Mall race for Ocean Pride

Business | Lucas Lo 18 Apr 2019

Residents of Ocean Pride in Tsuen Wan West have started moving in, and it won't be long before they are close to business as CK Asset (1113) is set to open Op Mall before or after the Christmas holiday.

The 430,000-square-foot center will have Japanese department store Don Quijote as an anchor tenant.

It will rent 50,000 square feet, making it the brand's largest New Territories branch.

Don Quijote took out a lease on a 15,000-square-foot shop in the Miramar Shopping Centre in Tsim Sha Tsui, owned by Henderson Land Development (012), at the start of the year for HK$1 million a month, with average rent per square foot about HK$67.

CK Asset has leased the historic hotel 1881 Heritage in Tsim Sha Tsui to Richard Li Tzar Kai's FWD Insurance.

CK Asset emphasized that the two firms are independent of each other and the rent is determined by market rates. The decision was made because the conservation plan of FWD was excellent compared to others.

Chow Tai Fook Education, founded by Adrian Cheng Chi-kong, executive vice-chairman and general manager of New World Development (0017), and his wife Jennifer Yu, has signed a long-term lease for a 10,000-sq-ft shop in NWD's Timber House in Ho Man Tin.

A spokesman said the operational details would be announced later.

Chow Tai Fook Education's wholly owned Victoria Educational Organisation operates kindergartens and Victoria Playpark.

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