ebulletin

April 23, 2026
Harbourside HQ Applies for Commercial-to-Residential Conversion in Kowloon Bay
Harbourside HQ, a commercial building in Kowloon Bay owned by a consortium including CSI Properties and Asia Standard International, has formally submitted a redevelopment application to the Town Planning Board.
In response to the persistent oversupply of office space in East Kowloon, the consortium proposes converting the existing office building into a residential-led development comprising two towers of up to 38 storeys, providing approximately 1,140 residential units.

Project Overview
Location:
8 Lam Chak Street, Kowloon Bay, in close proximity to the Kai Tak Runway precinct.

Planning Application:
Apply to relax the plot ratio to 7.0 for redevelopment into two composite residential towers ranging from 30 to 38 storeys (excluding a two-level basement).

Unit Mix:
Approximately 1,140 residential units with an average unit size of around 400 sq ft, targeting first-time buyers and small to mid-sized households.

Estimated Completion:
2033

Market Perspective: Strategic Shift from Commercial to Residential
1. Elevated Office Vacancy Driving Conversion
Grade A office vacancy rates in Kwun Tong and Kowloon Bay remain persistently high, with supply significantly outpacing demand. Developers view conversion to residential use as better aligned with current government policy priorities to increase housing supply, while unlocking higher land value.

2. Gross Floor Area Trade-Off
Under the latest scheme, total GFA will be reduced to approximately 493,000 sq ft, representing a substantial 36% decrease from the existing 770,000 sq ft office scheme. Despite the reduction, residential units are expected to offer superior liquidity and profit potential compared to large-scale office assets under current market conditions.

3. Cluster Development and Synergies
The site is located near the Kowloon Bay International Trade & Exhibition Centre (KITEC), also owned by the same consortium, which has previously submitted applications to convert portions of its commercial space into residential use. Subject to approvals, the combined developments could establish a sizable residential cluster and lifestyle hub within the district.

Asset Background
The property was formerly known as “Octa Tower,” owned by Nan Fung Group. It was acquired in 2018 by a consortium led by CSI Properties and Asia Standard International for approximately HKD 8 billion. Following the acquisition, the building underwent a major refurbishment and was rebranded as Harbourside HQ. (Reported by Building.hk)