Lohas Park to get mall next year

Business | Tereza Cai 12 Apr 2019

MTR Corporation (0066) will open a new mega shopping mall, The Lohas, at Lohas Park with about 150 merchants, a skating rink and a cinema, by the second half of next year.

David Tang Chi-fai, property director of MTRC, said all businesses in the mall would be leased out in early 2020. He said the opening is a bid to better meet the needs of residents of the estate since the remaining three-phase properties of Lohas Park will be completed next year, bringing the number of residents of Lohas Park to 40,000.

Tang stressed that the mall reflects the company has been actively expanding the investment property portfolio. Shifting the focus from just developing property to investment properties could help it generate stable profit and regular cash flow to better maintain the MTR trains and better serve the public.

Lohas Park is its 14th mall project. Two shopping malls in Tai Wai and Wong Chuk Hang will come into service in coming years, he said.

The Lohas, which took more than HK$5 billion in investment, covers 480,000 square feet and spans three retail floors with direct access to the residential towers in Lohas Park. It will cover 13 phases with an estimated 68,000 residents, who have lacked shopping facilities for 10 years since phase one was occupied.

One-quarter of the businesses will cover entertainment, another quarter will be for restaurants, and the remaining half will be for for lifestyle merchants such as supermarkets, leisure, community services and daily necessities.

About 30 percent of the space has been leased out already, and the letting situation is highly satisfactory, Tang said, adding that the effective use ratio of the mall will reach 60 percent. The indoor international ice rink will be run in cooperation with the Hong Kong Academy of Ice Hockey, hosting contests and promoting the ice hockey, and the cinema will collaborate with Emperor Cinemas.

Tang expects that, besides the residents of Lohas Park, the mall will attract people from Sai Kung District and Kowloon East, and employees in Tseung Kwan O Industrial Estate.

Meanwhile, MTRC's annual report revealed that former chief executive Lincoln Leong Kwok-kuen's emolument fell from HK$15.2 million to HK$11.8 million a year, and included HK$700,000 as performance-based pay, despite last year's MTRC scandals.

The new chief executive Jacob Kam Chak-pui's annual salary jumped 16 percent from HK$9.8 million to HK$11.4 million, thanks to a 55 percent rise in performance pay of HK$1.2 million.

The emoluments of board of directors rose by around HK$200,000 to HK$102.2 million, with performance pay rising from HK$19.5 million to HK$23.1 million.

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