| FOR IMMEDIATE RELEASE | 20 March 2014 |
20 March 2014, Hong Kong– Swire Properties today outlined details of a HK$100 million facelift for Cityplaza to reinforce its leading position as the largest shopping mall on Hong Kong Island. The comprehensive and progressive enhancement will introduce over 30 new retail brands to Cityplaza, creating a new shopping, dining and entertainment experience for consumers. The facelift started last November and is expected to be completed before the end of this year. The opening of the new Beauty Zone in late March will mark the completion of the first phase of the facelift.
"The project began two years ago when we reached an agreement with our anchor tenant APiTA to enhance its offering to consumers," said Elizabeth Kok, Retail Portfolio Director of Swire Properties. "The tenant agreed to reduce their footprint by 50,000 sq ft of space, keeping 120,000 sq ft for the new term. Such an agreement allowed us the opportunity to enhance the trade mix for Cityplaza. The project includes an upgrade of the mall's facilities and tenant repositioning, further strengthening its retail and entertainment landscape and reflecting Swire Properties' commitment to creating long-term value through on-going investments in our commercial properties."
Cityplaza will maintain and enhance its six major tenant categories, namely fashion and accessories, cosmetics and skincare, dining, family and lifestyle, department store and entertainment. More than 30 new retail brands will be introduced to the mall. Fashion and accessories tenants will take up an additional 7% of floor space. Newly joining brands include i.t, LOG-ON, GREYHOUND Café, Club Monaco, Francfranc, Marimekko, Marc by Marc Jacobs, iBlues and more.
The project will try to place similar categories of shops into specific zones so that consumers can have easy access to their favourite brands under the same roof. The new Beauty Zone, a cluster of 15 internationally renowned cosmetics and skincare brands located on the mall's second floor, will have its grand opening on 26 March.
In addition, Marks & Spencer will expand its premises to take up a total area of 30,000 sq ft on the first floor, making it the UK department store's largest flagship store in Hong Kong. APiTA will also undergo a progressive renovation to revamp its offerings within its highly popular supermarket and housewares departments, and is expected to resume full service by Easter.
Senior Portfolio Manager Fiona Shiu, who is responsible for leasing at Cityplaza, commented: "The project involves about 40% of our existing tenants, so their cooperation is of utmost importance. We are pleased to have their full support for the facelift, a triple win outcome benefiting our company, tenants and consumers. We are excited to see how the enhanced Cityplaza will offer a new shopping experience to visitors."
About Cityplaza
Cityplaza is the largest shopping mall on Hong Kong Island by GFA, spanning a total floor area of approximately 1.11 million sq ft. (approx. 103,000 sqm.). Directly accessible from MTR Tai Koo Station, the six-level mall houses 170 shops, restaurants and entertainment venues, with 834 parking spaces beneath the mall. At Cityplaza, customers can enjoy an appealing mix of retail, dining and entertainment outlets, including the contemporary-style food court, "Food Republic", which provides a full range of authentic international cuisines at 21 food stalls and mini restaurants, the ice rink Cityplaza Ice Palace and its ice skating school, UA Cityplaza featuring five auditoria and two exclusive 16-seat Director's Club for a luxurious cinema experience, and the mall's 78-feet-tall indoor Red Arch.
About Swire Properties
Swire Properties develops and manages commercial, retail, hotel and residential properties, with a particular focus on mixed‐use developments in prime locations at major mass transportation intersections. Swire Properties is listed on the Main Board of the Stock Exchange of Hong Kong and its investment portfolio in Hong Kong comprises Island East and Pacific Place as its core holdings. In addition to Hong Kong, the Company has investments in Mainland China, the United States, Singapore and the United Kingdom. Visit Swire Properties' website at www.swireproperties.com.
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