,Hong Kong

Shopping mall supply to hit 13-year high in 2019

There are nearly 2 million sqft in the pipeline.

With the retail sector on its way to full-fledged recovery, the supply of shopping malls scheduled for completion by 2019 marks one of the highest since 2006 as developers hope to cash in on strong consumption levels, according to real estate consultant Savills.

At least four shopping malls are scheduled to open in 2019 which raises the new retail supply to a whopping 2 million sqft. Half of that total is expected to come from the widely anticipated K11 MUSEA in Tsim Sha Tsui which is expected to open in Q3.

Also read: Street shop rents up 0.6% in H1

Three other projects include Swire Properties’ Citygate Outlets Extensions in Tung Chung which is around 345,000 sq ft. It is expected to open in Q1.

SHKP’s V Walk and Chinachem’s Nina Mall are expected to contribute around 300,000 and 120,000 sq ft respectively.

After a severe two-year downturn, Hong Kong’s retail sector has regained its footing after retail sales booked double-digit growth for the fifth straight month in June thanks to a sustained rebound in Mainland tourism.

Total retail sales are expected to grow 8% to $484b by year-end, according to accounting firm PwC.  “With the current pace of growth, Hong Kong’s retail market is set to surpass its 2013 peak of HKD494 billion by 2020,” Michael Cheng, Asia Pacific and Hong Kong/China consumer markets leader at PwC said in an earlier report.

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The Hong Kong-China stock connect and derivatives markets were also halted.
The market recorded a positive net absorption of 327,700 sq.ft in Q3 2021.
Secretary for Commerce and Economic Development Edward Yau laid out plans for the sector under the latest Policy Address.
The total corporate debt issuance tripled from last year.
This is due to its dependence on other industries, as well as global economic activities.
Jobs with a monthly salary ranging from $12,000 to $22,000 are up for grabs.
The reforms will target large multinational enterprise groups.
This represents about seven times the currency in circulation.
A total of 2,051,387 adults is projected to be virtual bank owners in five years.
The firm’s remaining stake is being bought at HK$1.91b.
Specifically, it welcomes the planned establishment of a high-end aviation industrial cluster.
But the number of homes to be built under the project are 'fewer than expected'.
Amongst the projects she laid out was the development of a 'smart port'.
Embattled Chinese developer owes the agencies millions in commissions.