Sino Land upbeat on Olympian
Sino Land believes the retail space at its Olympian City Two shopping arcade in Tai Kok Tsui could generate HK$180 million annual rental income.
After Olympian City Two's opening yesterday, executive director Robert Lee Chi-hong said 93 per cent of the shopping space was let, despite weak sentiment in the retail market.
Rentals in the 600,000 square foot shopping centre varied from about HK$30 to HK$160 per square foot a month, he said. Olympian City One and Two have combined retail space of about 800,000 sq ft. Mr Lee said Olympian One produced about HK$110 million in annual rental income.
He said Sino Land also expected to see steady growth in luxury rentals next year. With interest rates low and confidence rising, new developments were drawing investors and prices would pick up as a result.
Mr Lee expected growing demand for luxury flats from overseas corporations following China's entry to the World Trade Organisation. Sino Land's Sky Horizon luxury development in North Point had attracted many investors. Duplex flats in the development had all sold, with some priced at HK$10,000 per square foot.
The company was studying two residential lots in Shanghai's Xuhui district put on tender sale by the city's government.
