ebulletin

April 15, 2026
"One Victoria Cove" in Hung Hom Launches Phased Sales

“One Victoria Cove,” a major urban redevelopment project located on Bulkeley Street in Hung Hom, jointly developed by Henderson Land Development, Hysan Development, and Empire Group Holdings in partnership with the Urban Renewal Authority (URA), has officially entered its sales phase.

As the first residential project to be launched within the Victoria Cove Area, it marks a significant transition in Hong Kong’s urban renewal approach—from isolated site redevelopment to a holistic, district-based planning model.

Project Background: From Site-Specific Renewal to District-Based Planning

“One Victoria Cove” forms part of the URA’s Bulkeley Street / Wing Kwong Street redevelopment scheme in Hung Hom. It is Hong Kong’s first large-scale project adopting a “district-based redevelopment” approach, integrating eight adjacent sites under a unified masterplan.

This planning model emphasizes:

Systematic urban restructuring

Integrated design and infrastructure

Multi-stakeholder collaboration

The project was awarded in 2021 at approximately HKD 8.189 billion, with an accommodation value of about HKD 11,414 per sq ft. In 2022, additional partners were brought in to optimize capital structure and risk distribution.

Development Scale and Planning Highlights

The project will be developed in four phases, delivering approximately 1,296 residential units, predominantly two- and three-bedroom layouts aligned with mainstream market demand.

Latest Sales Progress:

Phases 1 and 3 (648 units) have obtained pre-sale consent

Launch expected in Q2 2026

Anticipated completion: August 2027

Key Planning and Design Features:

~120,000 sq ft retail podium, operated by Hysan

Elevated pedestrian network connecting to surrounding redevelopment zones and MTR To Kwa Wan Station

Seamless linkage to an extended waterfront promenade connected to the Kai Tak runway precinct

Approximately 280 parking spaces

The scheme reflects core Transit-Oriented Development (TOD) and walkable city principles, emphasizing multi-level connectivity and integrated public spaces.

Urban Design and Infrastructure Synergies

The project benefits from multiple infrastructure and planning drivers:

Interchange connectivity via the Tuen Ma Line and East Rail Line

Reduced cross-Kowloon travel time upon completion of the Central Kowloon Route

Proximity to Kai Tak Development Area (CBD2), a major commercial hub

Synergies with Kai Tak Sports Park and retail complexes

This “transport + commercial + lifestyle” integration is expected to significantly enhance land value and long-term demand.

Investment Perspective: Mid-Sized Units and Long-Term Asset Value

From an investment standpoint, “One Victoria Cove” presents several key advantages:

1. Product-Market Fit

The predominance of two- and three-bedroom units aligns with both end-user demand and rental market liquidity.

2. Urban Renewal Premium

As a flagship URA-led project, it benefits from planning-driven value uplift and long-term capital appreciation potential, particularly within the supply-constrained Kowloon core.

3. Retail-Led Rental Support

The large-scale retail podium and integrated commercial ecosystem are expected to generate stable footfall and support residential rental yields.

4. District-Wide Value Re-rating

As the broader Victoria Cove Area is progressively completed, a critical mass of new developments will drive area-wide value re-rating.

For professionals in real estate and architecture, the project offers a valuable case study in integrated planning, product positioning, and investment strategy, and is likely to serve as a benchmark for future high-density urban regeneration in Hong Kong. (Reported by Building.hk)