Discounts for yue man returnees

Former shop operators of Yue Man Square will have their rents waived for six months by the Urban Renewal Authority when they return to business at the redeveloped Kwun Tong Town Centre in April.

Fifteen operators whose stores were previously located in development area five of the Kwun Tong Town Centre redevelopment project had previously accepted the authority's arrangement to relocate to a new shopping mall.

Their new shop spaces will all be located in the same area, named "Yue Man Lane," to commemorate the demolished Yue Man Square, where stalls operated out of shacks.

The new shopping mall, which has just finished construction, is part of development areas two and three of the URA's Kwun Tong Town Centre Project.

URA managing director Wai Chi-sing wrote in his blog yesterday that the authority is currently inspecting the renovation work and testing the electrical and mechanical facilities of the mall, which is expected to open in April.

The URA will provide a six-month rent-free period for relocating operators to alleviate rental pressure when their businesses resume operations.

A tenancy agreement with the authority will be signed next month, giving them rent-free shop spaces until the end of August.

They will pay concessionary rent from September for three years at half the market value.

Relocating operators mainly sell affordable commodities and services, such as groceries, homeware and snacks.

"Their [relocating operators] shop's rent account for a higher percentage of total sales compared to other large-scale supermarkets, retail stores and restaurants," Wai said.

"So the Urban Renewal Authority will offer a 50 percent security fee reduction for three years to relocating operators."

"I believe these rental and security fee reductions will bring economic support for relocating operators to assist them in continuing operations and maintaining the livelihood of employees when business resumes under the epidemic and economic doldrums," Wai added.

Yue Man Lane will be located next to a public bus terminal. A relocating operator who sells furniture told the authority that a large number of bus passengers walking past shops at the lane is expected, and that crowd flow should be comparable to Yue Man Square.

maisy.mok@singtaonewscorp.com