Wong Chuk Hang: The Real Estate Darling of Tomorrow
Iconic skyscrapers are a part of Hong Kong's identity and Hong Kong Island has numerous beautiful examples. However, this does not extend as far as the Southern District. Instead the distinctive area has natural landscapes ranging from lush greens to pristine beaches while low-rise luxury homes are dotted against a coastline backdrop. Since the opening of the South Island Line in 2016, the south side is a short journey away from the CBD, and among the four newly added stations on the metro line—ocean Park, Wong Chuk Hang, Lei Tung, South Horizons—wong Chuk Hang is brimming with potential and opportunities.
The once thriving factory district is witnessing a development boom. Several industrial building revitalisation projects are currently under way, and newly regenerated spaces are now filled with trendy hotels and cafes, leisure facilities, fashion stores and design studios. Regarded as the Island's last railway property project of such large scale, a major residential site in the area sits above the Wong Chuk Hang MTR Station and upon completion, the site, with a total floor area of more than five million square feet, is expected to offer around 4,900 units across 14 towers, in addition to a new shopping mall measuring nearly 500,000 square feet.
The land plots atop the MTR station involving eight phases is up for tender. A joint venture between Pingan Real Estate Capital and Road King Infrastructure won the rights to co-develop the first phase providing 800 units across two residential blocks. The secondphase tender was won by Sino Land and Kerry Properties to build 600 units across two towers. The third, which has the largest size, is designated for residential and retail purposes. The tender was won by CK Asset Holdings to build 1,200 units and a shopping centre. Last October, a group involving Swire Properties, Sino Land and Kerry Properties won the bid for the fourth-phase tender to develop 800 units across two residential towers which is expected to be completed in 2025.
Meanwhile, several commercial projects are in the pipeline in Wong Chuk Hang, offering a total floor area of around two million square feet. One prominent example is the Yip Kan Street plot that was tendered in 2016, which set the record for the highest per-square-foot price for commercial land at the time. Other redevelopment projects are underway too, including the South Island Place, the new 28-storey Grade-a office tower re-developed from a former bus depot owned by China
Motor Bus Company. Deemed as the next big commercial destination with ample office supply, Wong Chuk Hang will likely see a surge in home demand.
With the South Island Line (East), passengers can travel from Admiralty to Wong Chuk Hang in just eight minutes, serving as an alternative to the often congested Aberdeen Tunnel. Another proposed railway link is the South Island Line (West), which would serve the southwestern coast of Hong Kong Island, between Shek Tong Tsui and Wong Chuk Hang. The railway project is forecast to be completed in 2026.
Aside from an array of developments, Wong Chuk Hang enjoys nice views of the Aberdeen Marina Club, Ocean Park, the Aberdeen Channel and green hills, setting itself apart from the rest of the city while a new mall will soon raise the district's profile and fill the shopping niche in the Southern District. The gentrifying neighbourhood is becoming a sought-after place in many aspects. The first phase of the railway development will be launched as early as the third quarter this year.