Pride of Kowloon
A cape on the tip of Kowloon peninsula pointing towards Victoria Harbour, Tsim Sha Tsui is without doubt the most popular tourist hub in metropolitan Hong Kong.
Although luxury residential property is limited, it is difficult to miss The Masterpiece, jointly developed by New World Development and the Urban Renewal Authority. The skyscraper comprises 345 flats, ranging from 816 to 5,260 sqft, and a shopping mall called K-11.
In 2009, a 4,088 sqft flat at The Masterpiece fetched as much as HK$150 million, or nearly HK$36,700 per square foot. A 1,581 sqft unit at the development was sold at HK$26.93 million, or HK$17,034 per square foot in October last year. 'Tsim Sha Tsui is right at the heart of Hong Kong, with convenient transportation to everywhere. The location enjoys beautiful sea views and is also a shoppers' paradise, so it is ideal for locals and expatriates,' says Barbara Ho Ng Yin-yue, executive director at New World Real Estate Agency.
Slightly further north, exclusive apartments facing the Kowloon Cricket Club are considered the most established luxury cluster in the district. Popular developments include Carmen's Garden, Emperor Height and Eastview. In the heart of Tsim Sha Tsui, luxury apartments are also available for lease, such the Gateway Apartments in Harbour City and The Pinnacle in Minden Avenue. Michael Tse, district sales director of Midland Realty, says luxury residences in Tsim Sha Tsui are always in demand, particularly from investors looking for long-term capital gains.
Jeff Law, director of residential sales for Kowloon at Savills, says: 'The strong presence of commercial activities means many local and overseas businessmen love to live in the district.'