Henderson Land (0012) is planning to launch a shopping complex with 60 shops in Tai Kok Tsui as early as 2017.
The redevelopment project, named Square Mile, will span Li Tak, Ka Shin and Kok Cheung streets.
The project will be developed in 4 phases with a total construction area of 0.2 million sq. ft. or approximately 60 store positions. The first phase is planned to launch in the first half of 2017. The construction floor area amounted to approximately 42,000 sq. ft. with 19 shops with a GFA of 42,000 sq ft and scheduled for an opening in the first half of 2017. Some HK$250 million will be set aside for development of phase one and two.
The developer has started to approach potential tenants, mostly chain eateries. “They are interested [in our offers]. And the rents they are willing to pay are close to our expectation,” said Henderson portfolio leasing department general manager Patrick Sit Pak-wing.