hkskyline
July 7th, 2009, 11:16 AM
The Westminster Terrace above Castle Peak Road will boast large balconies and a host of residents' facilities
29 May 2009
South China Morning Post
Luxury home hunters will have another development in their sights later this year when property giant Grosvenor plans to place its latest Hong Kong project on the market.
Grosvenor, the 300-year-old institution owned by one of England's richest men, the Duke of Westminster, aims to replicate the success of its Grosvenor Place project in Repulse Bay. This time it will bear another grand English title.
Finishing touches are being put to The Westminster Terrace, above Castle Peak Road, with show flats at the 39-storey building due to open around the time of the market launch of the luxury duplexes in the autumn.
The tower, overlooking the Rambler and Ma Wan channels with views of the Tsing Ma and Ting Kau bridges, will feature 56 units of 3,000-plus sqft. There will also be two 4,000-plus sqft panoramic units and a 6,000-plus sqft penthouse, which will be placed on the market at a later date.
"The project is still under construction and we are yet to announce the prices of our units. Once completed, and based on the market situation of that time, we will decide the most suitable pricing," Nicholas Loup, Grosvenor's managing director for Asia, said.
"A lot of thought has gone into the finishing of the exterior, internal layouts and the best use of available materials [for The Westminster Terrace]. Units this size should be quite attractive now. It's a decent building [that will be marketed at] reasonable prices."
Two prominent designers - London architect Paul Davis and Tokyo's interior specialist Koichiro Ikebuchi - were commissioned for the project after their success with projects in Japan and elsewhere in Grosvenor's portfolio.
Another top name in interiors, leading British designer Tara Bernerd, of Target Living, will steer the penthouse project.
The Westminster Terrace will also have more than 60,000 sqft of landscape and facilities, including a clubhouse, tennis court, swimming pool and putting green. Top landscape specialist Urbis is working with Andy Sturgeon Landscape and Garden Design on the outdoors.
But a prime selling point, according to Grosvenor's Hong Kong team, is the substantial balcony sizes.
"It's a person-based and very practical approach to design with quite interesting departures which we hope will be a little different from the competition," Mr Loup said.
"One feature of the units is the large balconies - of about 250 to 270sqft of usable space - which is enough for barbecues and which we hope will appeal to families and set the units apart from others.
"The commissioning of two designers, plus a third for the penthouse, should give homebuyers a choice of designs, which will be seen with the opening of the show flats," he said.
"The idea is that property designs are made individually - we believe that will be a new look for Hong Kong. The aim is to give each duplex a practical and personal design touch."
Mr Loup was buoyant about sales prospects for The Westminster Terrace and said the philosophy of investing for decades - or in the case of Grosvenor, over centuries - meant established investors were resilient, despite local property market uncertainties and the bruising dealt to the profits of international developers, including Grosvenor, over the past year.
"We're cautiously optimistic about the outlook as there seems to be a growing consensus on the market that maybe we are past the worst now. There has been a flurry of transactions especially when sales rest on quality of product," Mr Loup said.
He added that there was substantial market feedback, ranging from property agents seeking to raise cash for purchases, to mainland Chinese and local people waiting for the right time to upgrade, particularly to high-end apartments.
Mr Loup was also able to shrug off the "industrial Kowloon versus fashionable Hong Kong" argument as he looked across from his seat in the Grosvenor Asia boardroom in Central to the International Commerce Centre (ICC) across the harbour.
A combination of business owners with strong links to the mainland, international banks taking up floors in the ICC for their regional headquarters and the fact that Hong Kong Island lacks space and is losing that all-important value-for-money factor indicate why many corporates are looking north for luxury accommodation.
The upwardly mobile and Hong Kong's army of business owners with factories across the border were among target market for The Westminster Terrace, Mr Loup said. And, compared with Hong Kong Island, that elevation above Castle Peak Road meant shorter journeys to the boundary crossing and airport, and easy access to the ICC and the island through the MTR or Western Harbour Crossing.
"If you pinpoint Tsuen Wan on the map, it's basically about the centre of Hong Kong and about 20 minutes from the airport, 20 minutes from China and within reach of Central and the ICC," Mr Loup said.
"If you look at the history of the [Tsuen Wan] area, it was formerly a resort for Hong Kong's wealthier families who wanted nice sea views. Now it's like a return to such an era."
The Westminster Terrace is in the lap of luxury as far as developments around Castle Peak Road are concerned. A host of elegant residential brand names including Dynasty Court, Hanley, Belvedere and Primrose Hill are nearby.
The Westminster Terrace is seen as occupying pride of place alongside other developments named after the firm in its Asia portfolio, including The Grosvenor Place that has views overlooking Yoyogi Park in the centre of Tokyo. After the Repulse Bay project, Grosvenor is strengthening its position in East Asia with projects in Shanghai.
29 May 2009
South China Morning Post
Luxury home hunters will have another development in their sights later this year when property giant Grosvenor plans to place its latest Hong Kong project on the market.
Grosvenor, the 300-year-old institution owned by one of England's richest men, the Duke of Westminster, aims to replicate the success of its Grosvenor Place project in Repulse Bay. This time it will bear another grand English title.
Finishing touches are being put to The Westminster Terrace, above Castle Peak Road, with show flats at the 39-storey building due to open around the time of the market launch of the luxury duplexes in the autumn.
The tower, overlooking the Rambler and Ma Wan channels with views of the Tsing Ma and Ting Kau bridges, will feature 56 units of 3,000-plus sqft. There will also be two 4,000-plus sqft panoramic units and a 6,000-plus sqft penthouse, which will be placed on the market at a later date.
"The project is still under construction and we are yet to announce the prices of our units. Once completed, and based on the market situation of that time, we will decide the most suitable pricing," Nicholas Loup, Grosvenor's managing director for Asia, said.
"A lot of thought has gone into the finishing of the exterior, internal layouts and the best use of available materials [for The Westminster Terrace]. Units this size should be quite attractive now. It's a decent building [that will be marketed at] reasonable prices."
Two prominent designers - London architect Paul Davis and Tokyo's interior specialist Koichiro Ikebuchi - were commissioned for the project after their success with projects in Japan and elsewhere in Grosvenor's portfolio.
Another top name in interiors, leading British designer Tara Bernerd, of Target Living, will steer the penthouse project.
The Westminster Terrace will also have more than 60,000 sqft of landscape and facilities, including a clubhouse, tennis court, swimming pool and putting green. Top landscape specialist Urbis is working with Andy Sturgeon Landscape and Garden Design on the outdoors.
But a prime selling point, according to Grosvenor's Hong Kong team, is the substantial balcony sizes.
"It's a person-based and very practical approach to design with quite interesting departures which we hope will be a little different from the competition," Mr Loup said.
"One feature of the units is the large balconies - of about 250 to 270sqft of usable space - which is enough for barbecues and which we hope will appeal to families and set the units apart from others.
"The commissioning of two designers, plus a third for the penthouse, should give homebuyers a choice of designs, which will be seen with the opening of the show flats," he said.
"The idea is that property designs are made individually - we believe that will be a new look for Hong Kong. The aim is to give each duplex a practical and personal design touch."
Mr Loup was buoyant about sales prospects for The Westminster Terrace and said the philosophy of investing for decades - or in the case of Grosvenor, over centuries - meant established investors were resilient, despite local property market uncertainties and the bruising dealt to the profits of international developers, including Grosvenor, over the past year.
"We're cautiously optimistic about the outlook as there seems to be a growing consensus on the market that maybe we are past the worst now. There has been a flurry of transactions especially when sales rest on quality of product," Mr Loup said.
He added that there was substantial market feedback, ranging from property agents seeking to raise cash for purchases, to mainland Chinese and local people waiting for the right time to upgrade, particularly to high-end apartments.
Mr Loup was also able to shrug off the "industrial Kowloon versus fashionable Hong Kong" argument as he looked across from his seat in the Grosvenor Asia boardroom in Central to the International Commerce Centre (ICC) across the harbour.
A combination of business owners with strong links to the mainland, international banks taking up floors in the ICC for their regional headquarters and the fact that Hong Kong Island lacks space and is losing that all-important value-for-money factor indicate why many corporates are looking north for luxury accommodation.
The upwardly mobile and Hong Kong's army of business owners with factories across the border were among target market for The Westminster Terrace, Mr Loup said. And, compared with Hong Kong Island, that elevation above Castle Peak Road meant shorter journeys to the boundary crossing and airport, and easy access to the ICC and the island through the MTR or Western Harbour Crossing.
"If you pinpoint Tsuen Wan on the map, it's basically about the centre of Hong Kong and about 20 minutes from the airport, 20 minutes from China and within reach of Central and the ICC," Mr Loup said.
"If you look at the history of the [Tsuen Wan] area, it was formerly a resort for Hong Kong's wealthier families who wanted nice sea views. Now it's like a return to such an era."
The Westminster Terrace is in the lap of luxury as far as developments around Castle Peak Road are concerned. A host of elegant residential brand names including Dynasty Court, Hanley, Belvedere and Primrose Hill are nearby.
The Westminster Terrace is seen as occupying pride of place alongside other developments named after the firm in its Asia portfolio, including The Grosvenor Place that has views overlooking Yoyogi Park in the centre of Tokyo. After the Repulse Bay project, Grosvenor is strengthening its position in East Asia with projects in Shanghai.