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Home rents along Hong Kong’s East Rail Line expected to rebound quickly after opening of new cross-harbour extension

  • More families from Hong Kong Island East are looking for bigger flats in northeastern New Territories, Centaline executive says
  • Rents in Tai Wai, Sha Tin and Ma On Shan could increase by about 5 to 15 per cent in coming months

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The MTR’s Shatin to Central link at Hung Hom Station. Commuters from Tai Wai and Sha Tin will be able to travel directly to Admiralty from Sunday, instead of changing lines in Kowloon Tong and Mong Kok currently. Photo: Sam Tsang
Sandy Li
Rents at housing developments along Hong Kong’s East Rail Line are expected to rebound first, following the opening of the line’s cross-harbour extension on Sunday, May 15, agents said.
The extension will cut travel times between Tai Wai and Sha Tin in New Territories and Admiralty on Hong Kong Island to about 17 to 21 minutes from 28 to 32 minutes previously, making these areas more attractive to renters, they said, adding that some homeowners in Tai Wai and Sha Tin were already refusing to cut rents. Commuters from these two areas will be able to travel directly to Admiralty from Sunday, instead of changing lines in Kowloon Tong and Mong Kok currently.

“Mainland Chinese students were the major source of demand in these two areas previously, as they are close to Chinese University of Hong Kong and City University of Hong Kong. But we have seen more families from Hong Kong Island East look for bigger flats here,” said Dick Tsang, sales manager at Midland Realty for Sha Tin, Ma On Shan and Tai Po.

The 16-station East Rail Line will connect northeastern New Territories directly with central Kowloon and Hong Kong Island. Commuters will be able to reach the commercial and financial hubs in the Wan Chai North and Admiralty areas without changing lines. Admiralty station will become a mega interchange for four railway lines – East Rail Line, Tsuen Wan line, Island line and South Island line.

02:15

Hong Kong’s Exhibition Centre MTR station set to launch as part of new cross-harbour extension

Hong Kong’s Exhibition Centre MTR station set to launch as part of new cross-harbour extension

Families are looking for 1,400 to 1,600 sq ft, three to four-bedroom flats in Tai Wai and even in Ma On Shan, where rents are more affordable than Hong Kong Island, Tsang said. He recently helped a family lease a 1,602 sq ft four-bedroom flat at the two-year-old The Entrance development near Wu Kai Sha station for HK$65,000 (US$8,280) per month. “The project is new, and comes with a sea view,” Tsang said.

In Wu Kai Sha, more renters are looking for large units in Altissimo and St Berths since late April, he added. Buying activity, however, remains stagnant as demand has been dampened by a potential interest rate hike and uncertainties about the mainland border reopening, Tsang said.

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