WHARF Group's ''new era in shopping in Causeway Bay'' - the $2.4 billion Times Square development - had its first public showing yesterday. The monolithic twin-towered granite and glass building features 14 floors of retail space, topped by one million square feet of Grade A office area. Originally scheduled to open in April, Times Square Estates senior manager Leung Kam-cheung said: ''Basically, it was due to red tape, and, with a project of this size, it was not surprising that we experienced some delay.'' The grand opening is now scheduled for December, with about 100 of the 300 shops opening to shoppers yesterday. A major drawcard for tenants is Times Square having its own sub-station link to the Causeway Bay MTR station. Although turnstiles and a ticket office have been built, further work is required before the public can use the exit, which should open next month. ''When the MTR link opens, we estimate Times Square will attract 160,000 people a day. The retail outlets and restaurants already can expect custom from the 20,000 people working in the two office blocks,'' Mr Leung said. He said Wharf's track record in building management - it also owns Harbour City in Tsim Sha Tsui - had also been a major factor in attracting clients. ''About 95 per cent of the retail space has already been let,'' he said. Rents were also competitive, he claimed. ''Retail rents range between $80 and $300 per sq ft depending on size and location. Compared to street-front shops in the area, we offer excellent value, especially when you consider the support and management we offer our clients.'' And the price was certainly right for many well-known names at the upper end of the retail market, including Esprit, Theme, Max Mara, Durban, Daniel Hechter and Fortress. Marks & Spencer will open its biggest shop in the territory at Times Square, covering 14,000 sq ft. Shoppers will also be able to find new names to the territory, such as furniture store I. D. Design, Tower Records, and an 8,000-sq-ft sports equipment store operated by Royal Sporting House. These shops are on the second to ninth floors - each with its own theme. Besides making use of vertical space in the atrium above the ground for retail outlets, good use is also made of the space below. ''We have four levels of car parks, above which is the market floor, with 88,000 sq ft gross of supermarkets and fast-food outlets,'' Mr Leung said. ''Above this are three levels of shops, called Lane Crawford Place. It is designed to cater to upmarket shoppers. ''It is a new concept for the department store and aimed at a younger clientele. Lane Crawford Place was the first outlet to open - in September.'' The entrance to Lane Crawford Place is at ground level, as is entry to the four cinemas in the development. Above the ground floor and the seven retail levels in a huge atrium are four floors of restaurants, 18 in all. Each floor has a theme: the first has Cantonese restaurants; the second's offers include Malaysian, Vietnamese and Thai cuisine; the third features Chinese provincial restaurants; while the fourth has an international theme, with Japanese, French and Mexican eateries. Because Times Square is built on the site of the former Hong Kong Tramway Depot, Wharf avoided having to pay a heavy premium to develop the site - the transportation company and its land being owned by Wharf. The company claims the money saved was spent on giving the building its opulent look. And Shoppers preferring to buy in a luxurious setting will not be disappointed. Unique features of the granite-floored development include the territory's biggest television screen, a $50-million, high-resolution, seven-by-10-metre video wall, and Hong Kong's first spiral escalators. Office tenants are likely to be no less impressed with the facilities on offer, which include a fibre-optic telecommunications system claimed to be the most advanced in the world, and two advanced emergency power systems - in case of power failure - one for the supply of essential services and the other for tenants' computer systems. The 39-storey Shell Tower, which offers floors with 20,000 sq ft of gross area, had an occupancy rate of 98 per cent, Mr Leung said. Tenants, who began moving in in June, included Shell, Hewlett-Packard, AT & T Coca-Cola, Hoechst (China), and EMI. Rentalprices ranged from $30 to $32 per sq ft, he said. Meanwhile, 20,000 sq ft in the 46-storey Tower A have been released to tenants (one being Apple Computer), renting in the range of $38 to $40 per sq ft, due to the lack of a large Grade A office space in the area. But Wharf is keeping its options open on selling the tower. ''If there was an attractive offer, then I think they would consider selling it,'' Mr Leung said. ''If the total area of the whole project were leased out, revenue would be $800 million a year, and development costs would be recouped in four years.''