Sino Land will spend $300 million converting part of a car park at its Tuen Mun Town Centre shopping mall into a space for 80 shops to raise rental income by 30 per cent next year.
The work will add 200,000 square feet to the retail space, taking its total gross floor area to one million sq ft for 400 shops, while reducing the parking spaces from 1,000 to 700. The project will be completed by July next year.
Ronnie Chan Yam-ling, general manager at Tuen Mun Town Centre, expects rents for new retail spaces in prime locations to reach $150 per square foot.
'The expansion will increase the mall's rental income 20 per cent to 30 per cent,' she said, adding that Tuen Mun Town Centre was Sino Land's largest mall and biggest rental contributor.
The first phase of the work should be completed in April.
Fuelled by strong consumer spending because of the economic recovery, many of the mall's tenants planned to expand their retail chains by adding 10 to 13 stores next year, Ms Chan said.
