Tuen Mun & Yuen Long, Hong Kong
Yuen Long has grown from a small market town in the 1970s into one of the largest new towns in the north western new territories. The area has developed into a major population hub with approx. 450,000 people.
There are two distinctive industrial areas in Yuen Long. Tung Tau Industrial area and Yuen Long Industrial Estate. They are located north of Yuen Long New Town. These two industrial areas came under the management of The Hong Kong Science and Technology Parks Corporation which is a Quasi Government Body. It offers developed land at cost on its estates for manufacturing and service industries which can help to broaden the industry base and upgrade technology levels, thereby benefiting the overall economy of Hong Kong.
According to the Hong Kong Science and Technology Parks, the criteria required to select companies was as follows:- The industrial project must be of a nature which effectively prohibits it from being carried out in an ordinary multi-storey industrial or commercial building available on the open market in Hong Kong.
The project must not be classified as an offensive trade under Government regulations. The main criteria are as follows:-
1) The primary activity must not be storage or warehousing.
2) New or improved products or services;
3) New or upgraded technology;
4) High added value based on the use of local material and manpower;
5) Products or services for which there is strong demand from local industry;
6) Substantial contribution to Hong Kong's exports;
7) Significant investment particularly in new machinery and equipment;
8) Employment at a higher level of skill.
Apart from manufacturing and service industries, specialized and sophisticated supporting services such as research and development, technical centres, prototype design etc, are also encouraged by the Corporation.
Some examples of companies in Yuen Long include Nestle Dairy Farm, Eu Yan Sang and Hong Kong Petrochemical Co. Ltd.
The recent opening of the Hong Kong Shenzhen Western Corridor has given a big boost to this area as reported by CBRE recently
According to the CB Richard Ellis report published in the second quarter 2007:-
“Within the second quarter of 2007, interest in local industrial properties was spurred by the inauguration of the Hong Kong-Shenzhen Western Corridor on 1 July 2007. The corridor has further stirred up trading activities between Hong Kong and the Mainland, especially Guangdong. The 5.5-km corridor provides a direct link between Shekou in Shenzhen and Yuen Long Highway, via Ngau Hom Shek in the northwestern New Territories, and cuts the journey time between Hong Kong and Shenzhen by 30 minutes.”
In April 2007, four industrial buildings in Yuen Long sold for a combined sum of $213.88 million. The buyer, Yu Tai Hing, released plans to redevelop these four adjoining buildings into a low-density logistics centre, with a maximum gross floor area of 290,000 sf.
With road networks between Hong Kong and the Mainland improving, the transport of goods will increasingly be by road. Industrial premises in Yuen Long, Tuen Mun and other areas in the northwest of the New Territories will be the beneficiaries, since their role as transit points between Mainland factories and local customers will be enhanced.
Transactions of industrial properties in the northwest of the New Territories were exceptionally active in the last quarter, as investors rushed in before the opening of the corridor.
We anticipate this area to grow rapidly as a logistics hub in the coming years as a result of this new additional link to Shenzhen and growth in trade.
Both Tuen Mun and Yuen Long are accessible by the West Rail Line feeding directly into the stations. KMB routes and minibuses are also found terminating in Kowloon.
02. Pok Fu Lam
03. Island West
07. Wan Chai
08. Tai Hang/Jardine's Lookout
09. Happy Valley
10. Causeway Bay
11. Island East/North Point/Quarry Bay/TKS
13. Stubbs Road/Peak
01. Cheung Sha Wan
02. Tai Kok Tsui/Olympic Station/MongKok
03. Kowloon West/Kowloon Station
04. Tsim Sha Tsui/Tsim Sha Tsui East
05. Hung Hom
06. Ho Man Tin
07. Kowloon Tong
08. Kowloon East/Kwun Tong/Kowloon Bay
Principles Property Agency Ltd.
Licence No. C-005420
14/F, Honest Building,
9-11 Leighton Road
Tel: (852) 2882 8115
Fax:(852) 2882 1125