Landlords prepare to welcome new affluent residents to Tsuen Wan with upgraded shopping malls
Chinachem Group is spending HK$400m to renovate 10-year-old mall within 89-storey Nina Tower and is gearing up to open another at Parc City
Tsuen Wan’s retail landscape is set for huge improvements as major developers open new malls and upgrade existing ones to tap the higher spending power of residents moving into upscale housing in the area.
Chinachem Group, which owns Nina Tower, the tallest building in the New Territories at 89 storeys that comprises a mall, a five-star hotel and offices, is spending about HK$400 million to renovate the 10-year-old shopping centre that takes up four storeys and has 84 shops.
The developer is also preparing to open a 100,000 square feet mall that has 53 shops at its Parc City residential project, which it bought from MTR Corp for HK$1.2 billion (US$152.8 million) last
November. The 953-unit Parc City development will be ready for delivery in March next year.
“With the maturation of western Tsuen Wan, we are even more optimistic about the area’s prospects,” said Donald Choi, chief executive of Chinachem Group, the biggest landlord in Tsuen Wan with a retail leasing portfolio of nearly 807,500 sq ft.
The company is also considering using at least one floor of its 1,608-room L’hotel et Convention Centre, which brings in one million patrons each year, as a venue for meetings, incentives, conferences and exhibitions (MICE) for about 1,000 people.