Home prices impact SAR ranking

Business | Carrie Chen 15 Mar 2017

Hong Kong ranked 71, out of 231 cities, in the overall quality of living due to its high home prices and political and social uncertainties, according to a survey conducted by consulting firm Mercer.

Vienna leads for the eighth year, with most of the top 10 being European cities: Zurich is in second place, Munich is fourth, and Dusseldorf, Frankfurt, Geneva, Copenhagen and Basel are ranked from sixth to tenth.

Singapore tops the ranking in Asia, followed by five Japanese cities - Tokyo, Kobe, Yokohama, Osaka and Nagoya.

"Economic instability, social unrest and growing political upheaval all add to the complex challenge multinational companies face when analyzing quality of living for their expatriate workforce," said Ilya Bonic, senior partner and president of Mercer's career business.

Mercer also separates the city infrastructure this year, in order to "assesses each city's supply of electricity, drinking water, telephone and mall services, and public transportation as well as traffic congestion and the range of international flights available from local airports," says Mercer.

Singapore also tops the city infrastructure ranking, while Frankfurt and Munich share second place, Copenhagen is fourth and Dusseldorf fifth. Hong Kong and London both ranked sixth.

"A city's infrastructure, or rather the lack thereof, can considerably affect the quality of living that expatriates and their families experience on a daily basis," said Slagin Parakatil, principal at Mercer.

"Access to a variety of transport options, being connected locally and internationally, and access to electricity and drinkable water are among the essential needs of expatriates arriving in a new location on assignment," he said.

"A well-developed infrastructure can also be a key competitive advantage for cities and municipalities trying to attract multinational companies, talent, and foreign investments," he added.

Meanwhile, Sun Hung Kai Properties (0016) increased the price by 10 percent for its latest batch of flats at Cullinan West in Nam Cheong.

Nine out 123 flats rolled out in the latest batch are sized about 270 square feet.

The highest price of the nine flats is HK$7.949 million, or HK$29,441 per sq ft, which is believed to be the most expensive in West Kowloon and along the MTR line.

The price is even as high as HK$6.1 million, or HK$22,964, after the maximum discount of 23 percent and a 1.5 percent cash rebate.

SHKP will sell 309 flats this Saturday. The market says it has already received about 6,500 subscriptions.


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