Concrete Analysis | Creating value from ‘forgotten spaces’ in Hong Kong’s unique urban ecosystem
- Not enough focus given to creating more value in Hong Kong’s built environment amid rush to deploy new technology in smart buildings
- New York’s High Line offers valuable lessons on city stewardship that prioritises people while raising property values at the same time
For far too long, Hong Kong’s growth engine has been primarily derived from appreciation of real estate. That is seen in the industry’s over-dependence on traditional asset management methodologies for increasing profit over time. There are also sometimes irrational premiums for thinly substantiated brand and value propositions in commercial buildings.
With the need to chase the latest in technology, investors and developers now run the risk of forgetting just who all these “smart” building solutions in the city are for.
We have not focused enough on actually creating more value in our built environment. We must now look beyond those four walls, and consider a building’s context, how it relates to the street, the “spaces in between”, and for ways to create new shared value that prioritises people.
Take a look at the creation of the High Line in New York, which has unlocked the potential of the once-gritty and industrial Meatpacking District. Its two neighbouring districts, along the entire length of the West Side of Manhattan, is now one of the world’s most desirable commercial and residential submarkets.
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Hong Kong’s first socially-distanced entertainment park opens for business
What was once an abandoned elevated railroad was transformed, through the brave advocacy of some ordinary citizens, into one of the world’s most iconic public spaces. New investment and development opportunities arose when this significant urban amenity was unveiled.
