Chevalier Buys 20 Houses in Shatin for HK$403M and More Hong Kong Real Estate Headlines

Leading today’s Hong Kong real estate news, mid-size developer Chevalier International has bought up 20 village houses in Shatin for HK$403 million. Meanwhile in Mong Kok, Hang Lung is upgrading its pair of shopping centres in the Kowloon district in a bid to lure more visitors, and Link REIT has decided on a name for its own shopping and entertainment centre that is due to open in June in the bustling commercial area. There’s retail news about the upcoming West Kowloon railway station, too, so keep reading for all the details.

Chevalier International Snaps Up 20 Shatin Houses for HK$403M

Chevalier International paid HK$403 million to buy 20 village houses in Shatin from Hang Seng Management College. The price represents HK$14,000 ($91,784) per square foot.

The basket of houses cover a site area of 47,932 square feet (4,453 square metres), which can provide up to 28,759 square feet of floor area. At present, 15 of the house are leased out for a monthly rent of HK$490,500 ($62,510). The leases expire in as late as 2020. Read more>>

Hang Lung Renovates Mong Kok Malls for HK$40M

Hang Lung Properties will spend HK$40 million ($5.1 million) renovating two of its shopping malls in Hong Kong’s bustling Mong Kok area in a bid to enhance rental income in a fast-changing retail landscape.

The appeal of Hang Lung’s Gala Place and Hollywood Plaza has been in decline in the face of stiff competition from nearby Langham Place, owned by Champion Reit, and New World Development’s recently opened The Forest mall, according to Helen Mak, head of retail services at Knight Frank. Read more>>

Dufry Wins Duty-Free Contract for West Kowloon Station

Swiss-based travel retailer Dufry has won the five-year duty-free concession for stores at Hong Kong West Kowloon Station, which serves the High-Speed Rail link between Hong Kong and China.

The company hailed it as “a significant win” as it seeks to develop more business in Asia. The contract also marks “a milestone in its strategy to expand into additional and alternative channels other than airport retail”, added Dufry. Read more>>

Link REIT’s Mong Kok Mall Set to Open in June

Link REIT’s first prime commercial project at 700 Nathan Road in Mong Kok, will be called TOP (This is Our Place) and is set to launch in June. The complex is made up of a shopping mall and an office building.

TOP is the retail-entertainment shopping mall portion of the project, occupying eight levels with an underground floor connected to Exit B4 of Mongkok MTR station and its top floor featuring a Space-Out Garden. Read more>>

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