Hong Kong’s Western District sees sharp rise in demand for residential units
Young professionals are among those seeking to rent or buy accommodation in this popular up-and-coming part of town
Western District on Hong Kong Island is coming of age, attracting young urbanites looking for a stylish lifestyle.
The district received a shot in the arm, thanks to the MTR extension that covers Sai Ying Pun, University of Hong Kong and Kennedy Town. Modern apartment buildings have been rising constantly, and there are more homes in the making.
Right now, there is a small inventory of unsold units on the market from a handful of new projects, built on redevelopment sites previously occupied by older tenement buildings. These new homes are moderately sized, but are space efficient.
One of these new projects is The Nova, a recently completed single-block complex jointly developed by Chinese Estates and the Urban Renewal Authority. Since it went on sale in late 2014, about 90 per cent of its 255 units (sizes ranging from 365 to 855 sq ft) have been sold for between HK$21,620 and HK$30,015 per square foot.
In April, Sun Hung Kai Properties put up for sale 10 units at Imperial Kennedy (with 161 units), for HK$31,900 to HK$37,500 per square foot. The project is expected to be ready for occupation in weeks.
New World Development and Henderson Land are also marketing stock homes at their 191-unit project, Bohemian House, at Des Voeux Road West. As of mid-June, about 140 units of the 155 units (sizes ranging from 297 to 699 sq ft) released were sold for a total of more than HK$1.1 billion, according a New World Development spokeswoman.
Standing above High Street, Kensington Hill is a 32-storey apartment complex launched in late 2014. Scheduled for completion later this year, the project comprises 75 units, mostly two- and three-bedroom homes of 570 to 870 sq ft. Three-bedroom flats account for about two-thirds of the units.