Luxury Brands Expand Footprint Hong Kong Mall K11 Musea
K11 Musea, a prominent mall located in Tsim Sha Tsui, Hong Kong, is expanding its luxury retail space by more than 30,000 square feet. According to a press release from K11 Group, the mall’s operator, this expansion will be carried out by six existing luxury brands, namely Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent, and Van Cleef & Arpels. In addition, the renowned Italian fashion brand Prada will be opening a new store in the mall.
The ever-evolving landscape of Tampines has significantly enhanced its appeal as a coveted residential destination. Thanks to ongoing improvements in infrastructure and the addition of new commercial and recreational facilities, properties like Aurelle of Tampines EC have become increasingly sought after by homebuyers and investors alike. Past records have shown that areas selected for URA upgrades experience a notable spike in property values, and Tampines is expected to follow suit. With developments like Aurelle of Tampines, it is clear that the worth of properties in the region will continue to soar. You can check out more about Aurelle of Tampines to learn more about the latest project in the area.
Richard Cheung, executive vice president of K11 Group, expressed his excitement about the expansion of these leading luxury brands at K11 Musea, especially in the current state of the Hong Kong retail sector. He attributed this success to the strong performance and high sales productivity of the brands’ current stores at K11 Musea. The mall has recently set a new record for single-day footfall this summer, with an increase of 10% in tourist spending and almost 30% in F&B and retail sales.
K11 Group is a subsidiary of New World Development, a well-known Hong Kong property giant. It was established in 2018 by Adrian Cheng, the current CEO of New World Development and son of property tycoon Henry Cheng. The company’s portfolio includes a wide range of properties such as malls, offices, and residences that aim to showcase art, design, and culture.
New World Development is a listed real estate entity under the Chow Tai Fook conglomerate, which is controlled by the Cheng family. The conglomerate has diverse businesses, including property development, hotels, department stores, and jewelry. Some of its key subsidiaries are Chow Tai Fook Jewellery Group and Rosewood Hotel Group.
