Netizens mock the idea as a moden twist of “coffin apartment” and “dog house”

Living in space capsule without space

Being seen on a website of local properties platform, a dozen tiny 20-square-foot capsules come with a television, air conditioning, memory foam and pillow for single person — and blue lighting for a flying-into-space sensation – are being rented out as tiny, cramped apartments in Sai Ying Pun, western district of Hong Kong. The tenants will have access to a shared toilet and kitchen.

Each “space capsule” pod is asking for HK$5,100 a month. Given that it is only a three-minutes walk from the newly opened Sai Ying Pun MTR station and close to Central and the University of Hong Kong, the rental is astonishing when an 800-sqeare-foot flat in the same building listed on the same website asks for a monthly rent of HK$24,500.

Netizens are in douth that this cramped subdividing setup can meet fire safety rules.

Living in a spacecraft without space

25th Oct 2016

One reason why mankind wants to explore space and conquer new worlds must be the skyrocketing cost of living on this planet, especially in this city.

Don’t you feel a bit downtrodden to know that a two-bedroom flat on Hong Kong Island fetches an eight-digit figure, while a one-bedroom unit costs more than HK$5 million? That even a tiny parking space in the New Territories demands over HK$2 million?

Now, let’s look at something smaller: a capsule. It’s been reported that a unit measuring around six cubic feet in Sai Ying Pun has just been rented out for HK$5,100 a month.

The units, apparently patterned after Japan’s capsule hotels, come with free air-conditioning, WiFi, LED lighting system, telly, dressing table, as well as pillows and blankets, according to rental website

Appropriately enough, the ad for the units says: “Living in a capsule, and flying in the universe.”

Residing in such claustrophobic space will certainly make you feel like an astronaut traveling in outer space.

You’d probably think the owner won’t be making much out of the deal, but guess what, there are 12 such capsules in that particular unit located in a 30-year-old building. The flat itself is around 830 square feet in gross area, or 659 square feet in actual size.

Assuming the owner can lease all 12 units, he’d earn over HK$61,000 every month, or almost triple the average rent for a similar unit, which is HK$23,000 a month.

And we haven’t mentioned yet the opportunity of turning the unit into an Airbnb or hourly hotel, which may further boost the return from these capsules.

Convenience is all that matters. It is only a three-minute walk from the Sai Ying Pun MTR station, which opened last year.

And because it is located in a good district, it commands a premium to the HK$2,800 monthly rental for a similar capsule available in Sham Shui Po, the center of subdivided flats in Hong Kong.

Because of the surge in home prices, some subdivided flat owners have thought of various ways to enhance the yields of their units, and their usual strategy is to further subdivide the units until each can accommodate nothing else but a small bed – plus the tenant and their pair of shoes, of course.

Thus, like in the case of the Sai Ying Pun capsules, subdivided flat owners can turn a space normally intended for four tenants into something that can accommodate 12.

These 30-square-foot bed spaces have seen their rent go up over 15 percent in the past two years. The current rate for such space is HK$3,500 a month.

In other words, one pays an extra 50 percent to live in a mini spacecraft with WiFi and other high-tech pretensions.

You may think it’s ridiculous to pay a rent of over HK$100 per square foot, which is higher than some of the priciest units at the Peak.

But if you live in Hong Kong, that’s the reality – unless you want to fly yourself to the moon or be part of the Mars One mission.

Source: EJinsight

More Related News:

  • HK second-hand home property is slowing downJuly 20, 2015 HK second-hand home property is slowing down Hong Kong primary residential market are more attractive. Lately the price of primary residential market almost similar with the secondary-market flats, most of the home buyers prefer […]
  • Price of HK housing is leading the worldJune 16, 2015 Price of HK housing is leading the world Home prices up by 19% YOY in 1Q15, Hong Kong ranked the top of Global House Price Index Knight Frank released the latest Global House Price Index for Q1 2015 showing the slowest growth […]
  • E-shopping in HK is boomingNovember 4, 2015 E-shopping in HK is booming Hong Kong's high rental fuels online shopping boom. High rent is the major reason for businesses not to keep physical stores in Hong Kong. Therefore, local retail chains, like Belle […]
  • HK prime office rents are leading worldwideOctober 16, 2015 HK prime office rents are leading worldwide Prime office rents in average costed $255 per sq. ft. in the first half year of 2015. Knight Frank released its Global Cities 2016 Report which studied the cost of renting office space […]