An excerpt from a recently posted article in the Urban Redevelopment thread :
Sing Tao HQ makes way for twin tech towers
Redevelopment forms part of efforts to turn Kowloon Bay into commercial area
21 October 2005
South China Morning Post
Kerry Properties was among the first landlord to develop a grade A office building in the area. The developer is due to complete its 1.1 million sqft shopping centre, MegaBox, in early 2007.
From k88.com.hk :
Kerry Properties (683 HK – HK$19.8) expects to reap annual rental income of HK$300m from its MegaBox shopping center in Kowloon Bay in 2007, and HK$400m by 2009. MegaBox, with 1.1m sq ft of retail space, will become the largest shopping mall in East Kowloon after completiion in 1Q07.
UK's largest home improvement retailer arrives in Hong Kong
Monday, October 24, 2005
Government Press Release
B&Q, UK's largest home improvement retailer, announced today (October 24) that its first store in Hong Kong would open in early 2007. The store will be wholly owned by Hong Kong-based B&Q Asia Limited, a subsidiary of the Kingfisher Group. The project will involve total investment of more than HK$200 million and create about 200 new jobs for Hong Kong.
The new B&Q shop will take up 120,000 square feet over two floors in the MegaBox mall of Enterprise Square 5 in Kowloon Bay. MegaBox is Hong Kong's first vertical mega mall, with more than 19 storeys across 1.1 million square feet of retail space. A signing ceremony was held today to mark the co-operation between B&Q and MegaBox Development Co. Limited, a subsidiary of Kerry Properties Limited.
"We are delighted to be announcing this exciting expansion into Hong Kong. Hong Kong is one of the largest and most affluent markets in Asia and is a centre for retailing excellence. We believe a B&Q store here will benefit Hong Kong consumers by making home improvement more accessible," the CEO of B&Q Asia Limited, Mr Steve Gilman said.
The Executive Director & General Manager of MegaBox Development Co. Limited, Mr Tom Tong was delighted to welcome B&Q to join MegaBox, Hong Kong's first vertical Mega Mall which offered a unique concept in tenant mix. "The addition of B&Q is a key component in building our family-driven retail attractions," he said.
Mr Gilman said B&Q would be the first big box home improvement retailer in Hong Kong. It will offer a wide range of home improvement products, with more than 25,000 individual product lines available under one roof. B&Q will also provide quality services solutions, including installation and decoration services for apartment and room renovations.
Mr Gilman expects the new store to do well. "We not only hope to introduce our products, but also to bring in a new concept of DIY home improvement to the Hong Kong market. We are confident that our quality assured services and international and B&Q branded products, complemented by an inspirational environment, will excite and well received by local consumers," he said.
The Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Simon Galpin, warmly welcomed the investment by B&Q Asia in Hong Kong. "We at Invest Hong Kong are delighted to see this vote of confidence by a major European retailer in Hong Kong. We look forward to celebrating the grand opening of the new B&Q shop in 2007, and will continue to working closely with B&Q to facilitate their further expansion," he said.
B&Q is the number one Do-It-Yourself (DIY) retailer in Europe and the third largest in the world. With more than 60 stores opened internationally, including Beijing, B&Q employs more than 38,000 staff worldwide. For more information about B&Q, please visit the website at http://www.diy.com.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing all the support needed to establish a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Connection to Megabox from Kowloon Bay MTR. It will take 20 minutes to walk from the MTR station to the Megabox mall under current conditions (from the footbridge (highlighted in Black) then walking on the sidewalks.). If Megabox needs to be successful, they must provide a direct link (footbridge or underground tunnel to link directly to Telford Plaza).
Picture Two: Relation to Telford Plaza and APM.
This mall is big, but nearby, there is Telford Plaza which is intergrated with the MTR station. Telford Plaza itself already contains IKEA, Marks and Spenser, Starbucks and a whole showcase of retail fashion chains. Then two MTR station away is the new mall APM. That mall contains many trendy stylish fashion and other stores such as MUJI which Telford does not have. The only way that Megabox can compliment these two megamalls of East Kowloon is by implimenting a different shopping environment from Telford and APM. Only then will Megabox become successful.
I think the developer can try some of the methods
1. Purely connecting the mall with telford plaza which would be quite out of place, and possibly looks cheap (depends if you just use steel-truss, open air bridge, or steel-truss wtih glass covered and AC inside).
2. Develop buildings along the way toward the telford plaza, so that you can connect buildings with fancy skybridge. Kind of like what the Island east office district is now.
3. Use small van to shuttle people frequently between mtr station and the mall.
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