New | Cheung Kong latest developer to launch luxury project in Kowloon
Launch of Hung Hom waterfront project comes as luxury sector sees small price gains
The luxury residential market in Kowloon is seeing a new catalyst for demand following the success of Sun Hung Kai Properties' Ultima. This time, it is Cheung Kong Property Holdings' turn with its Stars by the Harbour waterfront project in Hung Hom.
Located on an 81,278-square-foot site that Cheung Kong bought for HK$3.51 billion in 2010, the project offers 321 units in four towers and nine houses, and is due for completion in June next year.
"Hung Hom is a well-established estate area. [Near the project] are two grade A offices developed by Wheelock Properties and a Shangri-La hotel. It is two minutes' walk to the waterfront," said Eric Lam, an agent from Ricacorp Properties. "The outlook is quite good."
The launch of the project comes at a time when the luxury residential market in Kowloon is seeing small price gains, although it is more stable than on Hong Kong Island.
According to research from Savills, prices in Ho Man Tin, which is close to Hung Hom, have increased 0.5 per cent over the past three months, largely driven by Ultima.
With the new cross-harbour rail line connecting Tai Wai and Admiralty scheduled for completion by 2021, agents expect more developments close to railway stations, which might lure more potential buyers to the Kowloon market.