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Red hot Lamma
Colleen Lee
Monday, May 16, 2011
Red hot property prices have hit Lamma Island - a top-floor village house of 700 square feet sold recently for a whopping HK$3.3 million.
The top unit of the two-story village house near Yung Shue Wan pier was sold to an unidentified buyer a couple of weeks ago, a source said.
It fetched about HK$4,700 per sq ft, the highest psf price recorded on the island, even dwarfing some real estate in the New Territories and urban areas.
The property was earlier estimated by banks to be worth about HK$2.8 million.
The transaction in the village house cluster at Po Wah Yuen, popular among expatriates, has rattled the tranquil island.
"Things are no longer the same," a property agent on the island said. "It is difficult to find a cheap flat in Po Wah Yuen now."
There are nearly 100 houses of two and three stories in Po Wah Yuen, which is more than 30 years old. Situated near the pier, houses there are generally priced about a quarter more than those further away.
Agents said home prices on Lamma largely depend on their proximity to the pier rather than their age and view.
They said at present there is only a 450 sq ft ground-floor flat with two bedrooms and a sea view for sale, with the owner asking HK$1.8 million. That means a psf price of around HK$4,000.
An American who identified himself as Richard moved to a 700 sq ft seaview flat on the island six years ago.
The apartment was then worth about HK$1.5 million, he said.
"Are you kidding?" said Richard, who appeared surprised when told about the price of the latest transaction. He said a property agent told him last month that home prices on the island were stable.
He fears people who want to settle on Lamma may now find it more difficult to buy a dream home.
A Mrs Chan, who has lived on Lamma for more than 40 years, said it is not possible to stop skyrocketing property prices from spreading to the island.
She expects people may have to opt for Cheung Chau if they want to buy cheaper flats.
A couple surnamed Cheung, who live in an urban area and were visiting Lamma, found the price "a bit too expensive."
They joked they had planned to spend their retirement on Lamma but this now appears difficult.
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