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EXPERT OPINION FROM YUEN LONG
Yuen Long, The Suburb Metropolis
Text: Bruce Sin      Photo: Wing
Yearsfull Real Estate Agency Co., Limited (hereinafter as “Yearsfull”) located in Kowloon West has been established and working as a commercial and residential property agents for many years. Five years ago, Yearsfull started its first branch in Yuen Long District, specializing in the field of primary and secondary private residential property business. In accordance with excellent customer service and hospitality, and the condition of being direct agency for Sun Hung Kai Properties who possess a large number of land development projects in the district, Yearsfull has taken dominant position in primary property market among others small and medium size agency companies in the same district. With the advantage of primary property leading the market development of secondary property, Yearsfull has now become one of the expert estates agents in the district.

Jacky Tang, Sales Director of the company, said the company chose to open stores in Yuen Long, where is far away from the city, even the last stop in the local property market. But there are still many relatively favorable conditions for development, such as property price is lower than the city; the West Rail, Tai Lam Tunnel and other major transport facilities have been put into service, which has significantly narrowed down the distance between the city and urban area. Furthermore, the relationship between the neighboring country, more choices of high-quality property projects in the region and better quality of living condition attract a number of frequent travelers between Hong Kong and mainland China and the manufacturers favored customers. Plus the district also provides a lot of the choices for first home buyers. All of above shows numbers of development potentials in this district.

Looking back the year of 2010, property price in Yuen Long District has increased nearly 20 percent. It is not inferior to downtown property. Before the launch of the additional stamp duty, the proportion of local investors and users were 50/50, but nowadays only about 20 percent are investors and users are leading the market. At present, the most transactions are made in Yoho Town. In the last 6 months it has kept about 40 transactions per month in average, with the average price of $5,180 per sq. ft., while following by The Parkville about 15 transactions per month with the average price of $3,371 per sq. ft.  Meanwhile the market focuses more on buy and sell but not much on leasing properties, which reflects the buyers have strength and can hold the properties in the long run, and still feel positive on the market.

Looking forward in 2011, the market has gradually digested the negative factor caused by the additional stamp duty. Currently the capital market is still, interest rate remains low, and the expected inflation will continue rising. The investment on buying property is still the first of choice to hedge against inflation. Plus the domestic investors with plentiful fund being able to hold property for long term, further tightening of domestic policy on property purchasing and the appreciation of the RMB, it is expected more fund turning into Hong Kong estate market and raising the property price. The highlighted project in Yuen Long this year is Sun Hung Kai properties at Po Yip Street. The units from this project will on sale soon which is expected to stimulate the price rising of properties in Yuen Long. Without government further moves to suppress the property market, it is estimated that Yuen Long District estate property prices will raise 20 percent this year. As a result, Yearsfull is planning to open other branches at appropriate location to get ready for the opportunity and so should the property buyers.
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