Classy oasis thrives
Central Kowloon is home to some of the most expensive residences on the peninsula, with easy access to elite schools and every part of the city.
Building height restrictions under the flight path of the former Kai Tak airport resulted in low-density development.
The better-known luxury properties include Sunderland Estate in Hereford Road, Beverly Villa in La Salle Road, and Parc Oasis and Village Gardens along Tat Chee Avenue.
Newly built projects include Mount Beacon, developed by Sino Land and Chinese Estates, and One Beacon Hill by Cheung Kong. Wing Tai Properties has marketed luxury homes of its Forfar project at Forfar Road, with special units tipped to be about HK$20,000 per square foot.
In Kowloon Tong, Chinachem Group paid a record HK$1.63 billion for a site at 3 and 5 Ede Road at a government auction last October. It will build a 12-storey luxury complex with 48 units. Kerry Properties is investing up to HK$1.8 billion for a luxury development comprising several dozen homes at 1 Ede Road.
Festival Walk is the largest shopping centre in the area. Jeff Law, director of residential sales for Kowloon at Savills, says the extension of the railway network to Ho Man Tin will strengthen the area's attractiveness and property values. He says Central Kowloon boasts all the advantages for a luxury district, such as low density, ample open space, easy transport and elite schools. 'Supply is limited and luxury homes are able to maintain good values. New properties in Kowloon Tong often command better prices than those in Ho Man Tin. Even old luxury residences in Cornwall Street can easily sell for more than HK$20,000 per square foot,' he says.