Buying Specifically in Carib.Coast, Tung Chung (Lantau)

[drbubb]

Thanks a ton, Doctor.

I'm with you on most points - and will take you up on the face-to-face offer.

Where's your office?

 

PM has been sent

 

= =

 

Centaline's chart of CC ... update

 

 

Week==== : CCLI : MMLI : 18wMA: C.Coast : %change

02/17/2008 : 73.81 : 71.08 : 63.41

02/24/2008 : 73.28 : 70.33 : 64.15

03/02/2008 : 73.98 : 71.07 : 64.92

03/09/2008 : 73.50 : 70.5E : 65.61

03/16/2008 : 73.01 : 69.97 : 66.22

03/23/2008 : 72.79 : 69.72 : 66.78 : $3,162psf : + 4.05%

 

No sign of a downturn here. In fact, transaction volume remains robust, with about 20 transactions

last week. The recent norm has been 15-20 tranactions per week in the "good weeks" since last fall.

I think this backs up my idea that people from all over HK are escaping prices and rent rise to move

to Tc, where prices are still affordable, and value-for-money is good.

[drbubb]

...from the Main HK Property thread ...

 

A lack of new apartments, dating to developers stalling projects during SARS, is creating a shortage as demand soars from first-time homebuyers, investors and existing homeowners seeking bigger apartments, said Gordon Tse, a director at Midland Realty Ltd., Hong Kong's biggest publicly traded real estate agency.

 

New apartments offered by developers fell to a five-year low of 11,900 units in 2007, according to the government's Land Registry.

 

``We are not saying luxury home prices won't go up this year,'' Tse said. ``It's just that the price probably won't grow as much as the mass market.''

. . .

The affordability ratio, which measures homeowners' average monthly mortgage payment as a percentage of their income, was at 33 percent in 2007, compared with 93 percent in 1997, when the property market was on the verge of collapse, according to figures from Midland.

 

``That is still a very healthy ratio,'' said Buggle Lau, chief analyst at Midland Realty. ``Many end users are now able to afford to purchase their own properties.''

 

The prospect of persistent low interest rates is prompting more tenants to consider switching to owning properties. Rent gains over the past three years on average outpaced growth in average mortgage payments, Midland's Tse said.

 

EXACTLY. That's what I have been saying. It's good to see the press catching up.

What are all those overpriced agents who were ramping Luxury going to tell their clients now??

Might they not buy those overpriced peak places, and focus on the mass market instead ??

 

UPDATE - 1 Year on, how's Hong Kong Property doing ??

(I estimate MMCI, the Mass Market index, is up 30.95% yoy: 53.50 to 70.06)

======

 

Dynasty Court: $17,380 : 2008.03.18 / (HK$12,129 : 2007.03.16) +43.3%

+ Tregunter.... : $15,405 : 2008.03.18 / (HK$10,191 : 2007.03.16) +51.2%

+ Robinson Place: $10,013 : 2008.03.18 / (HK$8,266 : 2007.03.16) +21.1%

+ Taikoo Shing : $ 7,208 : 2008.03.18 / (HK$5,381 : 2007.03.16) +33.9%

Taikoo Shing............ 5,380.78 3.53%

+ Sun Tuen Mun Centre - on the Low end, in Tuen Mun

Adj. Unit Price: $ 1,873.48 : 2008.03.18 / (HK$1,632 : 2007.03.16) +14.8%

 

= = Newly added to Price indices = = =

+ Sorrento, in Kowloon Central

Adj. Unit Price: $ 11,543 : 2008.03.18 / est. $7,000 + 64.9%

+ Island Harbourview, in Olympic area

Adj. Unit Price: $ 7063.98 : 2008.03.18 / est. $4,900 + 44.2%

+ Tierra Verde, in Tsing Yi

Adj. Unit Price: $ 5,616.7 : 2008.03.18 / est. $ 4,300 + 30.6%

+ Caribbean Coast, in Tung Chung

Adj. Unit Price: $ 3137.73 : 2008.03.18 / est. $ 2,450 + 31.0%

[wisbechlad]

Let's hope not too many tenants in CC are from Oasis... just went bankrupt today

[drbubb]

Let's hope not too many tenants in CC are from Oasis... just went bankrupt today

 

The airline? That's sad. They had very competitive prices, but I wondered if they would make it.

There's lots of opportunity at the Hong Kong airport, so redundant staff may get picked up quickly

[AlexHK]

The closure of Oasis is bad news for Tung Chung, but we also got a very good one today : An hospital in Tung Chung (2.2b project starting next year) !

-----------------------

 

$2.2b earmarked for long-awaited hospital on Lantau

 

Bonnie Chen

 

Wednesday, April 09, 2008

 

Lantau residents' long wait for a hospital could soon be over.

The government has set aside HK$2.2 billion for a hospital with plans for work to start next year and the first phase to be completed in 2012. A second stage involving public-private partnership is expected to follow.

 

The Island District Council will discuss the proposal on Monday.

 

The first stage will be built on 1.9 hectares of land near Yat Tung Estate in Tung Chung. It will provide 160 beds with half for specialist and emergency cases and the rest for general nursing.

 

The government estimates the hospital will be able to handle 55,000 emergency cases a year.

 

ADVERTISEMENT

 

 

There will be 10 dispensaries for internal medicine, surgery, gynecology, pediatrics, orthopedics and psychiatry which, the government said, should handle 66,000 cases per year.

 

The hospital will also provide community rehabilitation, day surgery and resources centers.

 

Nurses will pay home visits to patients and social workers' counselling services will be offered.

 

According to government figures, there were 100,000 residents on Lantau in 2006 with 72,000 living in the new towns.

 

The government has projected the population will rise to 123,100 in 2015 and says the facilities proposed in phase one should be sufficient.

 

A spokesman said the government had only built hospitals in districts with a population of 200,000 or more but Lantau was different as it contained an airport and several tourist facilities.

 

The area is presently designated for residential use but the government will apply to the Town Planning Board for a change in July.

 

Island District Council vice chairwoman Chau Chuen-heung said the location was good as it was close to residential estates and not far from the airport, Disneyland and Ngong Ping 360.

 

"Tung Chung residents now need to travel 25 to 40 minutes to get to Princess Margaret Hospital," Chau said.

 

She said the many middle class families in Tung Chung meant a market for private-public partnership medical services would develop and that tourists may be attracted by private medical services when these are eventually set up.

 

 

 

[drbubb]

"Tung Chung residents now need to travel 25 to 40 minutes to get to Princess Margaret Hospital," Chau said.

 

She said the many middle class families in Tung Chung meant a market for private-public partnership medical services would develop and that tourists may be attracted by private medical services when these are eventually set up.

 

THAT is excellent news.

Eventually, we will have doctors moving into CC.

Shorter term, maybe some senior staff from the contractors

 

[drbubb]

TC: 27 minutes to Central, and less (?) to Macau ??

 

Major Infrastructure initiatives

 

One of the more significant infrastructure announcements this quarter was the

news that Hong Kong, Zhuhai and Macau have reached a consensus on the financing

of the long-awaited Hong Kong-Zhuhai-Macau Bridge. It has been agreed that

excess construction costs will be shared on the basis of the estimated benefits

that the bridge will bring to each region. The project has been greatly assisted

by the intervention of the Beijing Government, which appears to have placed a

high priority on the successful conclusion of this project. It is estimated that

Macau's tourism, gaming and MICE industry will greatly benefit from this project

with travel time between Hong Kong and Macau reduced to just a 20-minute

journey.

 

( MPOfund.com )

[drbubb]

CARIBBEAN COAST.ORG -

"WHy are Rents Rocketing"??

====================

 

There's an interesting discussing on the local chatboard, concerning rocketing rents

see: http://caribbeancoast.org/forum/index.php/topic,187.0.html

 

comments like this one:

A few months before I have seen ads in this forum 'the rents for 2BR is 6.5K ~ 7K'.

But now is going up to 9K. Why such a huge hike??

 

Here are my own comments there:

1/

Actually, there are a number of reinforcing factors at work here:

 

+ The supply-glut is over. When I moved into CC over 18 months ago, less than 65% of the flats were occupied. Now something like 95% of the flats are occupied,

 

+ CC and TC represents exceptional value. A survey by ECA in 2007, stated that the average Expatriate in HK was paying US$$8,500 per month (that's HK$66,000 !!) for a three BR flat. That's for an expat ghetto like Midlevels, sure. But compare with B&G flats at HK$12,000 per month or A&H flats at maybe HK$15,000 per month, and you will see that CC is a real bargain, despite the 30 minute commute from Central. Is living in TC such a hardship? I dont think so. Perhaps many expats are over-compensated, spoiled, and narrow-minded about where they are willing to live. (I was myself once-upon-a-time.)

 

+ Many people are experiencing painful rent rises in other parts of HK. To maintain (or enhance) their space, they are moving out to TC, and braving the "long" commute. They are finding that they like it here, and are recommending it to friends. (I am doing the same.) Some are fed up with rising rents, and ahve decided to buy. With interest rates so low, it is cheaper to buy in CC than it is to rent now.

 

+ As more people decide to buy as owner-occupiers, there are fewer and fewer places available for rental. The shortage of supply, is helping to push rents higher.

 

2/

Hi Zorro,

I agree with your points, and think $5,000 - 6,000 is very possible within 2-3 years.

Have you seen my threads "elsewhere", where I have been commenting on this trend since I first spotted it over 12 months ago.

 

Honeybee,

Your:

"When I moved in 23 months ago I signed a lease for 7K for a G unit in Phase II. Now going for 11K.

Once the buildings across the way open up, rents will dump again."

 

I expected that when La Rossa and phase4 came to market. But it didnt happen. Why not? Because those developments were marketed well, especially LaRossa. People came out to Tung Chung, to have a look, and discovered that they liked what they saw- it was a real bargain. So many owner occupiers bought, and more people moved here. And the occupancy rate jumped.

 

I expect that to happen again when the Midrises are marketed, starting next month. I think you will see prices and rents actually rise, as people coming to look at the NEW SUPPLY, actually create more than enough demand to absorb it. As I said, people will see that it is cheaper to buy than to rent, and loads of new buyers make "take the plunge", not only in the Midrises, but in the existing buildings like CC too.

 

I cannot guarantee this will happen, but think it is likely, given the market prowess of HKR.

 

Another factor that you cannot forget is that the ICC (at Kowloon Station, on the TC Line) begins to the first phase move-ins in July or so. As I ahve said repeatedly on GEI, do you think ALL those highly paid people who will work there will want to commute back to those expensive Midlevels properties? I doubt it. I expect at least 10-20% of them will wind up looking (and maybe renting or buying) in Tung Chung. By late 2010, over 20,000 people should be working in the ICC. 2,000 people looking for flats in TC- if it happens as I have suggested - are bound to put rents in CC much higher, and prices too.

 

No guarantees on this. But if it happens, you cannot say you were not warned!

 

[drbubb]

TRANSACTIONS: Relative strength in CC, and in the "mass market", as luxury stalls

 

Today's SCMP talks about a slowdown in transactions in April (not surprising given the typhoon weekend):

 

+ Value of Property deals declines 23 percent in April (at first, looks like one "lost weekend")

 

+ HK$33.5 billion in April, versus $44.01 billion in March

 

+ Mostly fewer "high-end deals", since the number of transactions fell only 0.4% to 10,945

 

+ Agents report: "The Market has been consolidating since early March, after home prices jumped more than 20%

from the December quarter." Centa-City Leading Index, a weekly gauge showed a 2.5 fall from the peak set in

early March."

 

+ March figures were skewed upwards by the sale of 2,000 new units at The Capitol, vs. 381 new units in April for

the whole of Hong Kong

 

+ In April, "Transactions recorded their strongest ever growth with a 97 percent rise to 102 deals"

[drbubb]

...Moving this discussion over from the HK thread, since it is very relevant to CC...

 

BIDDING ON A FLAT IN CC ===

1/

Hi DrBuBB,

 

Have been reading with interest your posts re: CC. I am thinking of entering at this level, with an investment of HKD 3.0 m. Just concerned about what I may be able to get in this and whether the views would be blocked once newer buildings get built in front. I live in UK but had invested in a flat in South Horizons 3 yrs ago and got a good return.

 

It's not too late, I think.

I bid on, and maybe bought, another in CC yesterday* (the owner lives in the US, I will find out later this morning.)

 

For about hk$3.1- 3.2 million you can buy a nice B or G flat of about 1,000 sf.

I have one (low floor, tower 16), that I just rented at hk$11,500.

If you are worried about the view, stick to high floor G flats in phases 3 and 4.

 

It's hard to buy and finance from the UK. Which agent are you using?

 

== ==

 

*I now own more than I want to keep. So my next transaction may likely be a sell, of a smaller flat.

I want to keep the larger flats with the sea views, since I think they are underpriced by HK standards.

Historically, the best demand here has been for the 2BR mountain view flats, which cabin crew rent

and buy. But I think that is changing as more expats move in here

 

2/

Bob76:

Have bid on a low floor B flat tower 8. Its currently with a tenant at 9k, although have been told that around 13k is achievable now. Am doing it through family who live in HK.

 

3/

Have bid on a low floor B flat tower 8. Its currently with a tenant at 9k, although have been told that around 13k is achievable now. Am doing it through family who live in HK.

 

hk$13,000 is not easily achievable. hk$11,500 (unfurnished) - hk$12,000 (fully furnished) is more realistic.

 

Price-wise, I would expect something like hk$3.1-3.2 million would be market-price for a low floor B flat in tower 8.

Personally, I would prefer the similar-sized G flat, because the view is better, and you will not lose it.

 

The below-market rents means you should try to by on the low end, or below the range I have stated.

 

Yesterday, my bid was successful, less than $3,400 psf for a 5th floor H flat overlooking the pool. These flats are not popular with

everyone, but I think the terrace is very handy, and will make the flat very easy to rent, especially if I lay a timber patio there,

and add one or more strong umbrellas.

 

(No need to say too much about the price you are paying, since I dont want others to see your post here, and tamper with your negotiations. Just let me know if you find my comments useful.)

 

4/

Do you need finanace? It may noy be as easy to get as you may think

[bob76]

 

 

Your comments have been very useful, thank you very much. Really appreciate your local knowledge. ( If I am correct, you live in the bldg, don't you?) Finance is sorted out for now, but would welcme any tips/suggestions for future financing.

 

Can you clarify whats the status of the land in front of CC? Are there any specific plans to build there? I was told that local residents will oppose any further construction that blocks the view so developers may find it difficult to get approval and the current plan is to use the area for putting building material for the bridge.

[drbubb]

Can you clarify whats the status of the land in front of CC? Are there any specific plans to build there?

I was told that local residents will oppose any further construction that blocks the view so developers may find it difficult to get approval and the current plan is to use the area for putting building material for the bridge.

 

I do live in a high floor flat in Tower 16.

 

There is no certainty about what will be built and when, and I really doubt that the residents could stop it.

 

The long term plans show buildings in front stretching from the ferry in front of Tower 16 to Tower 1.

In fact, I think a building blocking much of the phase 1 view is a near certainty, it could be about 40-50 stories high,

from the reports I hear. There have also been rumors in the past that a hotel of maybe 20 stories could go up in front of towers 12-16,

but I think that would come much later, years from now.

 

BTW, you might also check out the local chatboard: http://www.CaribbeanCoast.org

We bought one property thru that board, and got a decent price

 

For financing, I only got 60% on the last two properties, so 70% is not a certainty here

[surfdude]

This is my first posting but I have been viewing some of the property threads for the past month. Excellent forum Dr. B!

 

I have been living at Caribbean Coast since the spring of 2004 and have witnessed the transformation in Tung CHung. We now have a golf course nearby, the management at CityGate should be commended for turning the mall into ( it used to be the typical Giordano, Blue Star and other ubiquitous shops) an outlet centre, in the next few years we have a hospital, library and soon the Mariott hotel. It has been a big change with lots of added value.

 

The long term plans show buildings in front stretching from the ferry in front of Tower 16 to Tower 1.

In fact, I think a building blocking much of the phase 1 view is a near certainty, it could be about 40-50 stories high,

from the reports I hear. There have also been rumors in the past that a hotel of maybe 20 stories could go up in front of towers 12-16,

but I think that would come much later, years from now.

 

The Land in front of Caribbean Coast is slated for a mix of comercial and residential development according to the plan. The pile on the land belongs to the Civil Engineering and Design Department (CEDD) and will be used for reclamation (not necessarily at the site). I found this out when I spoke to a chap at CEDD a few years ago.

 

As you can see about half of the pile has already been removed and the area cleared and plots fenced in preparation for land auction. The list of land auctions can be found at the Lands Department. Here is the link: http://www.landsd.gov.hk/en/landsale/application_list1.htm?

 

Land auctions get posted, rolled over or removed at the beginning of each fiscal year (April 1). Last year when I was looking at the site I saw that one of the fenced plots (more or less the fenced area that is to the extreme East - directly in front of Tower 1) was in the rolled over area. I read the PDF file for this site and think the maximum height was listed around 140 metres (not including the foundations and podium floor). What caught my eye in the PDF file was a warning to potential buyers that the land may be geotechnically unstable and that it would be up to the developer to resolve any problems related to this. This site has since been taken off the Land Sales list of sites. I believe it was on the list for at least 2 years as it was in the rolled over section when I saw it. No developer was able to trigger an auction by meeting the reserve price. I did hear a rumour that Cheung Kong Holdings did try but their bid came it too low.

 

Another site in front did come on the auction site this April:

TCTL 37 Tung Chung Area 55b,

Lantau Residential R2 2.6200 Mar-09

 

The earliest it will be available is March 2009 and there is no PDF as of yet specifying all the fine details of its development. This site is the fenced area where the grass was cut a few months ago. Development of this site would more or less affect the views of apartments looking at Tuen Mun - Definately A&B more that G&H. Perhaps when the PDF is available for area 55b it will have the Geotechnically unstable warning as well.

 

Does anyone know what the risk/cost to developers to build on this type of land is?

[HollandPark]

The Land in front of Caribbean Coast is slated for a mix of comercial and residential development according to the plan. The pile on the land belongs to the Civil Engineering and Design Department (CEDD) and will be used for reclamation (not necessarily at the site). I found this out when I spoke to a chap at CEDD a few years ago.

 

Good posting, SurfDude.

And welcome. I cannot answer your query, but hope we see more of your postings here.

 

[AlexHK]

 

 

Another site in front did come on the auction site this April:

TCTL 37 Tung Chung Area 55b,

Lantau Residential R2 2.6200 Mar-09

 

-----------------------

 

 

Surfdude, here is a map I found showing the location of lot TCTL 37. If they really build high rise bldgs on it then no more sea view in phase 1...

 

[surfdude]

Another site in front did come on the auction site this April:

TCTL 37 Tung Chung Area 55b,

Lantau Residential R2 2.6200 Mar-09

 

-----------------------

 

 

Surfdude, here is a map I found showing the location of lot TCTL 37. If they really build high rise bldgs on it then no more sea view in phase 1...

 

That is the area that I had in mind. The area that was previously up for auction and subsequently removed was to the right of this. Personally, I wouldn't but anything in Phase 1 (even though I like the higher ceilings there) and only G&H flats in the newer phases. If area 55b gets developed in the next couple of years there will be alot of unhappy people in Phase 1. I already know of a few people who have sold up there in the last 6 months.

[drbubb]

That is the area that I had in mind. The area that was previously up for auction and subsequently removed was to the right of this. Personally, I wouldn't but anything in Phase 1 (even though I like the higher ceilings there) and only G&H flats in the newer phases. If area 55b gets developed in the next couple of years there will be alot of unhappy people in Phase 1. I already know of a few people who have sold up there in the last 6 months.

 

Here's the map with possible tower locations added, and a line-of-sight from tower 16.

 

 

I think the later towers (11,12,15,16) should be okay for A&H, plus those with a pool view.

I prefer the G flats to B, in phase 2 and above, since they will have mostly "forever views", as agents call them.

But, again, the pool views should be okay. And an obstructed view is not the end of the world, if you pay the

right price for the property.

 

How high will the new towers be? I think maximum is 140 meters, but some agents are saying it will be "mid-rises only".

It is hard to know whom to believe.

[surfdude]

Here's the map with possible tower locations added, and a line-of-sight from tower 16.

 

I think the later towers (11,12,15,16) should be okay for A&H, plus those with a pool view.

I prefer the G flats to B, in phase 2 and above, since they will have mostly "forever views", as agents call them.

But, again, the pool views should be okay. And an obstructed view is not the end of the world, if you pay the

right price for the property.

 

How high will the new towers be? I think maximum is 140 meters, but some agents are saying it will be "mid-rises only".

It is hard to know whom to believe.

 

Dr. B, Where did you get the map of possible tower locations? Is it from a potential developer and their plan to develop the land if they can successfully triger a bid and win at auction next year?

 

That particular configuration is not too reasuring for many of the views. I think the developer who buys the land will try to maximize their profits and build to the maximum. I remember talking to agents in previous years and there were all kinds of ideas of how the land was going to be used (amusement park being one) but from what I have read it is slated for residential (private).

 

A mid-rise would be nice to avoid a wall effect in front of Caribbean Coast. I also heard at one stage Cheung Kong Holdings wanted to buy the other plot of land to continue the eliptical curve of buildings to the coast. Which ever developer is successful, I hope they endeavour to continue the low density and balanced feel the area has taken on (something that is not typical of HK) but I have no faith that they would do so.

 

The lands department file for the area adjacent to this had the warning of being potentially geotechnically unstable. I am not sure how significant this is and may require the developer to spend more time pumping water out of the reclaimed land to help increase its stability.

[drbubb]

Dr. B, Where did you get the map of possible tower locations? Is it from a potential developer and their plan to develop the land if they can successfully triger a bid and win at auction next year?

 

That particular configuration is not too reasuring for many of the views. I think the developer who buys the land will try to maximize their profits and build to the maximum. I remember talking to agents in previous years and there were all kinds of ideas of how the land was going to be used (amusement park being one) but from what I have read it is slated for residential (private).

 

A mid-rise would be nice to avoid a wall effect in front of Caribbean Coast. I also heard at one stage Cheung Kong Holdings wanted to buy the other plot of land to continue the eliptical curve of buildings to the coast. Which ever developer is successful, I hope they endeavour to continue the low density and balanced feel the area has taken on (something that is not typical of HK) but I have no faith that they would do so.

 

The lands department file for the area adjacent to this had the warning of being potentially geotechnically unstable. I am not sure how significant this is and may require the developer to spend more time pumping water out of the reclaimed land to help increase its stability.

 

I'm glad you asked, because I wouldnt want people to have the wrong idea about its accuracy.

it is a PURE GUESS. I just took three towers from pjhase 1, and cut and pasted them on the plot outline.

Think of it as a possible "worst case" since the number of towers and their size will be constrained by the

plot ratio. If there were as many as that they would probably be well under the 140 meter maximum

 

A mid-rise would be nice to avoid a wall effect in front of Caribbean Coast. I also heard at one stage Cheung Kong Holdings wanted to buy the other plot of land to continue the eliptical curve of buildings to the coast. Which ever developer is successful, I hope they endeavour to continue the low density and balanced feel the area has taken on (something that is not typical of HK) but I have no faith that they would do so.

 

We can hope for a mid-rise, but it may only be a hope, unless the government specifies such restriction.

The government will aim to get teh maximum price, and the developer will pay so much, he will be forced

to build high - if allowed- to recover his cost. So presuure on the government up to the time of bidding

may makes some sense

 

The lands department file for the area adjacent to this had the warning of being potentially geotechnically unstable. I am not sure how significant this is and may require the developer to spend more time pumping water out of the reclaimed land to help increase its stability.

 

my guess is that it is a standard warnbing given to anyone who buys old landfill property

 

 

[surfdude]

So presuure on the government up to the time of bidding may makes some sense

 

I remember receiving something from the newly elected District Councilor about a petition to restrict the development to mid-rise buildings. I am not sure what action she has taken towards this or how she can bring it about. The last I remember she was trying to secure an office in one of the estates. It may be worthwhile to look further into this.

 

As I previously mentioned the PDF file for site 55B has yet to be uploaded to the Land Auction site. It could be that the Planning Department has yet to make a final decision for this area. I find there is a lack of transparency when trying to discern what the various government departments are up to. However, I do think there may be an argument for restricting building heights to preserve the aesthetic quality of the skyline in Sky City (as HRI dubbed Tung Chung during the launch La Rossa). Certainly as the Gateway to HK, Tung Chung and the airport area is attractive for arrivals.

[drbubb]

(AN excerpt from an interesting thread on the CC.org website ):

 

Quote from: unmario on August 22, 2008:

QUOTE

Actually I'm not looking for having any huge terrace, just larger space for living, that's why I've decided the option of combining two units.

At the time of my completion, the solution was (suppose still it is and maybe it will be) much cheaper (at least 50%) than purchasing in La Rossa for having same sizes of brand new apartments.

Especially after long research made through the Developers' Galaxy, most of the new solutions proposed as "luxury" development are pretty much "smoke in the eyes" for somebody not well aware about what the meaning of "luxury" is.

Paying such a premium for having German appliances (licensed in PRC and made especially for the domestic market), having "special branded lamps" in the common areas, receiving noisy greetings (I cannot say spontaneous) from some Clerk in uniform perfectly dressed (it happened during the launch of the development, right now they're wearing something not so formal) or having a Bell Captain ready for helping anybody at the entrance (tips are mandatory)

 

Maybe all this is good if you would have to impress some of your guests, especially if your guests are coming from the middle of nowhere and they just started to make use of the electrical power.

 

I would prefer eating the beef rather than tasting the smell only.

As many of you wrote on this Forum, Caribbean Coast could be improved.

I use to live in DB and right now I'm happily landed in CC, some "fine tuning" should be done for better appear but at least it's a real place made by real peoples.

UNQUOTE

 

Great post! I totally agree,

And more space, and a good view, can be an essential part of true luxury.

Much of the rest is merely decoration, and can be best - most cheaply - provided by the owner, to his/her own taste.

[drbubb]

Caribbean Coast - I am trying to extract the data from this chart / source

===========

 

 

- - - -----Midland---- : CL

CC= Cave Cmin Cmax : chart

----- ----- ------ ------ ------ :

Jun. ----- ------ ----- : 2,600

July ----- ------ ----- : 2,680

Aug ----- ------ ----- : 2,680

Sep. 2,767 2319 3404 : 2,690

Oct. 2,731 2338 3414 : 2,720

Nov 2,749 2332 3184 : 2,720

Dec 2,845 2360 3566 : 2,870

J '8. 2,963 2474 3913 : 2,960

Feb 2,981 2239 3827 : 3,000

Mar 3,080 2598 4055 : 3,080

Apr 3,148 2582 3974 : 3,130

May 3,155 2648 3730 : 3,110

Jun. 3,185 2761 3795 : 3,190

July 3,200 2747 3868 : 3,190

Aug 3,238 2627 3975 : 3,210

Sep

 

[AlexHK]

 

So far Caribbean coast resists well to the current crisis.

However, I noticed some unusual transactions like this one:

 

 

One flat was sold 2.07M and the day after the same flat in the same tower 3 floors below was sold 2.4M!

 

It seems a good negotiation can really make a difference these days…

 

[drbubb]

So far Caribbean coast resists well to the current crisis.

However, I noticed some unusual transactions like this one:

 

 

One flat was sold 2.07M and the day after the same flat in the same tower 3 floors below was sold 2.4M!

 

It seems a good negotiation can really make a difference these days…

There have been a few desperate sellers, includimg some that got hit by the fall in stocks (HSI below 20,000),

and by losses on Lehman's mini-bonds.

 

Bargain hunters may find this time fruitaful

[surfdude]

I talked to an agent on Sunday who said that you can get a low floor A or H flat in Phase 1 for 3.5 and in phase 2 the same flats on any floor can go for 3.7m. I wont be surprised if prices drop down to where they were in Dec. 2005 - Jan. 2006.