Yuen Long Flat Rents at Record High as Demand Outstrips Supply
AM730 · 2 SOURCESabout 2 hours ago4 MIN
Summary
A two-bedroom unit at La Cite Du Bonheur (朗城滙) in Yuen Long has set a new rental record for the estate, fetching HK$20,500 per month on a fresh tenancy. The 533-sq-ft flat on the high floor of Tower 1 was initially listed at HK$21,000 but was secured after price negotiations, translating to a rent of approximately HK$38.5 per sq ft. The tenant, a teaching professional, decided to commit immediately after viewing the property, citing its convenient location near MTR Long Ping Station and panoramic views. The landlord purchased the unit brand new in 2020 for HK$9.6 million, now generating a gross rental yield of about 2.6%.
Key Points
- The unit at Tower 1, Flat F, high floor, spans 533 sq ft with a two-bedroom enclosed-kitchen layout, leased at HK$20,500/month
- Centaline Property Yuen Long District Sales Manager Wang Qin-xue (王勤學) reported that local rigid demand and inflow of talent and students have been driving residential rents higher
- The tenant, a teaching professional, was attracted by the estate's proximity to MTR Long Ping Station, comprehensive community facilities, and open views
- Given the severe shortage of available rentals in the market, the tenant made an instant decision to lease after inspection
- The development at 1 Long Ping Ma Wang Road was completed in 2019, comprising 4 residential towers with 720 units in total
Why It Matters
This transaction highlights how competition for quality rental units near MTR stations remains intense, potentially squeezing household budgets further. Prospective tenants face mounting pressure as limited supply continues to collide with robust demand, with competition for quality rental units near MTR stations likely to intensify in the months ahead.
This transaction highlights how competition for quality rental units near MTR stations remains intense, potentially squeezing household budgets further. Prospective tenants face mounting pressure as limited supply continues to collide with robust demand, with competition for quality rental units near MTR stations likely to intensify in the months ahead.