From revamped historic quarters to former industrial zones and cutting-edge high-tech hubs, Kate Everett-Allen curates a selection of the urban districts whose location, infrastructure and vibe make them the latest neighbourhoods to watch
The opening of Kempegowda International Airport in 2008 has helped turn Thanisandra, a hamlet on Bengaluru’s north-eastern fringe, into a prime real estate opportunity. The area’s proximity to the airport and fast-developing physical infrastructure have proved attractive to business, with IT parks and special economic zones transforming the skyline and hospitals, education institutions and shopping malls following hot on their heels.
Now, developers are looking to capitalise on the area’s strategic location with modern, high-spec apartments designed to appeal to young IT professionals working nearby. Prospective buyers can expect to pay between 4.5 million and 8 million rupees for a two-bedroom turnkey apartment covering 950–1,250 sq ft.
Divya Grover, Knight Frank India
The redevelopment of Kwun Tong, a former manufacturing district in the east of the Kowloon Peninsula, is the biggest ever seen in Hong Kong. The first phase will provide 2,000 new homes plus commercial and community facilities, with further waves of development to follow.
The aim is to improve living conditions for existing residents as well as accommodating the influx of white-collar workers coming into the area as financial and other professional services companies look to move away from Hong Kong’s crowded centre to locations that offer better value for money. The impact on property prices is already being felt: apartment prices have accelerated from HK$8,000 per sq ft five years ago to around HK$14,000 per sq ft today.
David Ji, Knight Frank China
The expansion of western Shanghai as a business centre is gathering pace with the development of Hongqiao CBD, set to provide a new epicentre for this side of the city. The project – the biggest of its kind ever seen in China – will benefit from close integration with the Hongqiao Transportation Hub, which offers air and high-speed rail links to the region and beyond. The new neighbourhood is already emerging: some 340 buildings are currently under construction, with a total gross floor area of over 5 million sq m.
According to government plans, by 2020 the Hongqiao CBD will be home to 500,000 residents and host 600,000-700,000 office workers. A total of 56,000 new homes are to be added to the neighbourhood, mainly concentrated in the northern zone. The average home price now is 45,000 yuan per sq m for a typical two-bedroom and three-bedroom units, up from 20,000 yuan just three years ago.
Regina Yang, Knight Frank Greater China
Located fewer than eight kilometres from the stunning Northern Beaches of Sydney, the Forest District extends from the leafy suburbs of Middle Harbour, north along the Garigal National Park and up towards the bushland of Ku-ring-gai Chase.
Known for its excellent public and independent schools as well as its alternative education facilities, typical Forest District householders are professional couples with above-average incomes.
The area will benefit from the new B-Line bus service, which provides a direct link to Sydney’s CBD, and from the new Northern Beaches Hospital scheduled to open in late 2018. A well-appointed four-bedroom house with landscaped gardens starts at A$1.6 million, while a townhouse or apartment starts from A$900,000.
Sarah Harding, Knight Frank Australia
One of Aspen’s most affluent neighbourhoods, Red Mountain arguably “arrived” decades ago. However, 2016 saw the market pause for breath as the decade-long acceleration in prices eased off, allowing the area’s inventory to expand and giving buyers their best choice of homes for some time.
With its sun-drenched, south-facing slopes, Red Mountain rarely collects sufficient snow for skiing but it offers residents unrivalled views of Aspen, the Maroon Bells and the magnificent Elk Mountain Range.
Situated within a five to 10-minute drive of downtown Aspen, Red Mountain boasts great schools, world-class restaurants and a packed year-round calendar of cultural events, while its predominantly 1970s housing stock has been upgraded to offer sophisticated design and the very latest technology. Typical prices range from US$6 million for a three-bedroom home on one acre to US$40 million for a six-bedroom property on a four-acre plot.
Joshua Saslove, Douglas Elliman
Manhattan’s southern tip is home to the Financial District, or FiDi. Long side-lined as a purely commercial district with Wall Street at its heart, FiDi is now one of the most stylish and sought-after pockets of residential real estate in Lower Manhattan.
Crops of new businesses, from upscale food halls and chic boutiques to lively neighbourhood bars and power lunch spots have been added to the area’s existing charms, like the cobblestone streets and 19th-century red brick buildings of the South Street Seaport, which feel a world away from New York’s bustling streets.
Unlike neighbouring TriBeCa where converted industrial buildings dominate, sleek and contemporary high-rise apartments populate FiDi’s streets and sit alongside key landmarks such as One World Trade Center, One World Observatory and the popular 25-acre Battery Park.
A two-bedroom apartment at 125 Greenwich Street starts at US$3.26 million, while a larger three-bedroom penthouse apartment at 1 Seaport Residences starts at US$7.15 million.
Andrew Wachtfogel, Douglas Elliman
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Everett-Allen curates a selection of the urban districts whose location, infrastructure and vibe make them the latest neighbourhoods to watch.
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