Campfire founder buys abandoned Greenview Court mall
Wang Tse, co-founder of co-working space Campfire, has purchased Greenview Court Shopping Centre, which has been abandoned for a decade.
The disused 39,806sqft mall in Tsuen Wan West was sold for HK$170 million (US$22 million), 35 per cent less than its advertised price in 2017. According to Mingtiandi, the property was purchased in partnership with former Sunlink executive Michael Tsang.
The purchasers intend to upgrade the shopping centre for retail operations.
“We’re going to reactivate what is now just a dead space and turn it into something that will benefit the local community,” Wang told Mingtiandi. “Looking at things historically, Hong Kong has had other crises but has always bounced back very quickly. The narrative for investment in Hong Kong mid- to long-term is still compelling, and decentralised community malls offer strong value add opportunities.”
Tsuen Wan West has a population of 38,000, with spending power comparable to that of upwardly mobile Sha Tin, observed Wang.
The old mall is currently grown over with foliage and was previously earmarked for development into a Buddhist temple.
Photo by Midland Realty