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Moving to HK in the coming months

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  1. #1

    Join Date
    Jun 2015
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    35

    Moving to HK in the coming months

    Hello all,

    I’ve just received a job offer for the HK office a multinational finance-related firm. Waiting to get the official offer and begin the compensation discussion. Not quite sure what they will offer, but have a rough idea; also, the HR rep told me that it would be all salary and bonus, so not expecting any sort of extensive expat package. From my research it seems that the days of the loaded expat package are waning, but the offer should come with relocation allowance and tickets home.

    Will be moving with my wife, who also works in a finance-related field, so between our two salaries I am pretty sure that we will be able to carve out a comfortable niche for ourselves. It is just the two of us, no kids yet. We live in New York now, so we’re used to, and kind of prefer, apartment living; although I realize that what we have now is spacious by comparison to anything that we will find in HK. Both of our offices will be in Central and our jobs will likely require considerable travel. We’d like to be no more than 30 minutes door-to-door from work and no more than an hour from the airport. Right now, I am looking at the areas on HK island surrounding Central, from Kennedy Town east to North Point.

    I have a few questions:

    1. Are there other neighborhoods to which I ought to be paying attention? We’d like to be fairly central and have food and entertainment options, but don’t need, or even want, to be in the poshest most happening areas. By way of comparison, in New York we have lived in Harlem and Brooklyn.

    2. The HR rep already told me that there will be no separate housing allowance. I have read, however, that employers can designate a portion of your salary as a housing allowance for tax purposes. Is this true and is it something that most employers are willing to do? Is that something to ask for in the negotiating stage or is it best to wait and make those arrangements once I come on board? Things are a little tricky, because I am not talking directly to HR in HK, but with someone from the company’s headquarters in another city.

    3. I’ve been looking at apartments online and it seems that the kind of place that I am looking for (building with a gym, new-ish finishes, larger 1BR or moderate 2BR) can be found in the HK$25k to HK$40K price range. Are the prices that I am seeing on squarefoorHK and HKhomes accurate? Or will things be more expensive or cheaper once I am on the ground?

    Obviously, this is all at the internet search stage for me and things will get more concrete once I am on the ground, but any information that I can glean now will help me in my and my wife’s compensation discussions.

    We are both very excited about the move. Thank you in advance for any and all suggestions.

    Best,
    j r


  2. #2

    Join Date
    Nov 2007
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    2,112

    I second Kowloon Station and Olympic. They're a good compromise if you need to get quickly to Central or the airport. 40K will get you a decent size (1000 sq ft +) apartment in Olympic.

    j r likes this.

  3. #3

    Join Date
    Oct 2014
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    4,188

    Hi OP - welcome to Hong Kong (soon)!

    I grew up around NYC and would go against the previous recommendations on Kowloon/Olympic given you have lived in Harlem and Brooklyn. For your best comparison I would say Kowloon/Olympic is like Jersey City or Hoboken - quick commute to downtown and midtown but not "the city" vibe or feeling. Worth a look if you really value space and newness of building over anything else though. They are both huge apartment complexes on top of large shopping malls and you have to walk through the malls to get in and out of your building.

    If your budget is as wide as $25-40K you could easily find something on HK Island 1-2 bedrooms, but keep in mind they will be small, think 550-600 sq. ft. or less. The newer the building, the smaller the apartments tend to be unfortunately. I saw a few places in brand new blocks in Kennedy Town/HKU areas in Western district at those prices and the buildings had pool, gym, etc. when looking around a few months ago.

    SamSeborn, Elegiaque, shri and 1 others like this.

  4. #4

    Join Date
    Jan 2008
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    1,966

    For $40K you can rent a 3 room apartment at Goldwin Heights, Seymour Road, Mid Level. 3 minutes from Escalator. Walking distance to SOHO. Shuttle bus to Central. Swimming pool Gym. Super Markets on Robinson Road 3 minutes walk. Public buses.

    shri and Elegiaque like this.

  5. #5

    Join Date
    Nov 2007
    Location
    Wanchai
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    5,063

    Ive been receiving some email correspondence on a new development in Wanchai called 'The Avenue', phase 2 still being built.

    They have 1, 2 and 3 bedroom apartments, around 550 sqf + and 30-40k. Clubhouse, gym, indoor and outdoor pool and the location is excellent.

    I am thinking of renting there when my current lease is up actually. If you want me to forward on the emails i received (with photos of some of the available 2 bedroom units) then let me know.


  6. #6

    Join Date
    Oct 2012
    Posts
    6,531

    @j r

    You could also consider Sheung Wan, where you could just walk to Central in the cooler winter months. In Sai Ying Pun, you might want to look at Island Crest, which is fairly new, has nice facilities and is within your budget. Also, SOHO189 is new and in a similar location, or closer to Central but more expensive is Centerstage on Hollywood Rd. In SYP in general, there are tons of new buildings opening. The area in Wan Chai around Star St. is also quite nice.

    From Hong Kong Station (in Central) you can take the airport express, which is a bit pricey, but extremely comfortable and efficient. You can be from Central to your gate in less than an hour, I think. From other areas, there are airport express buses, which are also pretty reliable.

    I personally don't care for Olympic/Kowloon because, like someone said, I hate the idea of going home through a shopping mall and find the built environment/construction too far removed from nature, but given it's convenience for the airport/central it's always worth considering!

    If you wanted something truly different you could consider living in Mui Wo or Discovery Bay (~30 min. ferry ride to Central), which also have close access to the airport as they're both on Lantau.


  7. #7

    Join Date
    Jun 2015
    Posts
    35

    Thanks all. I just got the offer. It's light on expat benefits (no separate housing allowance, no tickets home), but the comp number is a significant bump from what I am making now. Plus, as I said, my wife makes good money and we have no kids yet. We should be able to get along nicely and still save a bit.

    In terms of neighborhoods, thanks for the suggestions on Kowloon and also thanks for the warnings. I took a look at some apartments over there and they are certainly newer and more spacious. Not sure that I like the idea of living above a mall, though. Guess that I'll have to get on the ground and see for myself.


  8. #8

    Join Date
    May 2006
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    What has not been mentioned is that the square feet advertised are not what you actually get, the reality will be lower.


  9. #9

    Join Date
    Jun 2015
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    35
    Quote Originally Posted by hullexile:
    What has not been mentioned is that the square feet advertised are not what you actually get, the reality will be lower.
    Interesting. I see that listings have a total square footage and then square footage in saleable area, which is considerably smaller. Are you saying that the actual footage is even smaller than that?
    Last edited by j r; 20-06-2015 at 12:17 AM.

  10. #10

    Join Date
    May 2006
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    29,769
    Quote Originally Posted by j r:
    Interesting. I see that listings have a total square footage and then square footage in saleable area, which is considerably smaller. Are you saying that the actual footage is even smaller than that?
    I'm guessing it will be the lower of the two, the net area. The higher figure includes your percentage of the lobby, lift etc. Also I understand that they measure from the outside of the walls not the inside and they include window sills.

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