Hysan Development (0014), the "landlord" in Causeway Bay, will celebrate its 100th anniversary next year, so it took the opportunity to upgrade its properties. It plans to spend more than 2 billion yuan for the upgrading and renovation project (Rejuvenation) of the entire Lee Gardens area. The project includes the addition of all-weather pedestrians The passage system will connect the various phases of Lee Gardens and optimize each building at the same time. It is expected to be completed before 2026, when the Caroline Hill Road commercial project will also be completed simultaneously.
Lu Ganwei, executive director and chief operating officer of Hysan, said that the group will enter its 100th anniversary next year and will spend more than 2 billion yuan on large-scale upgrading projects in Lee Gardens and Hysan Plaza.
He pointed out that Lee Gardens District has not carried out similar large-scale upgrading and renovation projects in the past many years, mainly because it involved "changing the old into the new" in the past, but there is not much room for "demolition and rebuilding" at present, so he decided to spend more than 2 billion yuan to carry out the project. Comprehensively upgrade the project to enhance the positioning of the entire Lee Gardens.
Lu Ganwei: 1% added value for Lee Gardens has reached a value of 900 million
Asked about the current market downturn, why not use this large renovation project cost to invest in other investments, he pointed out that the maintenance and maintenance of commercial buildings and shopping malls in Lee Gardens have always been done well, and this time he decided to carry out an investment of more than 2 billion yuan. It is believed that the effect of the upgrade project can be very long-term, even a long-term investment that can be used for more than 100 years.
He also added that if taking advantage of the current market downturn, you can buy a piece of land with 2 billion yuan, taking into account the construction cost, the total will be 2.5 billion yuan, and you can earn 500 million yuan after selling the property in the future; but if you invest 2 billion yuan in capital as the market value About 90 billion yuan of Lee Gardens is being upgraded. As long as the value of the project is increased by 1%, the value of the increase has already reached 900 million yuan. Therefore, the group tends to make long-term deployments.
After the upgrade project is completed, the number of merchants in the entire Lee Gardens area is expected to remain at about 300.
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International famous brands in the high-end luxury area open flagship stores of over 10,000 square feet
The upgrading and renovation project of Lee Gardens Area, which cost more than 2 billion yuan, mainly involves connecting and repositioning the entire Lee Gardens Area.
Lee Garden Phase 1, Phase 2, and Phase 5, which are located in the middle, will be positioned as high-end luxury areas, focusing on high-spending customer groups. The main retail floors within the scope will be redistributed. After the upgrade, most of the international famous brands For example, Cartier, Hermes, Dior, Louis Vuitton, Chanel, etc. will use flagship stores covering an area of more than 10,000 square feet.
As for Hysan Place, which is adjacent to the MTR station, a large-scale upgrade has been carried out three months ago. Among them, the basement floor connected to the railway station has been redecorated; the 4th floor platform of the shopping mall will also create an Urban Park, covering an area of about 7,000 square meters sq. ft. and is expected to open in January 2023.
There is also the first skateboard park in a shopping mall on Hong Kong Island, covering about 4,000 square feet. At the same time, the Hong Kong street music element "Busking" may be introduced to attract young consumers.
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Hysan Place Adds Skate Park to Become Trendsetter
Lu Ganwei pointed out that Hysan Place has the advantage of being close to Causeway Bay Station, so he does not want the mall to become a "Trend Follower", but to make the mall a "Trendsetter" (innovator), deliberately adding new elements that have never been tried in the past .
He also pointed out that he hoped that every second or third floor of Hysan Place would have attractions, so that citizens would not feel like "climbing up to the 8th floor for eslite".
As for Caroline Hill Road Commercial Land King (temporarily called Phase 8), together with Lee Garden Phase 6 and Phase 3, it will be positioned as a Lifestyle Park, focusing on young family customers.
Set up all-weather pedestrian passages and connect the parking lots of each phase to reduce road congestion by 70%
As for how to connect the entire Lee Gardens Area, Lu Ganwei said that from the MTR Causeway Bay Station to the Caroline Hill Road commercial project, an all-weather pedestrian passage system will be added, involving flyovers and covered pedestrian passages, which will greatly enhance pedestrian accessibility in the area.
In addition, the underground tunnels of the parking lots of phases 1, 2, and 3 of Lee Garden will be opened, and the parking lots of the Caroline Hill Road commercial project (temporarily called phase 8) may also be connected together in the future, but further discussions with the government are required.
Lu Ganwei pointed out that after the addition of an all-weather pedestrian passage system and the connection of various phases of parking lots through underground tunnels, the traffic flow in the area will be further improved, which is expected to reduce road traffic congestion in Lee Gardens by about 70%.
Hysan Lui Ganwei: He hopes that the proportion of residential business will increase to 10% of the new property in Tai Po. He plans to launch two commercial buildings next month on Caroline Hill Road. Wang Zhun will build two commercial buildings in Yuen Long. King of commercial land completed vaccination center in 18 days Hysan and Chinachem Caroline Hill Road commercial land plans to increase floor space by 2% to build 3 commercial buildings %
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