HK$126,923 Per Square Foot, Are You Kidding Me?
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HK$126,923 Per Square Foot, Are You Kidding Me?

No. It’s not a joke to inflate property prices in Hong Kong, a territory whose property rates is pretty much indicative of the condition of the economy.
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/>Reading through South China Morning Post yesterday at home I found out that one small shop in Causeway Bay was sold at HK$ 126,923 (US$ 16,066). No, that’s not the price of the entire shop. It’s just the price per square foot. Sounds outrageous and even looks ridiculous if you look at the location that deceivingly appears to cost much less.
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/>Causeway Bay is one of the premier shopping districts in Hong Kong, which explains that even if the location is not on top of an 88-storey shopping tower, the daily attendance of window and real shoppers is a real factor in those “reasonable” prices.
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/>Emperor International Holdings was the company that forked out the amount for the small shop mentioned above. The shop, which measures 1,300 sq feet and sales area of 942 sq feet, located in Russell Street amounted to HK$ 165 million. Monthly rental in that stretch around Times Square vicinity is around HK$ 200,000 to HK$ 400,000. The average unit price of shops in Causeway Bay is about HK$110,000.
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/>As per post-1997 property meltdown records show, a local investor paid for a shop in Shantung Street, Mongkok at HK$ 515,000 (US$ 65,189) per square foot. What a hefty amount.
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/>One unrelated thing. I wish buses interior would include its travel itinerary with a map. This should make the travel more tourist-friendly. Even non-tourist like me will appreciate especially if I am alighting somewhere in the route for the first time.