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THE PAST TWO DECADES have seen the transformation of Hunghom from an industrial district to a prime residential area showcasing a number of luxurious developments.

In the 1980s, as the mainland opened the door to its vast economy, factory owners took advantage of cheap labour and land prices to move north of the border.

The empty factories were taken over by property developers, who transformed the area to an upper-middle class residential district. There are also a few middle-class developments.

One of the first big developments in the area was the 25-year-old Whampoa Estate, which contains more than 3,000 small to medium-sized apartments.

Soon after, Hutchison Whampoa Properties transformed a former dockyard into the Whampoa Gardens residential block in the mid-1980s. With more than 10,000 apartments, Whampoa Gardens was one of the first mega-scale private estates built in Kowloon.

Hunghom's reputation as a premium residential area has been enhanced by the development of The Harbourfront Landmark, an upscale development by Cheung Kong (Holdings).

At 66 floors high, the development is considered the tallest residential building in Hong Kong and the second tallest in the world after the Trump World Tower in New York. It is currently the tallest building on the Kowloon Peninsula and the sixth tallest building in the territory with a height of 233 metres.

The project is the most luxurious residential development in the district. Apart from the 360 degree views that most of the units enjoy, the apartments are also large and range from 1,931 square feet to 2,551 sq ft in size.

Centaline Property Agency senior associate director Sandia Lau said it was a unique development as most developments in Hunghom were mid-range properties.

'It is the major luxurious residential development you can find in Hunghom. It has a complete set of facilities for a luxurious project, like function rooms and a clubhouse,' said Ms Lau.

There are 320 apartments in the development, with selling prices starting at HK$5,700 per square foot.

The selling price differs depending on the view a unit commands, and can range from HK$7,800 to HK$8,200 per square foot.

An average apartment in the Harbourfront can cost as much as HK$15 million.

Midland Realty district manager Steve Chik said the highest transaction price for an apartment in the development was for a unit facing the Hong Kong Convention and Exhibition Centre - HK$9,000 per sq ft.

Like the sales prices, the rentals in the Harbourfront are also high, with a 2,551 sq ft apartment renting for HK$80,000 per month. The average rental of a unit comes to HK$30 to HK$32 per square foot.

Another big project, adjacent to the Harbourfront, is Laguna Verde, also developed by Cheung Kong. There are five phases in this development. The last two phases have just been completed.

There are 5,000 apartments in the project, ranging from 467 sq ft to 1,722 sq ft. Three hundred apartments in phases four and five are up for sale, with most of them being sold at prices ranging from HK$4,800 to HK$5,400 per square foot, depending on the view the unit commands.

Some units in the first three phases are for sale in the secondary market and command an average selling price of HK$3,700 per square foot. Some of the units with a seaview can fetch as much as HK$4,600 per square foot. Monthly rentals in the development range from HK$19 to HK$20 per square foot.

Another recent development in the area is The Royal Peninsular, a development in five phases.

Built at the height of the dotcom fever, the development was one of the SAR's first intelligent residential buildings, wired up to access online services. This has made it hard to sell in the current economic climate - not many residents are willing to pay for the value-added extras.

The joint development by Sun Hung Kai Properties and Henderson Land is located near the Kowloon-Canton Railway (KCR) station. There are 1,669 apartments in the development, and their sizes range from 481 sq ft to 1,391 sq ft. There are 300 apartments for sale.

The average selling price of an apartment is about HK$3,500 per square foot. However, there is a big variation in prices.

'Apartments facing the funeral home are a lot cheaper as not many people can accept that,' Mr Chik said.

There are also several new independent buildings in Hunghom. Baker View, at 66 Baker Street, provides 104 apartments ranging from 516 sq ft to 614 sq ft in size. The average selling price in this development is about HK$3,000 to HK$3,200 per square foot, with a small apartment costing about HK$1.5 million.

Grand Blossom House, at 12 Bulkeley Street, is also a new building, with more than 100 units. Mr Chik said all the units were for rent because of the pressure on property prices due to a large supply of units in the district. A 700 sq ft apartment in Grand Blossom costs about HK$9,000 per month, according to Mr Chik.

Although Hunghom does not have an MTR station, it has a KCR station with trains heading to the New Territories and mainland cities.

There are also other modes of transport available, such as franchised buses, minibuses and cross-harbour ferries.

Graphic: hung18gwz



Luxury hits a high note as developers move in