The planned US$2.8 billion West Kowloon Cultural District in Hong Kong will transform the area’s landmark and status as a luxury neighbourhood, similar to the high-end suburbs across Victoria Harbour.
The 40 ha art hub, designed by Norman Foster, the architect behind London’s Gherkin tower, will be located next to Hong Kong’s tallest building and the terminal for an express railway to cities on the Chinese mainland.
“If you take into account West Kowloon’s location and all the transportation links that’ll be available in the future, its potential is huge,” said David Ji, Head of Research for North Asia property consultant DTZ.
“It’ll be the first stop for many mainland visitors to Hong Kong, and their spending power is enormous.”
The architect’s plan for hotels, theatres, restaurants and gardens will replace undeveloped sites that sit on West Kowloon’s harbour frontage. Luxury apartments like The Arch and HarbourSide have already been built nearby, along with the International Commerce Centre (ICC).
The development site, which is located in front of the ICC, will feature venues such as a 19 ha green park, opera house, a modern-art museum and shopping malls.
“It’s not just about culture,” said Colin Ward of Foster & Partners. “We’re making it a place where people want to go to. We’re taking that and putting culture into it so we get a good mix. We don’t want it to be a place just for the enlightened and privileged.”
The area is within walking distance to Tsim Sha Tsui and about 10 minutes by train to the Central. The Hong Kong government also plans to build at least two multi-storey office buildings at the top of the express railway terminal in West Kowloon.
“By the time the art hub is set up there should already be a critical mass of office spaces, shopping malls, residential buildings to turn the area into a core commercial and tourist district,” said Simon Lo, Hong Kong-based Director of Research at Colliers International.
Simon Smith, Head of Asian Research at Savills Plc, said “the area is going to get only more popular among mainland visitors.”
“Luxury home prices in popular areas such as Mid-Levels and Happy Valley on the Hong Kong Island ‘will find it hard to keep up with that of West Kowloon.”