Prospects look bright despite competition

One of the newest tenants to move into the more than four million sqft of office space at Tsim Sha Tsui's (TST) Harbour City is the West Kowloon Cultural District Authority, which has occupied more than 25,000 sqft as it sets about restoring a desolate part of Kowloon into an arts hub mixed with retail, office and residential space.

Dave Siu Wing-koon isn't bothered by the rise of potential rival premises being co-ordinated under his nose. The general manager (office leasing) at Harbour City Estates, the Wharf Group subsidiary which runs the development, is used to competition.

'When there's a new development the same question is asked. 'How do you see the threat to Harbour City?',' says Siu, recalling the hype around the opening of International Commerce Centre (ICC) and Elements mall. 'The ICC didn't take any tenants from us. Most of its tenants came from Central. They're targeting a different tenant profile.

'We're close to the West Kowloon Cultural District and after looking at all the options they eventually decided on the Gateway.' Siu notes that one of the West Kowloon authority's former senior executive resided in one of the Gateway's 499 serviced apartments.

'In terms of retail they have substantial space,' Siu says. 'I see it as a supplement and complement to Harbour City. We're still very strong on the retail side. If they want to build an office development, the standard is premium grade, just like ICC.'

Harbour City, built on the site of a former godown, is now a centre for fashion and luxury goods shops that are the jewels in its shopping complex. The two million sqft Harbour City, Hong Kong's largest shopping centre, boasts 600 shops, restaurants and a cinema complex.