Could Kwai Tsing container terminal site be the next Canary Wharf?
Daniel Shih of Colliers says the site has the potential to be developed into Hong Kong’s third central business district
The site of Kwai Tsing Container Terminal should be transformed into Hong Kong’s third central business district to meet growing demand for office space from mainland firms, according to property consultant Colliers International.
The site should be repurposed for both residential and commercial uses, while the container port itself should be moved to a less prime location, said Daniel Shih, director of research at Colliers.
He believes it could become Hong Kong’s answer to London’s prestigious Canary Wharf.
The port, once the biggest in the world, has been in decline for years and many politicians and members of the public wish to see the land it occupies put to better use.
Shih’s call goes a step further than thinktank Our Hong Kong Foundation’s suggestion to build just housing on the land in Kwai Chung.
I think the site should grab a bigger opportunity, when the general supply of office space in Hong Kong runs dry in the future
Shih said Hong Kong’s supply of office space in the coming few years may fall short of growing demand from mainland firms.