Real Estate

Turning one 3 bedroom apartment unit into 18 affordable rental units (Hong Kong)

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  • Aug 16th, 2017 5:00 pm
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Aug 10th, 2017 3:57 pm
seatiger [OP]
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Mar 30, 2017
1213 posts
973 upvotes
GVA

Aug 10th, 2017 3:57 pm

Turning one 3 bedroom apartment unit into 18 affordable rental units (Hong Kong)

Image
Image

original space is 1654 sqft for the above unit.

There are 17 units being converted to affordable rental units, for a total of 270 units for the project.

80sqft to 200 sqft per unit, rent is from c$1384-3257/month.
80sqft, no window c$1384/mo
80sqft with window c$1547/mo
luxury unit c$1791/mo
200sqft luxury unit c$3257/mo

rent include hydro, water, strata fee, wifi.

Affordable units to low income people, more income for developers, less headache in government, win-win-win.


edit: here is the link of the news
and translation
Last edited by seatiger on Aug 10th, 2017 3:57 pm, edited 2 times in total.
Reason: Title edit
profit on 6/23/2021 = 117.61% since 11/10/2020 to be exact😎
33 replies
Aug 10th, 2017 4:01 pm
sidde0
Deal Addict
Jul 8, 2008
1040 posts
414 upvotes
Toronto

Aug 10th, 2017 4:01 pm

$17.3 per sqft and OP says its affordable Face With Tears Of Joy
Aug 10th, 2017 4:03 pm
seatiger [OP]
Deal Addict
Mar 30, 2017
1213 posts
973 upvotes
GVA

Aug 10th, 2017 4:03 pm

sidde0 wrote: ↑ $17.3 per sqft and OP says its affordable Face With Tears Of Joy
in HK yea lol... crazy city
profit on 6/23/2021 = 117.61% since 11/10/2020 to be exact😎
Aug 10th, 2017 4:03 pm
santafe
Member
Jun 30, 2009
366 posts
214 upvotes

Aug 10th, 2017 4:03 pm

Where? Can you post your original link?
Aug 10th, 2017 4:07 pm
seatiger [OP]
Deal Addict
Mar 30, 2017
1213 posts
973 upvotes
GVA

Aug 10th, 2017 4:07 pm

santafe wrote: ↑ Where? Can you post your original link?
updated with link!
profit on 6/23/2021 = 117.61% since 11/10/2020 to be exact😎
Aug 10th, 2017 5:14 pm
sircheersa
Deal Guru
Feb 22, 2011
13061 posts
16662 upvotes
Toronto

Aug 10th, 2017 5:14 pm

reesefitzmaurice wrote: ↑ are you even allowed to do this?
I believe this is in China, so probably.

As bad as we have it in Toronto with RE prices we should at least be somewhat grateful the quality of life is much higher for the average person.
Aug 10th, 2017 11:08 pm
dantey
Deal Addict
Jul 14, 2002
2657 posts
1295 upvotes

Aug 10th, 2017 11:08 pm

please don't come into my room. i'm unclogging the toilet beside my bed.
+1
Aug 10th, 2017 11:12 pm
funnykiddy
Member
May 15, 2015
227 posts
64 upvotes
North York, ON

Aug 10th, 2017 11:12 pm

dantey wrote: ↑ please don't come into my room. i'm unclogging the toilet beside my bed.
Ewwww I rather sleep in the park.
Aug 10th, 2017 11:22 pm
BiegeToyota
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User avatar
Dec 13, 2016
4324 posts
3847 upvotes

Aug 10th, 2017 11:22 pm

This is a nice looking building. Why would they turn it into a ghetto?

OP, are you Chinese/HK? Can you answer who lived previously there? Did the previous owners sell it for a huge profit or what?

80sqf home... that's sad and Canadians here whine because they don't want to live in spacious 2 bedroom condos in downtown core.
+3
Aug 11th, 2017 7:34 am
speedyforme
Deal Guru
Dec 11, 2008
11261 posts
2271 upvotes

Aug 11th, 2017 7:34 am

THat looks so sad. These are not units, they are barely bedrooms. Enough room to fit a bed and 1 step to the toilet/sink. Not even a closet or a window in some of them.
+1
Aug 11th, 2017 10:49 am
Piro21
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Nov 15, 2004
20585 posts
4327 upvotes
Toronto

Aug 11th, 2017 10:49 am

I've seen bigger and more functional crew quarters on cargo ships. Way to destroy a nice building and turn it into slums.

From what I can see, these rooms have no sinks, no cooking areas, no dining areas, no work areas, no rest area or anywhere to keep a TV or computer, no place to keep clothes, food, cleaning supplies, your ironing board, or anything else. Then on top of that you get the luxury of having someone spy on all your internet traffic. Each unit is basically a prison cell with a shower. What idiot would pay for these?
+1
Aug 11th, 2017 12:15 pm
S52B
Member
User avatar
Dec 17, 2009
254 posts
179 upvotes

Aug 11th, 2017 12:15 pm

Piro21 wrote: ↑ I've seen bigger and more functional crew quarters on cargo ships. Way to destroy a nice building and turn it into slums.

From what I can see, these rooms have no sinks, no cooking areas, no dining areas, no work areas, no rest area or anywhere to keep a TV or computer, no place to keep clothes, food, cleaning supplies, your ironing board, or anything else. Then on top of that you get the luxury of having someone spy on all your internet traffic. Each unit is basically a prison cell with a shower. What idiot would pay for these?
A lot of people actually. If you ever visit HK you will understand. No one cooks there, and everyone is always out because they really have no space to chill at home.
Aug 11th, 2017 12:18 pm
fdl
Deal Fanatic
Dec 5, 2009
5754 posts
3588 upvotes

Aug 11th, 2017 12:18 pm

I feel clostrphobic just looking at that picture.
+1

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