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KERRY PROPERTIES LIMITED
B&Q Goes For MegaBox
The lease was signed by Mr Tom Tong, Executive Director & General Manager of MegaBox Development Co. Limited, and Mr Steve Gilman, CEO of B&Q Asia Limited, and witnessed by Mr Simon Galpin, Associate Director-General of Investment Promotion, InvestHK, and Mr Stephen Bradley, British Consul-General.
B&Q Asia is a subsidiary of Kingfisher plc, Europe's largest home-improvement retailer and the third largest in the world. The Hong Kong store at MegaBox will be developed based on its successful B&Q store format in mainland China.
At the signing ceremony, Mr Tom Tong said: "We are delighted to welcome B&Q to MegaBox, Hong Kong's first 'TCM' 'Big Box' mall. With 1.1 million square feet of totally connected retail space, MegaBox is destined to become a lifestyle destination supported by a unique concept in tenant mix. The addition of B&Q is a key component in building our family-driven retail attractions, which will be blended with great tastes and all-day action to make MegaBox an 'out-of-the-box' shopping experience for shoppers."
MegaBox is specifically designed to cater to the lifestyles and aspirations of local shoppers with their increasingly sophisticated demands. From its spectacular design to its innovative tenant mix, MegaBox has all the ingredients required to make it a family destination, at the core of which is the allocation of space to new-to-Hong Kong home-improvement superstores. B&Q's anchor tenancy in MegaBox is expected to drive local demand for DIY home products in Hong Kong.
Enterprise Square 5 will deliver a total gross floor area of 1.6 million square feet, with MegaBox ranging over 19 storeys across 1.1 million square feet of retail space. The construction cost of the project will amount to HK$2 billion, with the retail development slated for completion by the first quarter of 2007.
About Kerry Properties Limited About MegaBox Issued by: Through:
Hong Kong, October 24, 2005 - MegaBox Development Co. Limited today signed an agreement with B&Q Asia Limited to lease a 120,000-square-foot retail space over two floors at MegaBox, the largest shopping destination in East Kowloon. B&Q Asia will thus anchor its first outlet in Hong Kong at MegaBox, first 'TCM' Vertical Mega-Mall and a new concept pioneering 'Big Box' retailing in Hong Kong. The commissioning of the MegaBox store in 2007 will also mark B&Q's move into the territory as the first 'Big Box' home-improvement retailer in Hong Kong.
Kerry Properties Limited is a company listed on the Main Board of The Stock Exchange of Hong Kong Limited in August 1996. The principal business activities of Kerry Properties Limited and its subsidiaries are (i) property development and investment in Hong Kong, Mainland China and the Asia Pacific region; (ii) the provision of independent third-party logistics and freight services and warehouse operations; and (iii) investments in infrastructure projects in Hong Kong and Mainland China.
MegaBox is Hong Kong's first 'TCM' Vertical Mega-Mall, a new retail and entertainment hot-spot destined to be a Hong Kong landmark. Ranging over 19 storeys across 1.1 million square feet of totally connected retail space, MegaBox is slated for completion by the first quarter of 2007. This retail project is wholly owned and developed by Kerry Properties Limited (HKEx: 683).
Kerry Properties Limited
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