Friday, Sep 19, 2014Friday, Sep 19, 2014
Asia
 

High-end 'micro-flats' latest trend for Hong Kong home buyers

Published on Aug 10, 2014 1:32 PM
 
In this picture taken on August 2, 2014, a woman waits at a pedestrian crossing surrounded by residential buildings in Hong Kong. At a glitzy show stall for a new residential development in Hong Kong, property agents with loudspeakers are promoting the latest trend in the overcrowded city - high-end "micro-flats" which still come with an eye-watering price tag. -- PHOTO: AFP

HONG KONG (AFP) - At a glitzy show stall for a new residential development in Hong Kong, property agents with loudspeakers are promoting the latest trend in the overcrowded city - high-end "micro-flats" which still come with an eye-watering price tag.

Hong Kong's poorest residents are used to making their homes in cramped accommodation, but now developers are touting minuscule upmarket apartments to reel in young middle-class buyers.

Although they are part of swish modern complexes, some of the newly-built studio flats measure as little as 16 square metres (177 square feet) and are on sale for HK$1.5 million (S$242,355).

Single entrepreneur Mike Ko is typical of the buyers that developers are targeting: aspiring home owners who are priced out of the overheated Hong Kong housing market.

 
If you are not a subscriber, you can get instant, unlimited access here

Videos