FOR 30 years the Wing On department store has stood at the corner of Nathan Road and Saigon Street. It was a place where families went to browse and shop on Sunday afternoons.
Beside it was the 300-room Hotel Fortuna, and a bank. Next door was the Wing On Investment Building, a neighbourhood landmark.
The original development opened in 1964. In the 1960s a tenancy space in the building would set you back $2,000 per month. Ten years later the cost of some of the prime rental sites at the Yau Ma Tei complex had jumped to $29,000 for space leased to the Royal Hong Kong Jockey Club. By the early 1980s they were paying $50,000. The Wing On development site was profitable, but its age was starting to show.
Last September, Wing On Company International Ltd launched a $300 million project to tear the old store down and replace it with an 18-storey office, retail and restaurant complex.
The total site area of the development will cover 25,504 square feet, including the department store at 343-361 Nathan Road, 4 and 4A Saigon Street and Woosung Street.
The company has predicted the complex will become a shopping magnet for the area.
