Chic makeover
Wan Chai has undergone a dramatic makeover over the past decade. Before the 1990s, nobody would have thought the area would become a symbol of the hip lifestyle favoured by young professionals, with boutique luxury apartments costing more than HK$20,000 per square foot.
'Wan Chai will become more vibrant,' says Mandy Ho, senior marketing manager at Swire Properties. 'With the completion of more trendy and modern buildings, there will be more chic establishments.' Swire has helped to revitalise the areas around Star Street, Sun Street and Moon Street after building Star Crest in 1999 and Three Pacific Place in 2004.
King Chan, a manager at Ricacorp Properties, says: 'It was only about 10 years ago that boutique apartments with comprehensive facilities and clubhouses were built in Wan Chai.'
One example is Queen's Cube, a residential project launched in September last year and jointly developed by the Nan Fung Group and the Urban Renewal Authority.
'The charm of Wan Chai came from its rich history, and it is just as trendy as nearby Admiralty,' says Donald Choi, managing director of Nan Fung Development. 'Residential projects in Wan Chai need to cater for international tenants. Boutique apartments can provide more visual space and comprehensive facilities where residents can enjoy a drink with friends.'
A residential project, co-developed by Hopewell Holdings and Sino Land near Lee Tung Street and McGregor Street in Wan Chai, is in full swing.
'The lifestyle in Wan Chai is attractive to young people,' says William Wong, executive director of Hopewell Real Estate Agency. 'With more new residential projects due for completion, the property market in Wan Chai has great potential for further growth.'
