Source:
https://scmp.com/article/425709/big-plans-store-white-elephant

Big plans in store for white elephant

There were no bargains in Sai Kung's Star Plaza shopping centre in the 18 months it operated. For much of the time, in fact, there were no shops.

In a city that prides itself as being a shoppers' paradise, Star Plaza must have qualified as Hong Kong's most disappointing mall.

Shoppers who ventured inside were likely to be alone within its four empty floors, which house rows of empty units as pristine and clean as they were the day the multimillion-dollar arcade opened in late 2001.

The 24,000-sq-metre centre was owned by Hong Kong developer the Kilberg Group, which invested $238 million on the land and construction.

On Hiram's Highway at the gateway to Sai Kung, it boasted a 389-space car park and a purpose-built covered bridge intended to take shoppers safely over the busy main road.

But the retailers never came and thus neither did shoppers. Its sole tenant, Wellcome, moved in last year but exited after less than four months, blaming bad business.

It has remained empty ever since.

Industry experts believe the concept of Star Plaza just was not right for Sai Kung and that it was too far off the town's beaten track to attract shoppers.

An industry source said: '[The previous owners] were not local. They were not familiar with Sai Kung. They bought at a bad time for the property market and the economy.'

New buyer Urban Entertainment Management Ltd says it is not worried by Star Plaza's past and is confident it can be turned around into an exciting development.

'The first floor will be premium shops aimed at commuters,' a spokesman said, adding that they hoped to attract big-name tenants such as one of the international coffee chains, an American video chain store and a wholefood supermarket.