A survey by Citibank has found that the Wan Chai area, which includes Happy Valley and Causeway Bay, has the largest number of millionaires of any district in Hong Kong.
The district is popular because it is convenient, and with some of the finest schools, restaurants, shops and social facilities. 'It is within walking distance of Times Square,' says Donald Choi, managing director at Nan Fung Development, when describing the location of Winfield Building, the 84-unit, twin-block project overlooking the Happy Valley racecourse.
The developer plans to market Winfield Building, with units ranging from 1,940 sq ft to 2,468 sq ft, after giving the property a complete refurbishment rather than rebuilding it.
Another new project in Happy Valley is The Altitude by Kerry Properties. Homes at the 124-unit project are all nearly 2,000 sq ft and enjoy spectacular views of the valley.
Hopewell's Broadwood Twelve is supplying 76 units, starting at 1,650 sq ft.
New homes in Causeway Bay are few and far between, but it is a favourite location for developer Soundwell, which is launching Park Haven in Haven Street with a clubhouse and swimming pool. 'From Park Haven, you can see the spectacular Hong Kong Stadium, yet it is just moments from the shopping paradise of 'Triangle d'Or' in Causeway Bay, where Russell Street, Yun Ping Road and Leighton Road intersect,' says Vivian Chan, executive director of Soundwell Holdings.
In Tai Hang, The Warren from Wing Tai is a French-style luxury apartment, near many interesting restaurants.
On the western side of Hong Kong Island, Lexington Hill by Wheelock, Belcher's Hill by New World Development and The Sail at Victoria by Hong Kong Land are cosmopolitan additions to the traditional Kennedy Town.
'Its urban location means it enjoys all the convenience of city living. It is near a future MTR station,' says Ricky Wong Kwong-yiu, managing director of Wheelock Properties.
Samson Law, managing director of Hong Kong Sotheby's International Realty, says Western District was among the first places settled by the British.
'Most of the old buildings were built small and narrow. Also, the ownership is strata-titled, meaning there can be tens of owners for one single lot. It is difficult for private developers to acquire the properties from the majority of owners. It explains why the new homes there won't be very big in size,' Law says.