Property prices soar in recently gentrified Tai Kok Tsui in Kowloon West, and more homes are on the way
Once known for its old industrial and residential buildings, the area has undergone considerable renewal and is attracting buyers in search of sea views and outstanding connectivity
All eyes are on Tai Kok Tsui – an area undergoing extensive regeneration since last year.
Once an area housing industrial and residential buildings, Tai Kok Tsui has recently undergone rapid gentrification, and home prices have shown significant growth over the past five years. Home prices soared to about HK$6,000 per square foot last year from about HK$3,000 in 2012, according to Land Registry figures.
Built around Olympic station is a cluster of interconnected residential complexes, including The Long Beach development, which was completed by Hang Lung Properties in 2005.
In April, Hang Lung put on the market the units it had kept unsold at The Long Beach since it was built. As of early June, more than 220 units had been sold, generating over HK$2.3 billion for the developer.
The average unit price was about HK$15,047 per square foot, slightly above the figures asked for by individual home sellers within the same development.
“The favourable market response clearly indicates that Kowloon West is a lure for homebuyers looking for an urban location with beautiful sea views and outstanding connectivity,” says Will Lui, a sales manager at Hang Lung Properties.