Annual Report 2015
EXECUTIVE VICE-CHAIRMAN’S REPORT
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in Central, achieved satisfactory
performance in terms of occupancy
and rental rates. New World Tower
is undergoing an asset enhancement
programme to meet the new market
leasing demand. Its office lobbies and
other major facilities will be upgraded.
New World Centre redevelopment
project located at the core area of
Tsim Sha Tsui promenade is currently
the most important redevelopment
project of the Group. The construction
of the basement and the podium are
being carried out as scheduled, and
the development of the high tower
located at the junction of Salisbury
Road and Mody Road is also at good
progress. The underground retail
space at 12 Salisbury Road Tsim Sha
Tsui (previously named as “SOGO
Tsim Sha Tsui”) will be altered in
parallel with the redevelopment
project of the adjacent New World
Centre.
its mix of merchants and enhance
the mall facilities in order to address
the needs of customers and deliver
a totally fresh and pleasant shopping
experience to consumers.
In addition, benefiting from the
redevelopment of Kowloon East and
the expanded population of Tseung
Kwan O, Telford Plaza in Kowloon
Bay reported satisfactory rental
performance driven by increasing
daily patronage of local residents.
Pearl City, located in the trendy
locality of Causeway Bay, recorded
high pedestrian flow following the
completion of property refinements
and quality enhancement works in
December 2012.
For office buildings, New World
Tower and Manning House, both
being Grade A office buildings located
in the traditional prime commercial
a r ea on Queen ’ s Road Cen t r a l
also dropped to a low level of 3.5% in
general, providing a strong support to
the rental performance on the back of
excessive demand.
In FY2015, the Group’s gross rental
income in Hong Kong amounted
to HK$1,486.1 million. The rental
i n c ome wa s i mp a c t e d b y t h e
resumption of the underground retail
space at 12 Salisbury Road Tsim Sha
Tsui (previously named as”SOGO
Tsim Sha Tsui”) on 14 February 2014
for alterations and the overhaul of
Discovery Park Shopping Centre in
Tsuen Wan. If stripping out the effect
of the abovementioned two projects,
the Group’s gross rental income in
Hong Kong up 5.0% year-on-year.
All major properties of the Group’s
investment properties portfolio
attained satisfactory occupancy.
Tsim Sha Tsui K11, which is located
in a traditional core retail and tourism
district, recorded an occupancy rate
of almost 100% during the year
under review, an average monthly
pedestrian flow of approximately 1.3
million, the majority of which was
high-spending local young customers.
In order to enhance the shopping
experience, several new brands will
establish its foothold at Tsim Sha Tsui
K11 before Christmas of 2015.
For Discovery Park Shopping Centre
in Tsuen Wan, a densely-populated
cross-border transportation hub in the
western part of Hong Kong, the first
three phases of renovation works
were completed, and the final phase
of renovation works was in smooth
progress. The entire programme
is expected to be completed in
2015. In the course of emergence
of Discovery Park Shopping Centre,
efforts have been made to optimise
