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Concrete Analysis | 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.
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Hong Kong is one of the most expensive property markets in the world. A recent transaction of a flat at Mount Nicholson set a record for the highest unit rate in Asia.
Rents and prices in retail and office markets are also holding at world-beating levels. All these are a consequence of limited land supply for development. Based on the official mid-2019 data, Hong Kong’s 7.5 million people and land area of 1,100 square km placed the city as the most densely populated after Macau, Monaco and Singapore.
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.
The Antiquities and Monuments Office, which is responsible for all conservation projects in Hong Kong, categorises the 129 declared monuments and 1,444 historical buildings into three grades, based on their heritage value.
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