18th July 2013
Thanks to Chinese Students, Shatin’s Rental Surges by 30%
Summer holiday has just begun, more students from mainland China are competing to rent properties in Hong Kong. A two bedrooms unit (gross area: 314 sq. ft.) at Grandeur Garden in Tai Wai was leased to a student from mainland China for US$1,800 a month, an average of US$6 per sq. ft., which is 30% more than market rate. The per sq. ft. rental price is the highest ever in Tai Wai. In order to secure the problem, this mainland China student paid a year’s rent up front, amounting to US$22,100.
The Riverpark, a newly completed development in Shatin, has been receiving keen rental interested. However, given the limited supply of units, the rental also rocketed. A high floor F unit at block 1 of The Riverpark which overlooks Che Kung Temple was leased at US$2,500 a month (US$4.9 per sq. ft.) – the record high of the development.
Students from mainland China most often compete for small size apartments, which triggers the surge of rental price for small units. A one bedroom unit (gross area: 390 sq. ft.) at block G of Shatin Centre was leased at US$1,900 (US$4.8 per sq. ft.), a price that’s very close to the newly completed The Riverpark.