Fortune Reit chief Justina Chiu driving change at Tin Shui Wai shopping mall

Justina Chiu Yu, chief executive of ARA Asset Management, which manages the Fortune real estate investment trust (reit), is driving change at its largest retail asset in Tin Shui Wai to address the growing number of young people moving to the New Territories.

With flat prices in Hong Kong’s urban areas reaching sky high levels, the lower prices in the New Territories are seen attracting younger professionals with higher incomes.

Yuen Long district, which includes Tin Shui Wai, is projected to have the largest population increase of from 2015 to 2024, with an additional 84,100 people, according to the city’s planning Department.

The 36 year old Chiu, who has served as ARA Asset chief executive since February 2015, said the firm plans to revamp its 665,244 sq ft Fortune Kingswood property, with an estimated valuation of HK$7 billion, into a shopping and entertainment hub to serve the greater Tin Shui Wai and Yuen Long area. It is the biggest retail asset among the 17 malls under ARA Asset’s management.

Such a revamp would attract tenants such as gaming stores, boutiques and speciality restaurants that appeal to a younger demographic.

“We aim to bring more exciting experiential elements to Fortune Kingswood and make it a new ‘retail-tainment’ centre,” Chiu said.