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Waldorf Avenue
2008
As Fortune REIT’s first sizable asset enhancement initiatives, the two-phased project commenced in the second quarter of 2007, and was completed in the second quarter of 2008. About 40,000 s.f. or half of Waldorf Avenue were renovated, the first phase was a subdivision of a large Chinese restaurant into some 30 retail shops. The second phase was to leverage on strong demand, area was maximized with full utilization of corridor space by bringing in a popular supermarket. Other parts of the mall have benefited from the positive spillover effect. The asset enhancement initiatives delivered impressive new look and more retail offerings. With an investment of HK$16 million, return on investment of the project was 87%.
Enhancement on the third floor
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