Sha Tin New Town Plaza, a shopping centre owned by Sun Hung Kai Properties (SHKP), will see 20 per cent rental income growth after renovations are completed by the middle of next year. The first stage of the revamp on the fifth to eighth floors of the mall was expected to be completed next month, said Sun Hung Kai Real Estate Agency leasing general manager Henry Lam yesterday. 'The second stage, which targets the first to third floors, will start in September and finish by the middle of next year,' he added. The $300 million facelift of the 1.3 million square foot New Town Plaza Phase One started last year. Mr Lam said the average rents after renovation would stay at about $150 to $300 per square foot. However, changing the tenant mix would help attract more shoppers, which in turn would boost rental income. At present, the mall attracts an average 300,000 shoppers at weekends and 250,000 on weekdays. Mr Lam said the first stage renovation had already attracted several new brands, including the 30,000 sq ft City Super store, which is due to open in September. The fifth to eighth floors will be given over to fashion and food shops. Sun Hung Kai Real Estate Agency assistant leasing general manager Judy Chow said the revamp was welcomed by shoppers, generating a 10 to 15 per cent increase in sales. 'The tenants are very optimistic about the outlook of the retail sector,' Mr Lam said. According to SHKP's interim report, the net rental income of the company rose 3 per cent to $2.02 billion for the six months to December last year. The report did not reveal the rental income of New Town Plaza. The group also plans to upgrade its shopping centres in Yuen Long, Tai Po and Mongkok.