Posted by
woodphil
15 yrs ago
I am hoping somebody could give me some advice.
I want to buy an apartment and I would like to do it with a 90% or 95% mortgage from the bank.
I am looking at buying on Hong Kong Island and preferably in Wanchai. I would like a 3 bedroom apartment at leat 1000 square foot in size.
Looking to pay between 4 and 4.5 million.
Some of the real estate agents I have spoken to don't believe this is possible, Just wondering if anybody on here has any thoughts as to if im being realistic in my expectations or not.
Thanks
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Woodphil, I've just paid 5.5m for an 30-year-old 812 square foot flat in North Point (and we got it cheap!). For that price, you can get around 600 sq ft in Mid-levels. You may be able to get a 1,000 sq feet in the New Territories (eg DB, Park Island, Tuen Mun or Fanling). Just look at the latest transaction prices on http://www.centadata.com There aren't that many places now that trade around 4,000 psf and larger flats tend to be more expensive as regards psf.
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I would guess in WanChai you have to pay around 8,000-10,000 psf for a large flat at least. Sounds expensive but there is a shortage of good flats in that area. The flats in The Zenith development in Wan Chai Road go around that level.
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I think you will only be able to get an older property (with all the problems that entails) in most of the locations that LGMV has mentioned.
You can buy an nice 1,000 sf property in Caribbean Coast, Tung Chung with a seaview for under HK$4 million. (We sold one recently on a high floor there for $3.75 Million.) But then you will be facing a longish commute to HK Island.
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in causeway bay, sometimes you can see very old flats (60years), for sale for around 5-5.5 million. Since the prices rebounded, it will be very tough to find even these prices now.
in wanchai, there arent very many large flats available, but sometimes people knock down a wall and combine two units. These arent normally very nice inside though, with odd corners and such.
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Ok thanks for your advice on this. Maybe I have to re evaluate what im looking for.
Cheers
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HI Woodphil,
I have sent you a private message.
Jeff
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