Kowloon East CBD plan follows in footsteps of Singapore’s Marina Bay
District seen maturing as shortage of offices and tenants' desire to spread out take hold
Cities around the world have long competed for recognition through the creation of iconic skylines.
Hong Kong's is justifiably famous, but property experts say the government now hopes to turn Kowloon East into a new business district, following in the footsteps of Singapore's successful transformation of Marina Bay into an iconic financial landmark.
"Hong Kong has similar aspirations and its advantage, of course, is its closeness to China," said David Ji, head of research at property consultant Knight Frank. "For commercial properties, especially the office market, the government is developing Kowloon East in a plan to build a second central business district there.
"There have been some land sales and transport improvement projects there. The government also plans to move many of its offices there. Meanwhile, in Kowloon East, a few new buildings are already attracting tenants and buyers.
"Given the office shortage in Hong Kong, many tenants' desire to decentralise and the planned moving of government offices there, it will, in the medium to long term, become a more mature business district."
Kowloon East - comprising the former Kai Tak airport, Kwun Tong and Kowloon Bay - covers 488 hectares. The government aims to turn the industrial area into a business district with grade A offices, an international cruise terminal and tourism facilities.
"International property investors are increasingly looking to this area for opportunities," Ji said, adding that the development picture in Hong Kong was different from Singapore.