Property’s value is a result of the interaction of many attributes. Besides the traditional attributes like age, floor, SFA and GFA, additional attributes like distance from MTR station and qualitative attributes like view contributes to variations of the property value. Yet, these additional attributes are generally not available in property databases like EPRC.
This section reveals the additional attributes unique to South Horizons and its potential impact on property prices, which supplements our valuation results and to facilitate the investment decision-making of potential buyers and sellers.
- Sea View (SV, +ve effect)
Sea views can bring higher value for apartments since the sheer view of an apartment facing the sea is considered pleasant and desirable, and offers good work-life balance, with opulence and luxury. It is generally considered that the overall livability index, including air quality is better in apartments facing the sea, as occupants can experience fresh breeze and changing view, which indicates serenity and calm environment. Located along the waterfront of Ap Lei Chau, South Horizons enjoys a breathtaking sea view of the Aberdeen Harbour. - Mountain View (MV, effect uncertain)
Mountain view is generally considered a desirable trait for properties in Hong Kong due to the open and relaxing scenery. However, in the case of South Horizons, Towers 23-28 are just located one street away from Ka Yuk Kwai Shan (known as Fake Mount Johnston), and their view is also totally blocked by the mountain (Towers 23-28 have building height ranging from 103-120m while Ka Yuk Kwai Shan has a height over 140m), thus an open scenery is not likely. The effect of mountain view on property price is therefore mixed in the case of South Horizons. - Cemetery View (CV, -ve effect)
Cemetery views bring significantly negative impact to property prices in the Chinese markets, as the traditional culture and superstition in Feng Shui insist that residents facing the cemetery would more likely be affected psychologically as Yin energy enters the house, which brings uneasiness and back luck to the occupants. Towers 1-7 of South Horizons faces the Aberdeen Chinese Permanent Cemetery across the harbour, thus will have a large discount compared with other apartments. - Public Housing View (PHV, effect uncertain)
In general, the existence of public housing in private residential areas can lead to a reduction in nearby property values, especially when the public housing is not compatible or comparable with the host neighbourhood. But the effect is also highly dependent on the standard of management of the public housing estate. South Horizons is one of the Blue Chip Housing Estates of Hong Kong which is dominated by middle-to-high income households. Although its proximity to the public housing development Ap Lei Chau Estate is expected to bring negative value to the public-housing-facing apartments in Towers 29-31, our study shows an uncertain correlation between the two. - Distance between subject property flat and nearest MTR exit (Dist_mtr, +ve effect associated with close proximity to MTR station)
With MTR being the most popular mode of transport in Hong Kong, properties located near MTR stations bring immense convenience to its occupants, and are associated with higher property prices. The distance from MTR stations to South Horizons ranges from 1 minute to 7 minutes of walking time depending on location.