20 October 2017 - Situated between Fortress Hill and Quarry Bay, North Point is more than an ordinary district on Hong Kong Island. There are no fancy shopping malls, simply local shops with their own unique characteristics. There are no ritzy Michelin dining experiences, instead small family-run restaurants and street food outlets dominate the dining scene. With massive private property developments, serviced apartments and hotels built in the last few decades, the district continues to transform while maintaining a wonderful blend of the traditional and modern. North Point is also generally a more affordable area in which to reside, adding to the allure of living in this vibrant district.
North Point vs. North Point Hill
North Point and North Point Hill, also known as North Point Mid-Levels, are representative of two different lifestyles in Hong Kong.
Located on the eastern part of Hong Kong Island, North Point is one of the more densely-populated, diverse and energetic districts. The area is filled with authentic wet markets, shops and eateries. Away from the hustle and bustle North Point Hill sits above North Point and offers an upscale and low-density residential alternative that is known for its serene neighbourhood and elite school networks.
Why Settling in North Point Might be the Choice for You
Unlike other cosmopolitan districts on Hong Kong Island, North Point is famous for having a local vibe, providing a taste of the “real” Hong Kong. The extraordinary and diverse traditional wet market located on Chun Yeung Street offers a unique experience for expats, with a tram route running straight through it. Expats also frequently enjoy the pleasant jogging trails at nearby Braemar Hill which reward those who make it to the end with stunning views over Quarry Bay.
Additionally, the property prices in North Point are relatively affordable compared to other districts on Hong Kong Island. According to figures released in August, the average price per square foot of Eastern District, Wanchai District and Central and Western District are HK$15,870, HK$22,231 and HK$19,772 respectively.
The Property Market in North Point
The area has a dynamic blend of property types – public housing, private developments and serviced apartments – offering flats ranging from 300 to 1,400 square feet that cater to individuals and families with different housing needs.
New developments on Hong Kong Island are always in high demand, due to limited housing supply. North Point has been one of several Hong Kong districts that have benefited from a considerable number of new flats in 2017. Harbour Glory by Cheung Kong Property offers 400 flats sized between 432 and 1,595 square feet. The first wave was launched in April this year for between HK$23,600 and HK$40,255 per square foot. With no supply of new waterfront developments in North Point for many years, Harbour Glory set new price records for Hong Kong Island East. Two other projects put on sale were Victoria Harbour by Sun Hung Kai Properties and Fleur Pavilia by New World Development, offering 702 and 611 flats respectively.
With limited supply of new properties, the majority of properties in North Point and North Point Mid-Levels are over 20 years old and occupied by end-users. With convenience and a fantastic harbour view available to almost 60% of flats, the area is a popular choice for families, and property prices are relatively stable as a result. The average price per square foot was HK$15,663 in August, which is relatively low compared to other districts on Hong Kong Island.
The two large-scale developments in North Point – City Garden and Provident Centre – are known for their highly-efficient flats, which were priced at HK$14,688 and HK$14,559 per square foot respectively in August. Located uphill, North Point Mid-Levels recorded an average of HK$19,812 per square foot. For prospective buyers or tenants looking for a living environment surrounded by lush green mountain scenery, Pacific Palisades & Pavilia Hill could be good choices. The former is famous for its highly efficient flats with fantastic views and excellent facilities while the latter is a relatively new development launched in 2014 with flats sized between 597 and 1,521 saleable square feet. Its amenities include indoor swimming pools, game rooms, saunas, and gymnasium.
All the above points considered, would you make North Point your home? Click below to view listings currently available in the district or contact us to have our agents do the searching for you.
