Hutchison sees rents surge 20pc
Hutchison Whampoa's shopping centres recorded a 15 to 20 per cent increase in rental charges this year, ccording to Hutchison Whampoa Property director Tony Tsui Kin-tung.
The Wonderful Worlds of Whampoa at Whampoa Garden in Hunghom could fetch rental income of HK$300 million a year, Mr Tsui said.
The 1.4 million square feet mall is the conglomerate's flagship retail property. Hutchison Whampoa also owns a 345,000 sq ft arcade at Aberdeen Centre and the 210,000 sq ft Provident Centre arcade in North Point.
To improve the portfolio, Mr Tsui said, HK$20 million would be spent on converting the 45,000 sq ft space on two floors at Screen World, Site 8 of Wonderful Worlds of Whampoa, into the Whampoa Gourmet Place.
Hutchison Whampoa would charge about HK$25 per square foot for the food court's 15 to 20 outlets, 70 per cent of which have been leased and are scheduled to open this autumn.
The 38,000 sq ft Chinese Medicine Centre, another part of the Wonderful Worlds of Whampoa, was 40 per cent occupied but would soon become fully let, as negotiations with a tenant were under way, he said.
Hutchison Whampoa would start building the four office floors and 10 hotel floors to be added to One and Two Harbourfront in Hunghom at the end of this year.
Construction of a hotel and serviced apartment project in Tsing Yi would also start within the year.