Six-year old APM mall located in Kwun Tong, Hong Kong will undergo a HK$100 million renovation next year.

Property developer Sun Hung Kai Properties said the company originally planned a HK$80 million budget for the renovation of its mall, however it increased it to HK$100 million after the government announced a redevelopment in the area.

The facelift will start on January 23 and take two to three years to complete.

The project will include the expansion of space allocated to information technology products and audio-visual equipment retailers from 45,000sqft to 100,000sqft, a redesign of the food court, installation of new escalators up to the seventh floor and additional restrooms.

“We are now working out the details, but the initial plan is to increase the number of shops at APM from the present 180 to as many as 250,” said Maureen Fung Sau-yim, GM, leasing department, Sun Hung Kai Properties.

Complementing the redevelopment by SHKP, Hong Kong chief executive Donald Tsang Yam-kuen said that the government plans to develop a second financial centre which will provide 5.8 million sqm of office space. The second financial centre which is considered to double the size of the first financial centre in Central will cover Kowloon Bay, part of the old Kai Tai airport site and Kwun Tong areas.

The government also plans to set up 33,000 public and private flats in old Kai Tai airport site, 20 million sqft spaces which will house cruise terminal, offices, hotels and shops and a monorail system worth HK$12 billion connecting Kowloon Bay and Kwun Tong.

“It will definitely inject new life into the area and our shopping mall will need to sharpen its competitiveness to capture the great new opportunities,” Fung Sau-yim said.

Office spaces rental in Hong Kong rised to HK$7500 per square foot, 837 per cent higher than a decade ago. It increased again by 10 to 15 per cent after the government announced CBD2.

APM mall, strategically located near Kwun Tong station, allures many mainland visitors.

GB