$3 Million something for 588 sq. feet for a private housing in Quarry Bay!! So expensive!I think my home at Siu Sai Wan, 698 sq. feet, only worth around $1.3 - 1.5 million.
This is not my actual home's advertisement. :D But it's another flat facing the hillside. It says "Green form" prize = $1.4 million, which means it's sold to those who were living in government owned public housing.
Why is my home so cheap? :D
Well, in people's mind, the locale is not one of the best on the Hong Kong Island. It's the most eastern area of the island. When it's humid, you are drowning in heavy fogs. When it's typhoon season, your building sways...
But I like it. :) It's leaning on the hill looking towards the ocean (背山面海), convenient public transits and grocery shopping. It's a relatively crime free area as well.
Another reason why my flat is so cheap, well, affordable is the right word, is because it was built under the pretext of "Home Ownership Scheme" (居者有其屋計劃) designed by the HK government. It's a scheme to let the lower middle class to be able to buy their own home. These homes are usually sold at 40-50% of market value.
However, if you do need to sell your house, you have to sell it to those who are living under the government rental housing flats, or you will have to compensate the government a huge lump sum of market value difference.
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