“Ginza-style” comes to Causeway Bay

Hong Kong’s world record high rents are forcing more shops and restaurants to stay open until well into the evening.

Shops and restaurants in main districts such as Causeway Bay are operating longer hours to cope with soaring rents. This trend is encouraging developers to build "Ginza-style" commercial projects to support 24 hour businesses. Ginza-style means that two businesses share the same space.

Consultants believe the concept of 24 hour trading will catch on at Causeway Bay, which is the world's most expensive for prime retail space.

"The concept is sustainable for Causeway Bay which is a magnet for late-night shopping and dining," said Joe Lin, senior director of retail services at CBRE.

Soundwill Holdings said its proposed commercial project at 11 to 13 Sharp Street will feature 24 hour management service and individual air-conditioning facilities to meet tenants' trading hours.

"The building design is suitable for occupiers to stay open for 24 hours a day if they wish," a spokeswoman said.

Space in the developer's proposed 32-storey "Ginza-style" commercial building, to be named The Sharp, will be offered for sale at an indicative price of HK$30,000 per square foot, or an entry lump sum of about HK$48 million.