JLL to close leasing transaction in retail podium Maya by Nouvelle

This is the largest retail leasing deal so far in Kowloon East in 2022.

JLL said that it will close transactions at the retail podium at Maya by Nouvelle in Yau Tong, the largest retail leasing deal in Kowloon East so far in 2022 after the Innovative Education Group leased all areas of the brand-new podium.

In a statement, JLL said the brand new retail podium located at 8 Shung Shan Street, includes a ground floor and first and second floors, with a total area of 49,600 square feet, and over 10 years lease term with an average monthly rent of $1.35m.

The tenant will open a new international secondary school, Inno Secondary School, offering a full-time international curriculum for students from grades seven to 13.  JLL said the private secondary school is the first “Future-school” in Hong Kong that advocates for the transformation of schools into learning centres and standardisation into personalised learning models.

Maya by Nouevelle was co-developed by Wang On Properties and the CIFI Group.

Terence Chan, senior director of Retail at JLL, said the leasing market of shopping malls and shops in the neighbourhood area remained stable in the two years since the pandemic as it mainly relies on the local consumer base.

Overall vacancy rate of shopping malls in neighbourhoods improved to 4% in the last three months of 2021 from 5.4% in the same period in 2020, as the local epidemic situation improves, he said.

"The rentals of shopping malls in neighbourhoods only dropped 0.2% year-on-year in the fourth quarter of 2021, which was significantly tightened compared to last year, and the rentals remained stable. We expect the vacancy rate and rentals in residential neighbourhoods will further improve this year," Chan said.