High rents force shops to extend hours, creating Ginza-style districts

Shops and restaurants in Causeway Bay are extending their opening hours to cope with soaring rents, a trend that has encouraged developers to build two "Ginza-style" commercial projects geared to supporting round-the-clock trading.

Property consultants believe the concept of 24-hour trading will catch on in the area, which has become the world's most expensive for prime retail space.

"The concept is sustainable for Causeway Bay which is a magnet for late-night shopping and dining," said Joe Lin, senior director of retail services at CBRE.

Soundwill Holdings said last week its proposed commercial project at 11 to 13 Sharp Street, just off Russell Street, which is the most expensive retail strip in the world, would feature a round-the-clock management service and individual air-conditioning facilities to cater for tenants' trading hours.

"The building design is suitable for occupiers to stay open for 24 hours a day if they wish," a spokeswoman said.

Space in the developer's proposed 32-storey "Ginza-style" commercial building, to be named The Sharp, will be offered for sale at an indicative price of HK$30,000 per square foot, or an entry lump sum of about HK$48 million.

Property agents said some restaurant operators have expressed interest in buying upper-floor space in the development, since the indicative prices were relatively competitive when compared with street-level space in the nearby area.