New Chai Wan Development Hyde Park Garden Dominates Local Rental Market with 50+ Deals in Two Months
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
Hyde Park Garden, the first new residential project launched in Chai Wan in over two decades, has rapidly become the district's leading rental destination, recording over 50 leasing transactions within two months of its mid-July handover. The development, jointly developed by Swire Properties and China Motor Company, has outperformed the established Blue Bay Peninsula in rental volume, with some former Blue Bay tenants relocating specifically for the newer building quality and balcony features. Current rental asking prices range from HK$23,000 for one-bedroom units to HK$30,000 for two-bedroom units with enclosed kitchens, with sea-view premiums reaching approximately 10 percent above courtyard or street-level views.
Key Points
- Hyde Park Garden at 99 On Yue Street, Chai Wan, completed handover in mid-July 2026 and recorded over 30 transactions in July, approximately 20 in August, and about 15 in September
- The development comprises 3 residential towers with 850 units ranging from one to four bedrooms, developed by Swire Properties and China Motor Company
- Average rent per square foot stabilized at approximately HK$49 to HK$51, surpassing Blue Bay Peninsula's average of HK$45 per square foot
- A 518-sq-ft two-bedroom unit at Tower 2 leased for HK$24,500 per month (HK$47 per sq ft), representing a 3.4 percent rental yield for the owner who purchased for HK$8.539 million in June
- Sea-view two-bedroom units start from HK$28,000 monthly, about HK$2,000 higher than cemetery-view units at HK$26,000
Why It Matters
The strong rental performance of Hyde Park Garden signals continued tenant appetite for newer developments in mature residential districts, even at premium pricing. For the wider Chai Wan property market, this development's success may influence future rental expectations and reshape the competitive landscape among aging estates competing for the same tenant demographic .
The strong rental performance of Hyde Park Garden signals continued tenant appetite for newer developments in mature residential districts, even at premium pricing. For the wider Chai Wan property market, this development's success may influence future rental expectations and reshape the competitive landscape among aging estates competing for the same tenant demographic .