M+ owner plots next chapter for West Kowloon project, buoyed by record winning bid for Hong Kong’s Central Harbourfront site
- Tenders for the Artist Square Towers Project were issued in late November
- This is the best time to launch such a project, West Kowloon Cultural District Authority executive says
“Across the harbour, Central Site 3 was a good insight for us. It turns out … a waterfront, high-quality with ease-of-accessibility project is attractive to developers,” said Wendy Gan Kim-see, the authority’s deputy CEO (District Development).
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M+ contemporary art museum opens in Hong Kong
Hong Kong developer Henderson Land Development last month won a 50-year land grant for Central Site 3 for a record HK$50.8 billion, beating five contenders for the government’s “two-envelope” tender.
The response to the site came after several commercial plots of land in Kai Tak were withdrawn from sale over the past few years because of poor reception.
The West Kowloon concept aims to use stable rental income from commercial projects to support the arts and culture, Gan said. “It is time to focus on this part. We thought market sentiment was suitable. Site 3 had such a good response. So we think it is exactly the best time to launch such a project.”