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Hong Kong’s West Kowloon Cultural District is betting on property development to ease its financial pressures amid a widening operating deficit, but experts have warned that land sales will only provide temporary relief and cannot replace a sustainable long-term funding model for the arts hub.
The warning comes as the West Kowloon Cultural District Authority prepares to tender a prime residential site in the first half of next year, a potentially lucrative project that property experts expect to attract interest from major developers.
Norry Lee, a senior director at property consultancy JLL, said the site’s location and potential harbour views made it attractive, particularly for larger flats targeted at wealthier buyers.
“If you are talking about larger flats, especially those with sea views, there will definitely be demand,” Lee said, adding that the development was likely to appeal to major developers given its scale and prime location.
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