On the waterfront of the southeastern part of Kowloon peninsula, Kai Tak is fast emerging as a new gateway to Hong Kong for cruise passengers and tourists, and a new home for residents.
The new Kai Tak Development involves 323 hectares of land being developed in three phases by 2021, costing more than HK$100 billion. The area will be turned into the 'Heritage, Green, Sports and Tourism Hub of Hong Kong'.
'There are a large number of operations in Kowloon East. Kai Tak will be a big boost to [the area's] development'
Angela Kwok, sales director, Midland Realty
Developers have been expanding their presence in the Kai Tak area to meet demand from the local population and to capture future growth. Modern, large-scale projects such as Sun Hung Kai Properties' Aria and Kerry Properties' Lions Rise have attracted many affluent new residents and investors to East Kowloon.
Recent transactions include:
A 1,263 sq ft unit at Lions Rise, developed by Kerry Properties, sold for HK$18.54 million, at HK$14,700 per square foot.
A 1,132 sq ft unit at The Latitude, developed by Sun Hung Kai Properties, sold for HK$11.8 million, at HK$10,400 per square foot.
A 1,548 sq ft unit at Aria, developed by Sun Hung Kai Properties, sold for HK$16.88 million, at HK$10,900 per square foot.
A 717 sq ft unit at Sky Tower, developed by Cheung Kong, sold for HK$6 million, at HK$8,400 per square foot.