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Waterfront Invigoration — Hong Kong Property Outlook 2022

There will be social, retail, residential and work spaces expected to make Victoria Dockside in Hong Kong a vibrant, inclusive and modern waterfront project.

Sep 29, 2022 | By Joe Lim
Hong Kong Waterfront

Living by Hong Kong’s waterfront commands prestige. Image: HK Property Report.

Hong Kong’s waterfront living will witness an injection of exciting activities of art and retail activities despite the pandemic.

With the fifth outbreak of the pandemic, the Hong Kong residential market activity undoubtedly slowed down abruptly in primary and secondary residential markets. In the month of January 2022, around 4,275 units transacted for a sum of HK$43.4 billion (approx. US$5.54 billion), dropping 16.9 per cent month-on-month (MoM) in the primary market and 10.5 per cent MoM in the secondary market. Notably, primary sales slipped 28.6 per cent MoM to 1,081 units because of a limited number of newly launched projects before the busy Chinese New Year.

 

Knight Frank Hong Kong Property Report: In the mass market, both property owners and potential buyers took a cautious stance by putting sales and purchase plans on hold. This led to a sharp fall in the number of enquiries and unit views. In the buyers’ market, a few sellers were desperate and substantially cut prices to sell their properties, resulting in some isolated unexpectedly low-price transactions in blue-chip estates.

Despite this, unique and exclusive luxury properties remained sought-after by well-heeled buyers. Notable transactions in January include a 3,548-sq-ft-unit at 8 Deep Water Bay Drive in Deep Water Bay where a staggering HK$393.2 million (approx. US$50.2 million) was transacted. Meanwhile, a unit at University Heights in Mid-Levels West, sold for HK$258 million (approx. UD 33 million) or HK$84,358 (approx. US$10,774 per sq ft).

On the other hand, a notable land sale of a premium residential site snagged an eager response from several developers. In fact, SEA Holdings clinched the luxury residential site in Repulse Bay for a whopping HK$1.19 billion (approx. US$152 million), or an accommodation value of about HK$62,352 per sq ft (approx. US$7,964). This translates to the highest-ever land sold through government tender, breaking the record of HK$50,101 (approx. US$6,399) set by a consortium led by Wharf Holdings for a site on The Peak in February last year. While this signals positive bell weather for developers’ confidence in their outlook for Hong Kong’s luxury residential market, the worsening fifth wave of the pandemic and tighter social distancing restrictions might put a damper on launch plans for new projects. The overall residential market sentiment and activity will be mostly inactive in the coming months.

Jones Lang Laselle Hong Kong Property Report: While transaction volume dipped, the mass residential capital values grew by 0.5 per cent MoM in December after a 0.1 per cent rise in the previous month where housing price growth in the New Territories led the charge. Buying sentiments were crimped during the holiday month as evidenced in lack-lustre sales such as 80 per cent of the 325 units put up for sale at The YOHO Hub perched on Yuen Long Station, developed by Sun Hung Kai Properties, were sold on the day of the project launch. However, The Aperture in Kowloon Bay, developed by Hang Lung, sold only 52 per cent of the 230 units introduced during its two-week launch. However, a luxury landed house at 13 Stafford Road in Kowloon Tong exchanged hands for HK$190 million (approx. US$24.2 million) or HK$49,947 per sq ft (approx. US$6,397).

Waterfront Living

Il PiccoMuch Like Living On The Italian Riviera – Il Picco, Discover Bay, Hong Kong. Image: Il Picco Hong Kong.

Here, we look at two distinct waterfront properties in Hong Kong and how each one boats unique features and amenities to engage the senses. Hong Kong is always known as a city abuzz with plenty of activities in commerce and retail. The waterfront precinct at Discover Bay, the lure of nature and its pocket of serenity will be a haven for future homeowners seeking tranquillity from the hubbub of Hong Kong’s frenetic city life. Accessing there can be via taxi; in fact, by ferry to Central, it’s less than 30 minutes.

Discovery Bay beckons one with enviable sea views and lush greenery. You can take in coastal views as the precinct is located on Lantau Island and covers 650 hectares of which two-thirds provide verdant terrains. For new families seeking a residential haven, a quality international community exists through two international schools, Discovery College (by English Schools Foundation) and Discovery Bay International School.

Moreover, there is also SKH Wei Lun Primary School in Discovery Bay which belongs to the Central and Western District Secondary School network. Nature-loving couples and families can pursue land and sea-based activities at Lantau Yacht Club, Discovery Bay Ice Rink, Club Siena, Discovery Bay Recreation Club, Auberge Discovery Bay Hong Kong, D’Deck, or frolic along Tai Pak Beach where 400 metres of sandy shores await beachgoers.

Il Picco is perched on a hill and is the latest residential property at Discovery Bay. Designed with a resort aesthetic, the low-density residential project will offer units with a detached garden. With its hilly vantage point, one can take in the mountainous views where a reservoir flanks the project. Undoubtedly, sea views also take centrestage at this prestigious residential project. Il Picco offers 21 two-storey detached garden houses for future homeowners.

These home unit sizes range from 2,023 or 2,171 sq ft of space; you can opt for either the three-bedroom or four-bedroom configurations. Weekends can be spent in your private garden ranging from 1,963 to 4,124 sq ft of land. Here, you can also indulge in special family moments on the spacious private roof to have a meal or gaze into nature-rich views with loved ones. There will be private swimming pools for certain homes and even a massive alfresco space. For outdoor pursuits, the Discovery Bay Golf Club with three world-class golf courses totalling 27 holes is at your whim.

Indoor-loving residents can appreciate and enjoy the generous 8.2m-wide living and dining room with a 4.3m ceiling height. This is perfect for “me time” or other family-based activities enjoyed in comfort and privacy. For those with a proclivity for entertaining at home, the large sliding glass doors of the living and dining room will let you out to the private garden. Here, you can enjoy the well-ventilated space where sunlight streams in.

Each unit is equipped with a stylish kitchen and open pantry, complemented by high-tech integrated household devices to cook, and prep food. Hey, did we mention you can own a golf cart to enjoy the European lifestyle, too? Il Picco is bent on giving couples and families spacious and sophisticated living areas to enjoy their lives as their take in the sea views and verdant vistas.

For more information, please visit: www.ilpicco.com.hk

Artistic Injection — Victoria Dockside

Victoria Dockside

Plenty of waterfront activities to enjoy. Image: James Corner Field Operations.

 Known as a cultural mastermind, Adrian Cheng is creating waves in his latest mixed-use development — Victoria Dockside in Tsim Sha Tsui. The US$2.6 billion, family-run business will offer 3 million sq ft of art and design installations right in the heart of the Kowloon promenade. This artistic invigoration is all set to transform Hong Kong’s iconic skyline through chic space where design and art thrive. This is touted to be Hong Kong’s most exciting new neighbourhood.

Victoria Dockside was formerly known as Holt’s Wharf back in 1910 where it was a bustling freight and logistics hub. The plot of land was acquired by Adrian Cheng’s grandfather, Cheng Yu-tung, back in the 1970s to build New World Centre. Adrian is recognised as new blood and he’s all set to rebuild it into a global art and design district with a strong focus on culture and heritage.

Victoria Dockside

Social spaces at Victoria Dockside Hong Kong. Image: James Corner Field Operations

Victoria Dockside is currently an arts and design avenue, and also a business hub interspersed with pockets of greenery. The masterplan for this gargantuan project was conceptualised by acclaimed architectural firm Kohn Pederson Fox (KPF), and landscape architect James Corner Field Operations (JCFO). These two experts collaborated with  Adrian Cheng and over 100 designers and consultants worldwide.

Cheng’s K11 Artus which opened in Q3 2019, added a cool factor to this district through its innovative art and design elements, luxury residence options and engaging public spaces, all set in a creative scene. While K11 Atelier focuses on future-forward office concepts blended with art, culture, and innovation, the K11 Musea creates a destination for ultra-high-end experiential retail, art, culture, and dining experiences.

K11 Artus’ “Artisanal Home” is Asia’s first luxury residence built to preserve and promote fast-disappearing artisanal skills. K11 Artus now offers 287 units where residents can enjoy full-service luxury residences in Hong Kong by melding rich cultural programmes bent on inspiring and discovering individuals to have dialogues in curated public spaces. The development also boasts landscaping work done by Bangkok’s P Landscape (PLA), while the posh penthouses were done up by Hong Kong’s Joyce Wang, UK’s Fiona Barratt, and New York’s NEMA workshop.

Victoria Dockside

Retail spaces at Victoria Dockside Hong Kong. Image: James Corner Field Operations.

K11 Artus is decked out in traditional Chinese artisanal objects carefully chosen by Cheng and his knowledgeable team. These include wooden furniture handcrafted using baibaoqian (百寶嵌) techniques where the ancient craft of inlaying engraved work with precious stones and ceramics with guancai (i.e. 棺材, hand-painted porcelain work). K11 Artus also collaborated with K11 Craft and Build Foundation — the development’s charity arm which focuses on preserving and conserving Chinese crafts harking back to the Ming and Qing dynasties. These prestigious objects will be made available to purchase by K11 Artus residents, with proceed supporting artists and their time-honoured crafts.

By embellishing residences with these artisanal creations, K11 Artus injects a design and artistic narrative for individuals to imbibe this cultural discover and enjoy intellectual dialogues. The K11 Artus community will offer these residences a rich history of salon culture through in-house salon programmes where leading cultural personas such as artists, playwrights, designers, explorers, and scholars will share their insights.

Victoria Dockside

Rendering of Victoria Dockside. Image: James Corner Field Operations.

Residents returning to their suites will enjoy and discover 70 different layouts where cultural and heritage-rich discoveries abound. Each suite will offer plenty of handcrafted objects, mesmerising tribal prints, stone carvings and much more for residents to appreciate. K11 Artus amalgamates all the elements of city life — comfort, urban dynamism, artistic insights, and innovative and engaging public spaces to celebrate creativity in today’s modern context.

For more information, please visit: www.artus.com.hk

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