2024-06-17 28Hse Editor
MTR Corporation (0066) is gearing up to open all five floors of its new shopping center, The Southside, located above the Wong Chuk Hang MTR station, on June 21. The rail and mall operator has set a target to house at least 150 merchants by the year's end when the mall is slated for its grand opening, according to David Tang Chi-fai, the property and international business director.
Tang, who spoke during the 25th anniversary ceremony of the MTRC's Maritime Square mall in Tsing Yi, reported that The Southside has already achieved an occupancy rate exceeding 90 percent, with rental rates aligning with current market conditions. He expressed satisfaction with these figures despite the current challenges in Hong Kong’s retail market.
The Southside, which is the largest lifestyle mall in Island South, had a soft launch last December, opening one floor with 30 shops. It offers a diverse range of services and shops including large supermarkets, cinemas, educational centers, retail stores, restaurants, and local product outlets, aiming to cater extensively to the district's residents.
A major celebration is planned at the end of the year to commemorate the official launch of the mall. When queried about the impact of northbound migration on the local retail sector, Tang acknowledged this as a prevailing trend. He suggested that Hong Kong needs to enhance its competitiveness and leverage its unique position as a global city and cultural melting pot.
Additionally, Tang commented on the residential property market, indicating MTRC’s optimistic outlook due to sustained housing demand. He mentioned that the market is currently absorbing new homes and anticipated ongoing transactions as long as pricing remains appealing.
Looking forward, Tang hopes for a steady development in the market in the latter half of the year, avoiding drastic swings in transactions and prices.
Regarding upcoming projects, the MTRC holds around 14,000 flats in development collaborations with builders. Tang revealed plans to wait for an opportune moment within the next 12 months to relaunch the Tung Chung East Station phase 1 project, which had received no bids last year, marking it as the least successful tender in a decade. He added that MTRC is revising the project’s details, including locations and the number of flats, hoping the new plan will resonate better with the market.
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