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KERRY PROPERTIES LIMITED
Spotlight on MegaBox
Top Australian DIY brand makes Hong Kong debut at MegaBox Mall
A lease-signing ceremony took place today at Enterprise Square Three to mark the collaboration between Spotlight and MegaBox Development Co. Limited, a subsidiary of Kerry Properties Limited (HKEx: 683). The ceremony was co-hosted by Mr Tom Tong, Executive Director & General Manager, MegaBox Development Co Limited, and Mr Morry Fraid, Director and co-owner of Spotlight. Mr Murray Cobban, Australian Consul-General and Mr Simon Galpin, Associate Director-General of Investment Promotion, InvestHK both attended the event as witnesses to the signing.
Spotlight is one of the largest Australian superstore chains for fabrics, crafts and home-interior accessories, and is planning to invest in excess of HK$15 million in its first flagship store in Hong Kong. This new Spotlight mega-store will stock the largest range of fabrics, handicrafts and home-interior products to be seen in Hong Kong.
At the Spotlight ceremony Mr Tong said: "We are delighted to welcome Spotlight to the MegaBox family, a move which will help speed up the development of a home-improvement retail cluster at MegaBox by providing customers with a wide choice of the world's top DIY products. DIY home improvement is a major component in MegaBox's development as the ultimate lifestyle destination in East Kowloon."
"We have always wanted to bring Spotlight to Hong Kong because you have one of the most dynamic markets in the world," said Mr Fraid. "Targeted at the local home-makers, the Spotlight MegaBox store will introduce a new kind of shopping experience to local consumers, and we have every confidence that the substantial investment we are making here will yield excellent results. You have an exciting, fast-paced economy, and our products are the perfect fit with your market."
Today, some 105 Spotlight stores occupy over three million square feet of retail space in Singapore and throughout Australia and New Zealand. The company employs over 6,500 staff worldwide. Sales grew to more than A$650million (approximately HK$3.9 billion) in 2005, and its Hong Kong project will create over 120 immediate new jobs in the territory. Meanwhile, the company plans to open up to six stores in Hong Kong, and will look into further opportunities in mainland China and Taiwan.
With 1.1 million square feet of retail space, MegaBox is specifically designed to accommodate a unique and innovative tenant mix, at the core of which is a pool of big-box retailers who are new to Hong Kong. Spotlight's anchor tenancy at MegaBox reaffirms the mall's commitment to creating a DIY home-products centre in Hong Kong as a part of its initiative to upgrade the customer shopping experience.
About MegaBox About Kerry Properties Limited About Spotlight Issued by: Through:
Hong Kong, March 29, 2006 - MegaBox Development Co. Limited today signed up with major Australian Do-It-Yourself home-improvement brand Spotlight for the leasing of 40,000 square feet of retail space at MegaBox, the largest shopping and family-entertainment destination in East Kowloon. This will be Spotlight's first investment in Greater China and part of a longer term plan to open up to 6 more stores in Hong Kong. Plans are also underway at Spotlight for expansion into Mainland China and Taiwan in the near future.
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 scheduled for opening in the second quarter of 2007. This retail project is wholly owned and developed by Kerry Properties Limited (HKEx: 683).
Kerry Properties Limited was 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; freight services and warehouse operations; (iii) investments in infrastructure projects in Hong Kong and Mainland China; and (iv) hotel ownership and operations in Mainland China.
Spotlight is Australia's largest chain of fabric, craft and home-interiors superstores. With 100 stores in Australia, New Zealand and Singapore, it provides millions of customers with a huge choice of fashionable, desirable and affordable products at competitive prices. Located in the MegaBox mall of Enterprise Square Five in Kowloon Bay, the new Spotlight store will stock Hong Kong's largest range of fabrics, handicrafts and home-interior products for Do-It-Yourself customers.
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.
Kerry Properties Limited
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