A board member of the new investment arm of Hong Kong’s arts hub has proposed developing homes on the site that can “sell quickly” to bring in cash, but a sector leader has said luxury flats should be the focus to maximise returns.
The pair outlined their vision on Tuesday, a day after the West Kowloon Cultural District Authority announced it had established a subsidiary to handle residential sales at the harbourfront site.
The move to set up WestK Enterprise Limited (WKEL) follows the government’s decision in July to allow the authority to sell land for residential use to avert a financial crisis.
Business leader Allan Zeman, a WKEL board member, told the Post the subsidiary would primarily handle the sale of the residential properties on the premises of the arts hub and further details would be discussed at a first meeting next month.
But he said the homes were unlikely to be upmarket.
“The idea is we won’t be building luxury units. I think you want units that are easier to sell at a certain price point that are really designed nicely,” he said. “The market is definitely recovering only because interest rates are coming down.”