HarbourView to set new benchmark in Kowloon
Sun Hung Kai Properties is going to set a new rental benchmark for luxury residential leasing in Kowloon, with plans to lease its hotel-like serviced apartment project at HK$60 per square foot a month.
The proposed rent is comparable with rents at top-end serviced flats in traditional luxury districts on Hong Kong Island.
The 300 hotel-like serviced flats at the project, known as HarbourView Place, will occupy the 50th to 70th floors of one of the twin towers that form part of the three-tower development at the MTR Kowloon Station.
The three-tower development, which includes the 118-storey International Commerce Centre, comprises 2.5 million square feet of grade A offices, one million square feet of luxury residences, another million square feet of hotel space and serviced apartments for lease, as well as a shopping centre of one million square feet, or a total gross floor area of 5.5 million square feet.
'With the facilities and services provided in the comprehensive complex, tenants are willing to pay a premium for the property,' said Belinda Kuan, an assistant general manager of Signature Homes, the leasing arm of Sun Hung Kai Properties.
Leasing of HarbourView Place units will start in the fourth quarter of this year.
The property will be completed in spring next year.
The rent is comparable with the HK$58 to HK$81 per square foot a month rate at the 519-unit Four Seasons Place at International Finance Centre in Central, according to Ms Kuan.
The entire IFC development at Hong Kong Station is developed by a joint venture between Sun Hung Kai Properties and Henderson Land Development.
Anne-Marie Sage, the national director of Jones Lang LaSalle's residential department, said the average rent for prime serviced flats on Hong Kong Island was more than HK$45 per square foot.
She said the Four Seasons Place achieved more than HK$60 per square foot for certain units.
