About a week ago, I walked through couple units at the Waterfront, in Kowloon Station. Built by Wing Tai Asia, a Singaporean developer in 2000, the Waterfront is a six-tower project and is one of the first phases built in Kowloon Station, following the opening of the Chek Lap Kok International Airport and the Airport Express line’s route to the city. Ranging from 46 to 49 stories, the Waterfront is one of the shortest towers at Kowloon Station, and being the oldest residential project there, it is one of the more affordable ones. Compared to the Arch (HK$ 9,000 and above per square foot*), the Harbourside (HK$ 12,000 and above per square foot*), Sorrento (HK$7,700 and above per square foot*) and the Cullinan (estimated to sell for around HK$20,000 per square foot), the Waterfront also has the most distinctive floor plans and narrow views.
During my walkthrough the Waterfront, I viewed two units. The first was a low floor Flat A unit in Block 7, with an area of 1168 square feet. The asking price was HK$ 7.8 million. It had semi-open views of the City Golf Club, Tsim Sha Tsui and partial views of the Victoria Harbour, but it was not too stunning, due to its low height. The floor plan was quite slanted in living room and bedrooms, making it quite undesirable in my opinion. The second unit was in Block 3, high floor, Flat C. The views of the courtyard were not too bad, due to the high floor position of this unit. However, the floor plan once again was slanted, though not as much compared to the former. This 983 square foot unit’s asking price was HK$ 7.4 million, with a unit price of HK$7,527 per square foot, much more costly than the former.
Overall, I find the most of the floor plans at the Waterfront not very desirable due to their slanted shapes, making spaces less functional. I did not get a chance to view Block 5 or its smaller units – they appear to have more “normal” rectangular/square-shaped rooms and living areas.
However, due to their prime location atop Kowloon Station and affordable price and ease of entry compared to the other Kowloon Station residential towers makes it a potential good investment. Due to the economic downturn, many units at Kowloon Station have dropped in price by over forty (40) percent. Rental interest should remain strong, due to the planned completion of the 118 story International Commerce Centre, the tallest office tower in Hong Kong, which is in the same Kowloon Station development. Recently, even many Central-based investment banks have moved operations to that building. One can walk to work through the podiums and shopping mall, making it very convenient even if Typhoon Signal 8 is hoisted. The convenient access to Central, through the MTR Tung Chung line and Elements shopping mall right underneath the unit are also great benefits of living in Kowloon Station. So, for the price and location, the Waterfront is a good investment, yet the floor plans are less desirable. For more information about the Waterfront and other properties in West Kowloon, I would recommend contacting an estate agent who specializes in this market segment.
*Prices were gathered from reputable sources at time of publishing. Please check with your estate agent for further details on market price.
Tags: waterfront, wing tai asia