New World Development will spend HK$300 million to renovate its New World Centre shopping mall in Tsim Sha Tsui. The company is expected to lose five to six months of rental income from the arcade during the renovation period. Property agents estimated the shopping mall's average rental was HK$80 to HK$100 per square foot a month. New World said the mall would be closed for several months while the work was under way. Tenants are expected to move out this month and the refurbished centre is scheduled to open in December. Stephen Yuen, general manager of New World Centre, said the programme was the first big renovation of the 500,000 square foot mall since it opened more than 20 years ago. He said the new centre would feature oval atriums and escalators linking all floors. There would also be a number of external features including a proposed video-wall dome at the entrance, said Mr Yuen. New World has appointed AGC Design as the architect of the project. Arquitectonica is the designer. Analysts said New World's move was logical as the property was ageing and a rejuvenation was needed. Other developers have made similar moves to upgrade properties in recent years. These include Hongkong Land's programme for its Central malls and Swire Properties' plans for its Cityplaza mall in Quarry Bay. Another recent example is Great Eagle Holdings' Astor Plaza in Jordan. The developer will renovate and re-package the 70,000 sq ft mall which houses the Astor Classics cinema.