In Hong Kong, HK$2.85 mln doesn’t buy you much space
29 November, 2018
Homes only slightly bigger than the average Hong Kong parking space are about to come on the market for HK$2.85 million (US$364,332). T Plus, a residential project in Tuen Mun in the New Territories, about a 45-minute drive from Central on Hong Kong Island, features tiny units measuring 131 square feet.
Chinese developer Jiayuan International and Stan Group, controlled by “Shop King” Tang Shing-bor’s youngest son Stan Tang Yiu-sing, priced these tiny units at an average of HK$21,755 per square foot, higher than the average of housing estates such as Taikooshing in Hong Kong.
However, the smallest apartment in this project, measuring 125 square feet, was not included for sale in this round. The unit, which included a washroom and washing machine, was only slightly bigger than the average size of a car park, but was still larger than a single room of 80.7 square feet in Stanley Prison.
T Plus joins a growing trend by local developers to maximize their profits by building small units that can fetch sky-high prices.
The new residence, developed by Chun Wo Development Holdings but later acquired by Tang Shing-bor, made headlines after Chun Wo made a controversial comment on nano flats in 2016.
“Even an emperor living in the Forbidden City sleeps in a dragon bed like this,” said Chun Wo director Poon Chi-choi, referring to the size of T Plus. “What many of the Hong Kong youngsters need is a room.”
He went on to say that the home size might be small, but it does not mean people can’t dream big. According to Poon, youngsters are getting more used to eating out so they do not need a kitchen. Likewise, they do not even need a washroom in this sharing economy.
So the entire design concept comes from student residences, where he saw many happy youngsters. “I have never heard parents of these students complain they are living poorly,” Poon said. “They said ‘I want to live here too’.”
Developers make more money in small-sized flats. As an example, T Plus’s units are priced at HK$16,937 per square foot on average, 30% lower than the average price of a nano unit.
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