Lifestyle

A star is born - Kai Tak



In 2012, the government established the Energizing Kowloon East Office, hoping in 10 years to transform the district into another premier commercial and business centre (CBD2) which combines local community, housing, commerce, tourism and basic infrastructure.

Kai Tai Development is one of the key projects of this major redevelopment plan. Since the approval of the redevelopment plan, Kowloon East has experienced significant changes.

Kai Tak is a major residential area. Last August, the first project under the “Hong Kong property for Hong Kong residents” – One Kai Tak – was launched. Though the entry fee for a one-bedroom apartment (386 square feet) is $4.91 million, the sales remain satisfactory.

As for K.City, a first-hand residential development in the district, its first batch of 208 units has attracted more than 2,100 registration tickets. It is nine times the units available.

On the other hand, Centa-City Leading Index, which reflects the trends of the second-hand market of large estates, was driven by the momentum of rising property prices in Kowloon and reached 146.59 in the second week of February. Once again, it’s very close to its highest record 146.92 points.

 

More on Kai Tak 

>> Kai Tak Ready for Take Off

>> New Properties in the Neighbourhood: K.CITY | One Kai Tak | Victoria Skye | De Novo | Vibe Centro

 

A shining star

The above data shows that property on the Kowloon peninsula is very attractive. Among all, Kai Tak, benefiting from the key redevelopment plan, is regarded as one of the best.

“Living or investing in Kai Tak depends on its medium to long-term development,” says Terrence Ho, client manager at United Properties.

“Medium-term development refers to the opening of the Kai Tak and To Kwa Wan stations of Sha Tin to Central Link. Riding on the advantages of the railway, the price of Kai Tak’s property will be on the increase. It will be comparable to the current conditions of Sai Ying Pun and Whampoa.”

“As for long-term development, it refers to the necessary infrastructure and community facilities such as the stadium, playground, A-grade office space, green zone, recreational facilities, schools, medical centre, underground shopping mall and hotels around the area of the cruise terminal. Besides, an elevated monorail will be built in Kowloon East.”

In fact, Kai Tak has offered 320 hectares of land for local real estate development.

“The land bidding price at Kai Tak keeps breaking the record, reflecting its potential shall not be undermined,” Ho says.

“Developers intend to make it into a middle and premier grade property market, similar to those at Kowloon station. With its improving transportation network and facilities, Kai Tai will undoubtedly become the premier choice for home buyers and property investors.”

Selected properties



K.City
Located at 7 Muk Ning Street and developed by K Wah, K.City is composed of eight apartment buildings, offering 900 flats in one to four-bedroom designs, with the surface area ranging from 325 to 2,193 square feet. Most of the units are small in size. It is the first project in Kai Tak which is not bound by the “Hong Kong property for Hong Kong residents” policy. The first batch offers 208 units and the price per square feet is between $15,000 and $22,000 after deducting allowance and discount.



One Kai Tak
One Kai Tak has been developed by China Overseas Land & Investment and is bound by the “Hong Kong property for Hong Kong residents” policy, which stipulates that for 30 years from the date of the relevant land is granted, the flats developed at the site have to sell to Hong Kong permanent residents. There are two phases, including four high rises and 13 low-rise buildings offering 1,169 units in total. The latest record shows a local buyer has spent $164 million to acquire the whole block seven which is one of the low-rise buildings with four four-bedroom flats.



The Latitude
Located at No. 638 Prince Edward Road East, The Latitude is composed of five blocks of apartment buildings offering 1159 units in one to four-bedroom designs, with the surface area ranging from 5871 to 2,032 square feet. The base of the buildings includes Mikiki, a 200,000 square foot shopping mall. Ho points out the price per square foot of a flat is about $15,000 to $16,000. He said the estate belongs to school net 43 under the primary school placement scheme, and not Kai Tak’s 34.



Sky Tower
Located at No. 38 Sung Wong Toi Road, Sky Tower is composed of six apartment buildings, offering 2,208 units with the surface area ranging from 605 to 1,222 square feet and a 120,000 square foot clubhouse. The property was occupied in 2002. According to Ho, depending on floor, view and interior designs, the price per square foot could be between $13,500 and $16,000, and between $33 and $39 for rental. As for the Grand Waterfront in the neighbouring area, the price per square foot is between $13,200 and $14,300, and between $36 and $39 for rental, depending on the quality of the flat.

Facts about living in Kai Tak

Transportation network
According to the MTR record, the Tai Wai to Hung Hom section of Sha Tin to Central Link will only be ready mid-2019 since there are delays in other construction sites, while from Hung Hom to the Admiralty Section is expected to be in operation in 2021.

School Net
Kai Tak belongs to school net 34 under the primary school placement scheme, which includes Farm Road Government Primary School, Ma Tau Chung Government Primary School, and Chan Sui Ki (La Salle) Primary School. It belongs to the Kowloon City network under the secondary school placement scheme, which includes Homantin Government Secondary School, Maryknoll Convent School (secondary section) and Heep Yunn School.

>> Issue 262: How Tsuen Wan became an urban miracle

>> Issue 264: For the first-time buyer – Shau Kei Wan