Investors to redevelop Hong Kong’s Kitec site into office, flats and hotel blocks
Kowloon Bay International Trade & Exhibition Centre (Kitec) owner, International Trademart, has proposed a new mixed-use project featuring residential and commercial elements, signaling a shift in redevelopment strategy due to Hong Kong's challenging property market. The plan, submitted to the Town Planning Board on February 19, includes one office tower, four residential towers with 1,494 flats, and 720 hotel rooms.
This proposal supersedes a previously approved plan from March 2023 for three commercial buildings. The change reflects the downturn in Hong Kong's commercial property market, which led to Kitec's closure in June 2023. International Trademart, backed by investors like Billion Development & Project Management and CSI Properties, acquired the property from Hopewell Holdings in 2021 for HK$10 billion. Kitec was known for its Star Hall venue and the E-Max shopping and entertainment hall.
via SCMP Full Text Feed
Kowloon Bay International Trade & Exhibition Centre (Kitec) owner, International Trademart, has proposed a new mixed-use project featuring residential and commercial elements, signaling a shift in redevelopment strategy due to Hong Kong's challenging property market. The plan, submitted to the Town Planning Board on February 19, includes one office tower, four residential towers with 1,494 flats, and 720 hotel rooms.
This proposal supersedes a previously approved plan from March 2023 for three commercial buildings. The change reflects the downturn in Hong Kong's commercial property market, which led to Kitec's closure in June 2023. International Trademart, backed by investors like Billion Development & Project Management and CSI Properties, acquired the property from Hopewell Holdings in 2021 for HK$10 billion. Kitec was known for its Star Hall venue and the E-Max shopping and entertainment hall.
via SCMP Full Text Feed
