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Pavilia Farm's third phase is poised to hit market

New World Development (0017) received presale consent for the third phase of The Pavilia Farm atop Tai Wai Station.

The third phase provides 892 flats, from one-bedroom flats to four-bedroom flats.

The 337 units in the first price list of phase two were offered at an average HK$19,838 per sq ft after discounts, about 5 percent higher than the first price list of phase one.

The first phase of the project received more than 22,700 registrations of interest, the largest number since 1997, and the developer sold 2,103 flats in the first two phases.

In Tai Kok Tsui, Henderson Land Development (0012) will offer 11 flats at Aquila Square Mile for sale on Friday. The 11 flats are offered at HK$5.14 million to HK$9.2 million, or HK$22,583 per sq ft to HK$27,032 per sq ft after discounts.

Meanwhile, NWD's Impact Kommons, Asia's first United Nations Sustainable Development Goals based accelerator, hosted a demo day for its second cohort. A total of 14 startups presented 12 business integration solutions, working with the NWD's business units and partners, ranging from construction, elderly care, education and facilities management.

Combined with the first cohort of Impact Kommons, the startups have already achieved 21 integrations. NWD also said that recruitment for the next cohort has begun and will focus on further business collaboration opportunities between startups and New World Group business units and partners.

(The Standard)


Luxury brands switch to short leases and pop-up stores as Hong Kong’s rents drop amid record vacancy rate in retail slump

Louis Vuitton is making the switch, with an Objets Nomades Collection show last month that exhibited furniture and homewares at the Pedder Building

Sennet Freres returned to Hong Kong as a bespoke wedding gown couturier this month at the space left empty by La Perla in Causeway Bay

Some global luxury brands are switching to short-term leases and pop-up outlets in Hong Kong, taking advantage of cheaper rental charges amid soaring vacancy rates in what was once the world’s most expensive high street commercial property market.

Louis Vuitton is one such brand making the switch, with an Objets Nomades Collection show last month that exhibited furniture and homewares at a two-level store in the Pedder Building diagonally across the road from its Landmark building boutique in Central. Sennet Freres, the century-old Parisian watchmaker, returned as a bespoke wedding gown couturier in December, occupying a four-storey, 8,740 square feet (812 square metres) space left empty since September by La Perla on Russell Street in Causeway Bay.

“Several deals were confirmed for big brands to take up between 1,000 square feet and 10,000 sq ft in Central and Causeway Bay for a term ranging from 10 days to three months,” agent said.

The short lease is becoming the survival tactic for retail brands, especially those at the higher end that suffer the most from disappearing foot traffic and vanishing mainland Chinese shoppers, to help them pull through Hong Kong’s worst recession on record and the city’s unprecedented retail slump. Vacancy rates in Central stood at 15.3 per cent in the first quarter while 14.4 per cent of available retail space stood empty in Causeway Bay.

Shopping centre operators are also exploring new concepts, including the integration of art and cultural exhibition with retail sales to turn shopping into a social experience to attract foot traffic and generate business for their tenants.

Hongkong Land, a unit of the conglomerate Jardine Matheson and the largest landlord in Hong Kong’s Central district, opened hybrid cultural and retail space called BELOWGROUND at the basement of its Landmark Atrium in March. The first show there, called Time Travel, featured local artists Afa Annfa and Chino Lam with the street artist Cope2 on the same floor as the luxury brands Dior Men, Kenzo, Gucci Men and Celine Men.

Landlords are now willing to give up some retail space towards the creation of a shopping experience by promoting culture and the arts as vacancy rates have risen, another agent said.

“It will be beneficial to the overall performance of the shopping centers, as more visitors check in on their social media accounts, [share or] talk about the malls,” agent said. “[The social buzz] will continue to drive traffic, and thus sales.”

K11 group, founded by New World Development’s executive vice-chairman Adrian Cheng Chi-kong, said its sales grew 49 per cent, and traffic increased 50 per cent year- on- year after it rolled out a series of cultural-retail experience across its malls in Hong Kong, Guangzhou, Shanghai, Wuhan and Shenyang during the Labour Day Golden Week Holiday from 28 April to 5 May.

“We organised more than 1,000 art and cultural programmes in Hong Kong and more than 5,000 in Greater China, reaching millions of people since 2009,” said a K11 spokesman.

Swire Properties, which owns shopping malls and grade-A office in Admiralty and Quarry Bay, has hosted more than 200 events and received over one million visitors at ArtisTree, a permanent venue for hosting or sponsoring different activities for tenants at Taikoo Place in Quarry Bay and the Hong Kong community since it opened in 2008, according to chief executive Guy Bradley.

“Many multinational corporations nowadays look beyond just the provision of office space. They increasingly place emphasis on the well-being of their workforce and look for a working environment with a broad range of amenities that can help to attract talent,” Bradley said.

(South China Morning Post)

For more information of Office for Lease at Pedder Building please visit: Office for Lease at Pedder Building

For more information of Grade A Office for Lease in Central please visit:  Grade A Office for Lease in Central


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另代理表示, American Eagle Outfitters, Inc.租用中環皇后大道中31號陸海通大廈 (LHT Tower) 地下1號舖、1樓1號舖位及2樓3號零售舖位,開設旗艦店共佔地7,158平方呎樓面。市場消息指租金約100萬元。





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