The Epitome of Customisation: Upper River Bank
Although Hong Kong's property market is volatile, the demand for new flats remains strong.
Although Hong Kong's property market is volatile, the demand for new flats remains strong.
Since the government passed the statutory Kai Tak Outline Zoning Plan in 2007, major developers have competed to build housing in the Kai Tak area. Some of these developments have opened for sale in recent years, including Upper River Bank, co-developed by KWG Group and Longfor Properties. Sharen Cheung, the sales and marketing director (Hong Kong and Overseas) at KWG Group, calls the first Hong Kong collaboration between the two groups “exemplary”, while Benny Wong, sales and marketing director (Hong Kong) at Longfor Properties, describes Upper River Bank as a quality housing development custom-made for its residents.
“For Upper River Bank, we wanted to create something completely new,” says Cheung. “To give you some specific examples: the project design is centred on the concept of openness, while the blocks, units and the gaps between them are well-proportioned, so residents will find their home easy to live in. In addition, there is good ventilation in the bathrooms and the indoor areas get plenty of natural light.” She emphasises that the group sets the bar extremely high for the quality of its developments and Upper River Bank is no exception.
“Right now, we see a lot of bathrooms in new units—especially studios—that don’t have a window. That’s not the case for the studio units at Upper River Bank. We insisted that the bathrooms must have natural light and windows. These designs aren’t often seen in the market but it’s what we believe in,” Wong says, adding that the garden design of the project was inspired by the group’s previous experience of doing similar designs in mainland China.
Located in the heart of Kai Tak, Upper River Bank boasts a total of 667 units and around 300 units are now available for sale. While units range from one- to threebedroom flats, the development has a 36,000-square-foot clubhouse, two commercial floors and 179 parking spaces.
“User-centric” is the Key for Longfor Developments
Speaking about Longfor's business in Hong Kong, Wong explains that the company specialises in mid-tier and highend housing projects in mainland China. Having accumulated an abundance of experience and knowledge over the years, Longfor will also focus on the middle and luxury markets in Hong Kong, “Take Upper River Bank's green design as an example— Longfor has long been a garden design expert in mainland China, so we received great advice from our mainland team. Plus, we hired renowned UK design firm SHH to design the clubhouse and sky garden, to make sure everything was perfectly completed,” he adds. Apart from the eye-catching green designs, Longfor's user-centric design principles are evident in a wide range of ways. “We pay great attention to the practicality of the overall layout so the space is actually easy to use for people. Everything needs to be usercentric,” Wong says. “For example, in Upper River Bank, we installed motion-activated floor lighting in the units to give users an extra sense of convenience and comfort.”
The group's [Longfor] top priority is on housing development, and in addition to joint-ventures, it'll also consider independent projects.
When asked about Longfor's future developments in Hong Kong, Wong shares that the group's top priority is on housing development, and in addition to jointventures, it'll also consider independent projects. As for preferred areas, Wong says that although he can't reveal too many details, the group is “interested in every district” and the team “has done research on all of them,” and it's possible for the company to enter lower-tier markets in the future.
Iconic Plots to be the Focus for KWG Group
What does the future look like in Hong Kong for KWG Group? “KWG had previously bid on another plot in Kai Tak, which goes to show our confidence for the future,” Cheung says. “We operate in many cities across a variety of industries, including real estate, hotels, malls, education, community facilities and retirement. And some of these businesses are sort of an extension of our real estate business.” She adds that the group likes to bid on popular iconic plots in mainland China and this strategy is being extended to the Hong Kong market.
Speaking of the current market conditions, Cheung thinks that since housing is a commodity, it's only normal that the market experiences fluctuations and she remains optimistic about its long-term future. “Hong Kong's housing market has become rather robust ever since the 2008 Financial Crisis. The Hong Kong Monetary Authority has introduced a series of measures to stabilise the market and there's been less reliance on financing. So the Hong Kong market is stronger now, with less speculation going on than before,” she says.
“Despite some market pessimism, there aren't that many sellers desperately slashing prices which means that homeowners are enjoying a stronger financial footing these days,” Cheung continues. “The long-term future of Hong Kong's housing market is dependent on various factors, such as the trade war, stocks and unemployment rate. Let's not forget that new immigrants are coming and settling down in Hong Kong every day, which directly increases the city's housing demand,” she concludes that Hong Kong's housing market is still growing and the future is bright in the long run.
The group [KWG] likes to bid on popular iconic plots in mainland China and this strategy is being extended to the Hong Kong market.