Lohas mall to open its doors Sunday

MTR Corporation (0066) will open the first phase of The Lohas - the first shopping mall at Lohas Park in Tseung Kwan O - on Sunday, while the development tender for phase 13 of Lohas Park will be launched as scheduled.

The first phase involves 13 shops, with a gross floor area of around 70,000 sq ft, according to property director David Tang Chi-fai.

With direct access to the Lohas Park residential buildings, The Lohas covers 480,000 square feet and spans three retail floors. The second batch of stores is set to open in two or three months, Tang said.

He also revealed that MTRC plans to open tenders for Lohas Park phase 13 in the third quarter.

Meanwhile, the Buildings Department approved 23 building plans in June, including Kai Tak Area 4A Site 1, which will provide two 31-story residential developments and a six-story clubhouse.

The department also issued 23 occupation permits, with six on Hong Kong Island, four in Kowloon and 13 in the New Territories.

In the commercial property market, cassette tape and CD magnate David Chan Ping-chi is offering the seven-story Kodak House 1 in Quarry Bay for sale at a target price of HK$1.5 billion, according to Savills. The property measures 150,243 sq ft in floor area.

In the secondary market, a 441-sq-ft flat at Kingswood Villas in Tin Shui Wai changed hands for HK$4.9 million, or HK$11,111 per sq ft, after HK$200,000 was cut from the initial asking price.