In view of the overwhelming demand for retail floor space, the Manager has been focusing on making more efficient use of the space and enhancing the tenant mix. The second phase of asset enhancement initiatives of Ma On Shan Plaza commenced in the third quarter of 2013 and completed in December 2013.
The AEIs involves downsizing a 59,000 s.f. supermarket and subdividing the remaining space into smaller shops to cater for the strong demand from retailers as well as food and beverages outlets.
With an investment of approximately HK$15 million, return on investment of the project exceeded 60%.
New look of supermarket and enhanced retail offerings on the third floor
The asset enhancement initiatives at Ma On Shan Plaza, the third largest property in the portfolio, commenced in the third quarter of 2011 and completed by the end of 2011.
The asset enhancement initiatives involved the downsizing of a 50,000 s.f. Chinese restaurant space, thus opening up a new corridor to allow for more retail and food and beverages offering.
With an investment of approximately HK$12 million, return on investment of the project was 73%.