Hong Kong’s land-starved builders seek heritage projects for urban plots, cultural cachet

Name: Hong Kong’s iconic State Theatre to be preserved under multibillion-dollar redevelopment plan
Uploaded: 2021-11-30T00:01:16.000Z
Duration: 1 min 22 s
Description: Hong Kong’s iconic State Theatre to be preserved under multibillion-dollar redevelopment plan

In the past, some might choose to demolish old properties, but now developers are keeping these structures voluntarily, says Hong Kong Institute of Architectural Conservationists executive

Buyers and renters of such developments will feel they are status symbols, says Knight Frank’s Alnwick Chan

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The State Theatre in Hong Kong’s North Point area. It was listed as a Grade I historic building in March 2017. Photo: Winson Wong

Lam Ka-sing

Published: 8:01am, 30 Nov 2021Updated: 8:31am, 30 Nov 2021

Hong Kong’s property developers have increasingly taken an interest in heritage projects over the past five years, as such developments enhance their corporate image and let them access valuable urban land.

The number of such projects has risen despite the higher costs and longer time frames involved, said Candy Chan, vice-president of external affairs at Hong Kong Institute of Architectural Conservationists (HKICON) and director of consultancy Property Conservation Company.

“In the past, some might choose to demolish [old properties]. Redevelopment can be faster. But now some developers agree to keep [these structures] voluntarily,” she said.

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Hong Kong’s iconic State Theatre to be preserved under multibillion-dollar redevelopment plan

The higher interest in heritage projects among builders comes amid an overall bull run in the property market in Hong Kong, the world’s most expensive real estate market. Prices continue to rise despite speed bumps created by social unrest and the coronavirus outbreak over the past three years.

Recent projects with a preservation element include New World Development’s State Theatre in North Point, Jessville in Pok Fu Lam and Kowloon Development’s plan to build high-rise flats at the site of the former St Joseph’s Home for the Aged in Clear Water Bay.

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Demolition of Hong Kong old reservoir halted after calls for heritage assessment

Heritage projects such as 1881 Heritage, a former headquarters of the marine police in Tsim Sha Tsui, attract bigger tenants such as Puyi Optical, Chan said. The 130-year-old site was revitalised and transformed by Li Ka-shing’s CK Asset Holdings, and hosts luxury shops, fine dining restaurants, hip bars, a heritage hotel and the Heritage Hall, which allows visitors to learn about the history of the development.