Arts and cultural evolution
The future West Kowloon Cultural District will be the city's prime destination for the arts and leisure. Connections to the mainland will be second to none once Hong Kong's high-speed rail link, with its terminal near Kowloon station, is complete.
'Infrastructure means commercial opportunity, especially in property. Capital always follows infrastructure,' says Victor Lui, executive director of Sun Hung Kai Properties Real Estate Agency. 'West Kowloon is set to become the pivot for the economic development of South China. Luxury residential properties in West Kowloon are the favourites of mainland buyers and those who do business across the border.'
Sun Hung Kai is the developer of The Cullinan and The Arch above Kowloon station. A 1,221 sqft flat on the 28th floor of The Cullinan was sold for HK$25 million, or HK$20,475 per square foot, this spring.
'Kowloon station is a unique location with extensive infrastructure, and able to attract international investors,' says Karen Li Kan Fung-ling, director of corporate development at Wing Tai, which developed The Waterfront, the first property on top of Kowloon station.
Sino Land's The Hermitage is one of the most popular recent projects at Olympic station -one stop on from Kowloon- with more than 920 of the 964 units already sold.
'Only a handful of apartments are still available, including penthouses with infinity pool,' says Victor Tien, general manager of sales at Sino Land.
One of the largest developments in the area is the 650-unit Imperial Cullinan from Sun Hung Kai Properties. It is a sister project of The Cullinan at Kowloon station.