While shopping malls are integral to Hong Kong people's lives, housing estates usually provide a mall to meet their different needs. One of the latest malls will be Sun Hung Kai properties' V Walk in Southwest Kowloon.
V Walk spans about 300,000 square feet and will boast more than 150 shops with an occupancy rate of about 90%. It's expected that customer flow will reach 100,000 after opening, and will receive HK$160 million rental income annually. Meanwhile, annual turnover will reach HK$1.2 billion according to the developer.
"We expect more people will move to the area (near V Walk) and the demand for a shopping mall will increase. Sun Hung Kai targets customers aged between 2o to 45 so that our tenants include boutiques and restaurants, which occupy about 70% of our tenants. A cinema with five houses offering more than 400 seats will further attract customers and be the hub of entertainment in the area," said Evelyn Suen, deputy general manager (leasing), Sun Hung Kai Real Estate Agency.
The mall is expected to open in mid 2019. Sun Hung Kai said all shops would be leased by the end of this year, while average rent would reach up to HK$200 per square feet.