Commercial site in Hong Kong’s arts hub West Kowloon tipped to fetch as much as US$1.3 billion in tender

The West Kowloon Cultural District Authority has put up for tender a 700,000 sq ft property to be developed into three commercial buildings

Sun Hung Kai Properties and Sino Land are likely bidders for the Artist Square Towers project, according to consultants

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Night view of the West Kowloon cultural hub. Photo: SCMP / Martin Chan

Published: 6:43pm, 9 Sep 2022

Hong Kong’s West Kowloon Cultural District Authority has put up for tender a 65,000 square metre (699,654 square foot) property to be developed into three commercial buildings with office, retail, dining and entertainment components.

The property could fetch a bid as high as HK$10.5 billion (US$1.3 billion), according to one valuation, given that Hong Kong’s tourism is likely to have recovered from its pandemic malaise by the time construction is complete in four to five years. Estimates put construction costs at HK$8 billion.

The project is a “landmark commercial development” to be dubbed the Artist Square Towers (AST) Project, according to the authority.

The plot is located at Artist Square in the West Kowloon Cultural District, a 40-hectare development touted as Hong Kong’s arts and cultural hub. The property lies close to facilities including the M+ contemporary art museum, the recently opened Hong Kong Palace Museum, the Lyric Theatre Complex currently under construction and an 11-hectare Art Park fronting Victoria Harbour.

Police officers patrol outside a construction site in the West Kowloon Cultural District on June 28, 2022. Photo: SCMP / Yik Yeung-man

The deadline for tender submissions is November 14 at 5pm.