boxes around the island. One near the mall area, and one near the village. So I would just put letters for posting in there. I presume the 7 eleven shops on Park Island sell stamps? And as for letters, these get delivered direct to your mailboxes in the apartment lobbys.
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Remmy
13 yrs ago
I see. I have had registered items delivered no problem, but I am not sure about sending. I presume you could call Fex-ex or something like that? Otherwise what do you do? Get the shuttle to Tsing Yi?
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"Cookie09 - I just saw your quote from exactly a year ago:
" i give you my take on PI (and i am an owner of a top floor bridge facing apartment). i think it will be difficult to ever reach 8000sqf (or 10000 for mine)".
I looks like you have been proven wrong, (which as an owner must be nice!). Prices for the penthouses are apparently now 12,000 per square foot or more depending on view etc. So for a 1500 square foot penthouse, it seems from speaking to agents recently, the prices are around 16-18mil."
good call, i was indeed proven wrong. however i don't think the real price currently stands at 12,000/sqf. our flat is on the market at 10,500/sqf and we had no real offer yet (not that i would necessarily want to sell at that price)
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Remmy
13 yrs ago
Cookie - can I ask what is your size, tower, and asking price? Is yours 1500 sqft with rooftop and/or balcony?
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Remmy
13 yrs ago
Cookie - I just looked at bank valuations for the penthouses. It seems the bank vals are at around $11,000 per square foot. So for a 1200 square foot place on Park Island you are looking at aronnd 13 mil, and for the 1500 square foot places, around 16 mil.
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way over-priced imho. 16 mill to live under a bridge with thousands of dogs? I'm sure PI is nice by HK standards-- that's not my point.
HK is becoming, or really has long been, the 'turf' of the over-paid corporate sector and surplus cash of the mainlanders now. Monaco indeed, with chinese capitalist characteristics. how very post-colonial. No wonder most of the population is so unhappy and quietly desperate.
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hettich1 of WP Engineering allow me to suggest you take a flying leap out of one of your expertly installed windows that recently fell out somewhere :-)
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Remmy
13 yrs ago
"way over-priced imho. 16 mill to live under a bridge".
Actually the bridge view from Park Island, and the views over to HK island are actually an attractive feature of the apartments, just like the properties in San Francisco with bridge views are some of the most expensive and prestigious in California.
I love the open view across the water, and then the bridge lit up with lights in the distance from my balcony. Very peaceful, as you gaze over at HK island in the distance, knowing the intensity of the city over there in the distance...
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Remmy
13 yrs ago
Two good park island resources for expats:
http://parkislandhongkong.blogspot.com/
http://stevehackman.blogspot.com/2010/08/living-on-park-island.html
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Dear All,
I am actually leaving in PI, and looking for a part time maid.
It seems difficult to find an available part time maid.
Does someone knows a maid that can be available 3hours /week for cleaning and ironing in Ma Wan?
Or do you have someone to advise me?
Thanks in advnce and best regards.
Agathe
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Remmy
12 yrs ago
Not hard to find a maid on Park Island. Ask any helper you see walking around there, and she will probably have a friend who works part time who can help you. Also, quite a few residents there share a maid or use part-timers, so get to know residents there and they will surely help you out. The standard rate seems to be $50 an hour, or $60 is you are a little more generous. Local Chinese pay them as little as $40 I think.
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Remmy
12 yrs ago
Lloyd a follow up to this old thread. Do still own property there. You were right with your earlier prediction that prices were undervalued. They have move a up a lot since you posted that. But overall, I still think Park Island is cheap, compared to most of HK. Do you have any updates on the car access issue? I see people are talking about it again as a possibility with formal meetings now being held with the Transport Department both around car access and also issues around the ferry fare. Please do provide any insights you have. (And on a totally unrelated note, why do you have such a strange user-name! Must be a story around that to tell us).
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". You were right with your earlier prediction that prices were undervalued"?
Prices have moved up, but they have not gained ground against rising prices everywhere. If they were undervalued (relative to the rest of HK), then they may still be undervalued - but nothing has been proven yet.
I do agree that PI offers a very nice environment, and so it may attract Expat families that can no longer afford MidLevels, due to cuts in Housing allowances. Along with that, there are other alternatives like Olympic station, and "Four Little Dragons" and even Tung Chung, which may have more convenient transportation than PI.
Lloyd's name arises from his unusual back story where he was named Miss Venezuela for the beauty of his cooking, as learned from another Lloyd whose cooking he copied. (Or am I just imagining that ?)
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Remmy. I no longer own at Park Island. I was a reluctant seller but I needed to the money to buy in Fortress Hill where my kids go to school. Basically with PI, the low prices are due to lack of car access or parking. If this ever becomes possible, prices should rise dramatically. If you are an expat with no kids in local schools, then it is a pretty good place to live. It is well managed and pleasant - and from my flat in Block 2, I could even hear the waves lapping up on the beach. When I was an owner my concern concerns were the relatively high management fee for all the facilities and the worry that one day it may not be so well-managed. The development itself was originally planned as a luxury middle class development, hence the Banyan Tree spa. Unfortunately, when the first batch flats went on sale, the market had tanked and the flats were bought up by locals from Tseun Wan which didn't really fit the profile of the development. There was therefore more emphasis on keeping costs down raising the profile of the development. PI also didn't really attract many expats from Discovery Bay as it was seen as too local - even though facilities were much cheaper and better and travelling time was shorter. Now, I think PI can come into its own however unless the car issue is solved it will most likely lag the rest of the HK property market. However, you cannot get a better 'quality of life' development in HK in that price range. The ferry to Tseun Wan will end in December and be replaced by a more frequent bus service. The ferry to Central will remain. There is a proposal to keep the Tsuen Wan ferry and have a less frequent Central ferry but this will be probably be rejected by the owners' committee according to a friend who lives there. As for my name, I wanted to mix the preposterous (Loyd Grossman) with the exotic (Miss Venezuela).
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Remmy
11 yrs ago
Guys they have announced full acess to taxis now on Park Island. Took them a while though but I think this is going to now make it really quite a lot more attractive to some people who thought Park Island was a bit too remote or in accessible.
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nicoj
11 yrs ago
Believe it or not, to go from Central (Chater House) to Park Island only took me 17 minutes. I also tried from Admiralty (Pacific Place) to Park Island during rush hour at 6pm on a thursday and it only too me 22 minutes! It's really really fast. However the price is quite high as you have to pay for the Western Tunnel fee, and the Tsing Ma bridge fee. costs about $220.
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nicoj
11 yrs ago
If you go from TST it will be about $130/$140 and will take you about 15 min.
Now that taxis are allowed 24/7 any days of the week...it brings Park Island a lot closer to the action than a LOT of places in New Territories and Kowloon.
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Remmy
11 yrs ago
Ive done Central to Park Island in 15 and 16 mins door to door before, so beat you by a few mins (but admittedly that was in the late evenings). That is often quicker than Central to Mid LEvels the way the traffic is on Caine Road these days. The taxi price to PI is too high though I agree.
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If you have an pre-agreement with some taxi co's, you can get a 10-15% discount, I am told
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Remmy
11 yrs ago
Yes, that's correct. Actually there are some drivers who offer 25% off. I know people who use them, but in some cases you need to book them in advance. There is a whole network of them, so usually if you put the call out there will be someone who can take the pickup. For any foreigner who is not aware of this, just ask a local and they will give you the number of Park Island discount drivers. By the way, a Park Island penthouse apartment, not sure size but I think 1600 square foot apparently sold for 31m today, so I would think that is a new record for Park Island.
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A silly price, but as we know, there are silly buyers re-entering the market now.
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Remmy
10 yrs ago
OTP, just revisiting your post of 19 months ago. If you check prices today you will see that prices on Park Island hit a new high: http://hk.centadata.com/cci/estate_info_e.aspx?id=008600
Based on the interest I am seeing around this area and the new Macau-Zhuhai-HK bridge, I think prices will keep going up quite a bit more.
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indeed. i was actually thinking of buying another flat on the island even at the current high levels. call me crazy but it looks like a value bet compared to anywhere else in hong kong
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Cookie are you a local buyer? Would you also be buying if you are not yet a PR? That is my delimma. I agree park island is very good value and very nice for living too but do you think its worth it to buy property for a non PR as tax is higher?
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swapper i am on PR, so hand't have to think about the add-on tax. personally i think you can find good value even within Park Island (flat location, size, views, block number, etc), especially among the smaller sized flats. so that could compensate for the tax
jeremy, you are right but with 4 club houses all with pools and facilities, plus the angsana spa and other facilities around, I feel the "lost" sq ft is at least built into something that adds value to me - unlike other apartments where the "lost" space is built into bay windows, backside doors and outdoor or club space which nobody uses. doesn't negate your point which is valid, but at least gives me some comfort
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What is everyone's opinion between Park Island and Sea Crest Villa near Sham Tseng?
I have looked at apartments at both places, and I found the view in Sea Crest Villa to be even better. It is cheaper than Park Island at the moment, and within walking distance to Sham Tseng where all the restaurants and shops are.
However, it is much older than Park Island (around 10 years older I believe), and doesn't have the same garden type area on the ground level to walk around.
In terms of transport I think both places are quite similar?
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Remmy
10 yrs ago
Cookie I agree the value on Park Island is excellent (which is one reason I like it so much as an investment longer term).
Cookie/Jeremy one thing I am not sure of is whether in the quoted gross square foot, on a place like island, includes all the land of the estate, pools, gyms, clubs, tennis courts, play rooms, club houses etc. I know in a building all this would be included as public space as part of the commonly owned square foot divided by the number of units.
In terms of size though, anyone will realize right away when you see say a 750sq foot apartment on park island it looks the sime size as a 1000 (or more) square foot apartment in Mid Levels. That's why I actually think it makes sense to look at net square foot when comparing internal living space, and then make an assessment as to what you would give in terms of value to all the additional facilities.
As far as I know Park Island owners are all owners of a share of the land of Ma Wan covered by the Park Island Estate, which would mean as an apartment owner you would own a lot more land than in most places where you owned say 1/80th of the land on which an 80 apartment tower was built. Anyone else know for sure?
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remmy, indeed the DMZ for PI specifies that all clubhouses and roads inside the development are included. however the road along the beach front, the pier and a large part of the plazais public and not counted as common space
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Remmy
10 yrs ago
Ha ha, well yes I guess that true. In general Park Island prices will move in the same overall trend as the overall market. Ie up if market overall goes up and down if overall property goes down. But I do think Park Island will be less volatile on the downside as its almost all end-user and not speculative, and also because it represents a genuine value compared to rents as compared to many of the places mainlanders buy which do not. Above 10k (net) sounds right, but that is probably still only half of something like The Belchers or Residence Bell Air. So when I look at that, and think "where would I rather live" and "which has better facilities" Park Island really seems cheap by comparison. The big thing will likely be if or when they get private car access on park island. That, if it happens could in my view double prices.
Cookie, thanks for the clarification on the DMZ. Yes, the beach I am sure is Govt owned, but the estate and all the grounds, pools etc then seem to be owned by residents (ie I am assuming all the land inside of the estate area but not the boardwalk and the ferry terminal. Do how do you feel to own a decent chunk of land in HK :)
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" Above 10k (net) sounds right, but that is probably still only half of something like The Belchers or Residence Bell Air"
I don't think you can compare with HK Island properties. There's a psychological thing that gets people to overpay with HK, by maybe 20-30% - that's my guess. And I think it is a highly vulnerable premium.
You might compare with Olympic, and then adjust downwards for the extra commuting time.
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I wonder how Occupy Central will affect property prices? I looked at Park Island again today and loved it. Even got to see how the estate functions during a rainstorm as the skys opened up in the afternoon. Its pretty thoughtfully designed with shelters and covers enabling you to walk around without getting wet, right down to the shops or ferry terminal.
Off The Peak and Jeremy here are the latest prices: http://parkislandhongkong.blogspot.sg/2014/08/what-will-hong-kong-property-prices-do.html
There is a graph there (not sure how to post here directly) but the graph points to 10000 psf being hit in 2016. Are you saying we are there now? I would actually hope the market takes a hit on the political unrest in HK but that it then recovers over time as things settle back down.
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Remmy
10 yrs ago
Jeremy I spoke to an agent today very familiar with Park Island. The smaller units indeed seem to be really in demand. That probably is the case in general in HK right now. The larger units however are not seeing much movement, as the standoff between buyers and sellers continues. Rentals are rising at a steady but not overly fast pace apparently.
Swapper as for Occupy Central, PI is will away from that mayhem. If anything, it would be a safe place to work from home in my opinion :)
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