Fortune Kingswood looking to engage younger demographic
ARA Asset Management chief executive Justina Chiu Yu is driving change at the group’s largest retail asset in Tin Shui Wai, Fortune Kingswood mall, to meet the needs of young people moving into the New Territories.
ARA manages the Fortune real estate investment trust, which runs the mall.
Young professionals with high incomes are attracted by the lower prices in the New Territories as accommodation prices reach record highs in Hong Kong’s urban areas.
Chiu, who took over her job in February 2015, says the firm plans to revamp the 665,244sqft (61,800sqm) Fortune Kingswood, valued at about HK$7 billion (US$895 million), into a shopping and entertainment hub. This would attract such tenants as gaming stores, boutiques and speciality restaurants.
“We aim to bring more exciting experiential elements to Fortune Kingswood and make it a new ‘retail-tainment’ centre. Initiatives will be carried out in phases to minimise disruption to rental income,” says Chiu, the daughter of former ARA Asset chairman Justin Chiu Kwok-hung who remains a non-executive director.
ARA Asset is also considering an “e-sports” theme for the mall and looking at potential partnerships with gaming enterprises.
Chiu says Fortune Reit’s 17 malls are more resilient to Hong Kong’s volatile retail market and are less affected by tourism. “Tenants in more than 60 per cent of our gross floor area cater to local demand,” she says.