Walk around Hong Kong island and it's not hard to see flats in 300+ sq. ft. gross floor areas (GFA) selling at 2.8 million Hong kong dollar. Wait a minute. The net usable area (NUA) is often much smaller than, usually at an average of around 75% of, the gross floor area (GFA). Take the one from this link for example. 341 sq.ft x say 75% that would be around 256 sq. ft for the net usable area (NUA) or internal floor area (IFA). You have to appreciate the works of the property developers on how ingenious they are to turn this kind of 256 sq. ft. net usable area (NUA) into a one bed room apartment with living/dining area plus room for kitchen and toilet. Adding to the difficulties, some even got 12 sq. ft windowsill (窗臺) which is part of the net usable area (NUA). How did they do it amazes me. How do the banks evaluate property prices really puzzles me. And how would anyone buy it surprises me.
It's so small that imagine the following scenario:
- The owner invites her friends to play Mahjong at her small flat. One of them has to sit inside the toilet.
- And when her boy friend uses the toilet. He has to step one foot on the bath tub to urinate pretty much the same way as you see those male dogs in the park.
The rest of the luxury lifestyle living in that flat is up to your imagination.
Well, I just don't add up. May I ask you how long would you be able to make 2.8 million Hong kong dollar considering your current monthly income? Would any economist come out and explain to us why the bubble in our economy is still acceptable when the worst worldwide depression since 1929 was just happened less than 2 years ago. Please be reminded that the HK$ 2.8 million is only the price today, we have just heard from the property tycoon that inflation is yet to come. And please don't forget, you have not included the 20-30 years interest amount for the mortgage. Something I am sure, the interest rate won't stay that low forever. Well unbelievable isn't it, this is Hong kong, Asia's world city.
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