Sun Hung Kai Properties Ltd. anticipates its 12 major Hong Kong retail malls will generate HK$6.3 billion worth of sales in the fourth quarter, The (Hong Kong) Standard reported, citing Fiona Chung, general manager of the developer's leasing department.
Chung said the upcoming Christmas season is expected to push its footfall up by 24%, supporting a 25% year-over-year swing in sales performance for the last three-month period of 2018.
The expected boost in sales is also being aided by the newly opened Harbour North@VIC and Harbour North malls, which will see an average of 80,000 people visiting for the period, the Dec. 14 report cited Chung as adding. The 90%-occupied Harbour North@VIC is forecast to bring in rental income of HK$50 million.
Additionally, Sun Hung Kai will launch the VWALK shopping center at Hong Kong's Nam Cheong station in the second and third quarters of 2019, which would likely aid sales performance for that year in increasing to HK$1.2 billion. Rental income for the nearly fully occupied upcoming mall is anticipated to reach HK$160 million, the publication cited Evelyn Suen, Sun Hung Kai Real Estate Agency Ltd.'s deputy general manager of leasing, as saying.