8 PRESS
REVAMPED PEAK GALLERIA REVEALS AEDAS’ PEARL OF THE ORIENT ICON
The Peak Galleria has welcomed millions of travellers annually since 1992. Standing on Victoria Peak, visitors come to glimpse the view of Hong Kong, and the landmark shopping arcade offers a multi-sensory entertainment experience. Hang Lung Properties commissioned Aedas to renovate and modernise the property to deliver the “Pearl of the Orient”. After a 2.5-year redesign and construction, Peak Galleria re-opened last year, “bringing back the glory and glamour”, said Ed Lam, Aedas Executive Director. The plaza was revamped with glass and steel, adding lighting and triangular glass panels to capture the spirit
of a giant gemstone. The interior of the 23,397-m2 GFA space includes a new entrance, better wayfinding and a single-loop circulation. “You can see children playing, friends hanging out on the terrace and tourists acclaiming for the views on the observation deck,” said Lam. “The best refurbishment is to bring the building into life, returning space to the city and inviting people to visit and celebrates its new life.” www.aedas.com
AGIPLAST, ROYAL HONG KONG YACHT CLUB SET SAIL FOR YOUTH AMERICA’S CUP
HONG KONG’S TUEN MA METRO LINE TO HELP CUSHION FALLING HOUSE PRICES
Photo: MTRC
The Royal Hong Kong Yacht Club will mount a challenge for the Youth America’s Cup, scheduled to be held this year and next in Auckland, New Zealand. A Hong Kong institution, the club will partner with Agiplast in this Youth America’s Cup endeavour. Agiplast regenerates plastics and has done so for more than 25 years. RHKYC Team Agiplast will be crewed by four sailors between the ages of 18 and 24, two women and two men, with a maximum crew weight of 311kgs. They will race a new class of foiling mono-hull, the AC9F. The Royal Hong Kong Yacht Club has a history dating back 170 years and has always had a focus on the future, nurturing the city’s youth and the sailors of tomorrow or doing its part for the environment with its sustainability initiatives. Agiplast is a plastic compound manufacturer and a world leader in polymer compounding and regeneration. www.rhkyc.org.hk
With Phase 1 of the Tuen Ma Line now open, expect to see firming prices for real estate in the adjacent areas, according to JLL’s Residential Market Monitor. The opening of the railway in February added transport options across the south-western New Territories, with connections at Hin Keng, Diamond Hill and Kai Tak. New railway infrastructure has historically spurred residential price growth and boosted demand for commercial amenities, JLL says. Residential prices in Whampoa increased by 21% in the year following the opening of the Kwun Tong line extension in 2016. Nelson Wong, Head of Research at JLL in Greater China and Hong Kong, forecast a fall in home prices of between 10% and 15% this year, but said prices nearest to the new line would benefit from the “MTR Effect”, with these districts “likely to hold up better than the broader market”. At least 3,000 units will come online this year at a project above Tai Wai station, jointly developed by New World Development and MTR Corp. www.jll.com