New Tsuen Wan malls planned in suburban revamp
Major developers are set to open new malls and renovate old ones in the Tsuen Wan area.
The investments in Tsuen Wan malls will significantly improve the retail arena for the locality, an area welcoming an increasingly high number of cashed-up residents.
The biggest landlord in Tsuen Wan, Chinachem Group, is spending around HKD400 million (US$51.3 million) on upgrades to Nina Tower, home to a decade-old four-storey shopping centre. Nina Tower is the tallest building in the New Territories. Chinachem is also expected to open a 100,000sqft mall with 53 stores at its Parc City residential complex in March next year.
Chinachem Group CEO Donald Choi said “With the maturation of western Tsuen Wan, we are even more optimistic about the area’s prospects.”
Chinachem has a retail leasing portfolio of almost 807,500sqft.
CK Asset Holdings is preparing to open OP Mall at its Ocean Pride development adjacent to Tsuen Wan West station next year, providing 430,000sqft retail floorspace for 300 shops. Billion Development and Project Management is also expected to complete a major project in the area shortly.
According to consultancy Savills’ head of retail agency Barrie Chan, the new Tsuen Wan malls, such as Ocean Pride, are at the relatively high end so they can bring in residents with relatively high spending power.
Savills figures show that retailers in Tsuen Wan have a captive audience of more than 800,000 people.