(March 27, 2018, Hong Kong) As part of its ongoing commitment to enhance the core properties in its home market, Hang Lung Properties has earmarked about HK$40 million to renovate Gala Place and Hollywood Plaza in Mongkok, bringing refurbished facilities and an upgraded tenant mix to further strengthen the properties’ competitive edge in the district.
Since 2012, Hang Lung has been engaged in an asset enhancement initiative that has seen the progressive upgrading of its local portfolio of core properties to keep them ahead of the changing market and on the pulse of customer aspirations. Following the facelift of Grand Plaza, renovation work is going to commence at Gala Place and Hollywood Plaza, Hang Lung’s two other star properties in Mongkok. The refurbishment of the façade, elevator lobbies and parking lot exit, which is scheduled for completion in 2019, will give a new lease of life to these much-loved shopping destinations. The upcoming investment in the renovation of Gala Place and Hollywood Plaza brings to a total of HK$240 million the amount Hang Lung has invested in enhancing its core properties in Mongkok.
“Thanks to the strategic positioning of the properties around the concept ‘Where Trends Meet’ which we have adopted since 2016, our exceptionally located Mongkok properties have seen a synergistic integration that has yielded outstanding occupancy and rental rates,” said Ms. Bella Chhoa, Director – Leasing & Management of Hang Lung Properties. “Meanwhile, our retail line-up has also been strengthened with the introduction of more beauty and cosmetics stores, stylish fashion labels, and an exciting array of new restaurants. With visitor numbers on the rebound, the retail landscape of Mongkok is ready for a fresh and exciting new impetus.”
To further strengthen the “Where Trends Meet” market positioning, from April 1, the existing Park-In Commercial Centre will be renamed as “Gala Place”. An indication of the status of Gala Place as a landmark destination in the district may also be observed in the existing signage at the public light bus terminus for minibuses headed for Kwun Tong and Sai Kung, and on the minibuses themselves which display “Gala Place” as the destination name.
