Why Hong Kong property in central Kowloon attracts high-end buyers

Central Kowloon has seen a new wave of residential construction over the last year or so, as developers have ventured out to undertake ambitious projects to build luxury residences.

Kerry Properties, Wheelock Properties and Sun Hung Kai Properties (SHKP) are among the local developers expanding their presence in the heart of Kowloon. Mainland companies Shimao Property Holdings and Goldin Financial Holdings have also joined the stream with three large-scale projects in the pipeline.

The residential clusters from Ho Man Tin to Kowloon Tong and Beacon Hill represent a well-established and prestigious living community. There is a wide range of low-rise, medium-rise and high-rise residences drawing both end users and investors all the time.

New residential supply has obviously increased in this neighbourhood over the past two years. SHKP’s Ultima, Kerry’s Mantin Heights and Wheelock’s One Homantin are the three major properties that went up for sale and drew enthusiastic responses in the year gone by.

Jackie Seah, senior sales director for Kowloon at StatelyHome, says new residential projects have attracted a lot of buying interest while the completion of Ho Man Tin station along the MTR Kwun Tong Line extension boosted further the market’s sentiment.

“Ho Man Tin and Kowloon Tong are always among the top picks for home seekers and families with children looking for properties in Central Kowloon,” she says.

“The strong network of elite schools continues to be a big pull factor and the opening of more internationals schools has raised further the area’s overall appeal. Among the new residential projects launched in Ho Man Tin particularly, developers offer some smaller-sized flats on top of larger units. As a result, a growing number of young people and small families are moving into the neighbourhood as they bought into those new flats.”