Star Street and local attractions lure hip, young professionals and businesses to Admiralty
Close to the central business district, and with a number of first-rate bars and restaurants, this area is becoming increasingly popular with those seeking home with a difference
Admiralty is developing into a centre of attraction for commercial and residential developments.
The area’s biggest project in recent years has been the redevelopment of the Tamar site into the government headquarters, which started operating in 2011. Facing Victoria Harbour, the Tamar complex also houses the Chief Executive’s Office and Legislative Council Building.
Although there are very few residential developments in Admiralty itself, Wan Chai and Mid-Levels do come into play in the district, according to property agents.
There are a number of residential buildings on Queen’s Road, which cuts through Admiralty, but most of them were built in the early to mid-1980s.
One of the top residential developments in Admiralty is the Star Crest, developed by Swire Properties. Apart from being in a good location, homes in this project have high ceilings and a good layout. Large, well-placed windows make homes bright, and the kitchens and bathrooms have quality fixtures and appliances.
Star Crest comprises of two towers of 32 and 37 storeys, with six units per floor. Facilities include a swimming pool, outdoor and covered children’s play areas, sauna, golf-simulator room, table-tennis room, aerobic dance room and gym.
According to Centadata, average upper-floor flats in Star Crest, with a gross area of 980 sq ft, can be rented for HK$45,000 per month, which works out at HK$58 per square foot.
Mandy Fong, associate district manager of Mid-Levels at Midland Realty, says that Admiralty and its nearby areas attract expatriates and there is an influx of these professionals looking to lease or buy. There are also local and mainland-based investors interested in property projects in the area.
“Star Crest and its adjoining areas like Queen’s Road, Lower Wan Chai are quite affordable to these professional expats because of its convenient location and access to the [central business district],” Fong says.
The average sale price of a one-bedroom 729 sq ft gross floor area flat in Star Crest is about HK$15 million, according to Fong.
In nearby Star Studios, another recently released project by Swire Properties, rent for a studio flat of 341 sq ft is around HK$20,000 to HK$22,000 per month, up from HK$15,000 to HK$16,000 last year.
Star Studios is the developer’s newly renovated residential development for lease. Located near Three Pacific Place and the StarStreet Precinct, Star Studios is nestled in a hip community surrounded by a line-up of cafes, flagship restaurants, fashion boutiques and chic furniture outlets. The residential property will be available for lease in the last quarter of this year.
According to Swire, the property is completely renovated inside and out and consists of two towers, Star Studios I and II, that are 16-storeys and 23-storeys, respectively, and feature a modern grey façade which, according to the developer, exemplifies simplicity.
The two residential towers provide a total of 120 units with a wide range of layouts, including studios and one- and two-bedroom suites.
“Star Street is one of the most sought-after addresses for those who are looking for something different and special,” says Adrian To, residential director at Swire Properties.
“Star Studios is in a great location in the popular StarStreet Precinct that is reminiscent of Covent Garden in London. These beautifully renovated apartments will appeal to those who look for cosy and convenient homes close to the CBD, but with a distinctly friendly neighbourhood feel. We feel there will be terrific interest in these studios.”
According to Swire, all Star Studios residences are fully-fitted in distinctive interior design themes. Selected studios will be fully furnished and ready for occupancy.
In addition, amenities – including a fitness room, lounge, yoga room and landscaped outdoor terraces with 24-hour security service – will also be available.