Conservation over quick profit? How heritage and revitalisation projects are infusing new energy into old properties in Hong Kong
- Nearly 130 monuments and 1,444 historical buildings in Hong Kong are categorised into three grades, based on their heritage value
- Conservation and revitalisation projects, while paying tribute to the history of Hong Kong, have the potential to energise surrounding areas, boost rents and property prices.
While land shortage would require meticulous land-use planning, there are numerous mountains, wetlands and brownfield sites that are considered not ripe or mature for property development.
Enriched with Chinese and Western cultures over the past century, Hong Kong has always valued the conservation of historical buildings that are unique in terms of architectural design and structure. An example would be the recent renovation of the Central Market, which is now revitalised by speciality stores and restaurants.
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In addition, a range of old properties are also deemed valuable for conservation. The Hong Kong Institute of Surveyors celebrates the achievements and excellence of these conservation projects with its annual “Best Development and Conservation Awards”.
Announced in 2014, The Mills was finally completed in 2018. Today, it has become one of the most popular places to check out in Hong Kong. There are plenty of unique shops and restaurants, as well as wonderful photo shooting spots that have become trending hashtags on social media.
Many people including Tsuen Wan natives are impressed by how the revitalisation project has instilled new energy into the district while paying tribute to the history of Hong Kong and the vicinity.
The manufacturing industry was in full bloom during the earlier development of new towns in Hong Kong. But since the city’s transition into a financial hub, most of these factories have been abandoned or redeveloped.
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The dye factory opposite The Mills, for instance, was redeveloped into the famous “Discovery Park” in the 1990s. Nonetheless, these factories remain a collective memory for Tsuen Wan residents who grew up in the district.
A well-considered conservation project can also create pedestrian flow, energising surrounding areas and hence, boost rents and prices of the project and those in its vicinity. It is safe to say that conservation alongside development has more merits than faults, and should be further encouraged in the community.
Surveyors play a crucial role in development and conservation projects. Not only do they contribute to land matter consultancy and feasibility study for the design and the future tenant mix, they also ensure the marketability of the proposed project and provide strategic advice on leasing and marketing.
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To preserve Hong Kong’s uniqueness, a balance between conservation projects and new developments must be struck. The Victoria Dockside, for example, is a unique project awarded for its architectural features and sustainability design.
While new developments are important, the signature side of Hong Kong that is sometimes featured in Hollywood films is also irreplaceable. In future, there will only be more innovative ways to balance conservation and urban development.
Cyrus Fong is senior director of valuation and advisory at Knight Frank in Hong Kong
