MTR Corporation's (0066) new shopping mall atop Wong Chuk Hang MTR station will open all its five floors to business on June 21.
And the rail and mall operator aims to have 130 merchants in The Southside by the end of the year, when the mall officially opens, property and international business director David Tang Chi-fai said.
Speaking at a ceremony to mark the 25th anniversary of the MTRC's Maritime Square mall in Tsing Yi, Tang said The Southside's occupancy rate has exceeded 90 percent, and rentals are in line with market rates.
Tang is also satisfied with the occupancy rate amid a "challenging local retail market."
The Southside opened one floor with 30 shops last December in a soft launch.
As the largest lifestyle mall in Island South, The Southside aims to serve residents in the district with a mix of large supermarkets, cinemas, education centres, retail stores, restaurants and shops offering local products among others.
A grand ceremony will be held at the end of the year to mark the mall's official launch.
When asked about the impact of northbound Hongkongers on the retail market, Tang said the trend is now a fact of life and Hong Kong should increase its competitiveness and capitalize on its niche as a world city and melting pot of cultures and products.
Commenting on the residential property market, Tang said the MRTC is optimistic in its outlook, as it still sees a demand for housing.
While the market is now absorbing new homes, he said deals will still be made as long as prices are attractive.
Meanwhile, he hopes the market will "develop steadily" in the second half, and not see drastical fluctuations in transactions and prices.
The MTRC has about 14,000 flats at projects which it is co-developing with builders.
But it will wait for the right time over the next 12 months to relaunch the Tung Chung East Station phase 1 project, which received zero bids last year - the worst response in a decade.
He added that the MTRC is reviewing the locations and number of flats for the project and hopes the revised plan will be welcomed by the market.
