Reflecting Kowloon Tong’s status as a major and rapidly growing luxury property enclave, Savills Hong Kong has announced the opening of an office in the affluent area at No.3 Norfolk Road, just opposite the Australian International School.
The firm is the first international real estate advisor to establish a presence in the area. The new office, which spans an area of 3,500 sqft and is situated in a modern townhouse development, will comprise over 50 staff making it the largest of its kind in Kowloon Tong.
Over 80 per cent of Kowloon’s houses are located in the Kowloon Tong area and last year alone, sales of units of over HK$50 million totaled HK$3.2 billion, reflecting Hong Kong’s red hot property market.
“Major owners in the area are wealthy local manufacturers, traders, tycoons – Savills’ traditional client base who we have known for many years” said Raymond Lee, CEO, Greater China of Savills.
“We have had our eye on the area for a while but have been waiting for the right moment to establish an office there” said Raymond. “I believe that now is the right time”.
‘We have chosen premises which are more like a private residence than a typical agent’s shop” explains Peter Yuen, Deputy Managing Director of Savills, “because our clients expect the best service in the kind of exclusive environment they are used to”.
The area continues to attract major local developers who bid for 3 sites last year, the most expensive of which attracted an accommodation value of almost HK$18,000 per sqft. The area will see over 300 luxury units completed over next 3 years and these are expected to attract some of the highest prices in Kowloon at over HK$25,000 per sqft. Savills is forecasting a rise of 10-15 per cent in luxury prices in the area this year alone.
“There are almost as many stand alone houses in Kowloon Tong as there are on the Peak” explains Peter, “making this an ideal location from which to operate”.
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