March 23, 2012

Popular Brands Gain Strong Foothold in
V city atop Tuen Mun MTR Station

[22nd March 2012, Hong Kong] Sun Hung Kai Properties (SHKP) announced that V city, its meticulously planned flagship shopping mall project in Tuen Mun, has successfully secured scores of leading brands as tenants. A signing ceremony was hosted today and prestigious brands including YATA, agnès b. Voyage & Sport b., agnès b. DÉLICES, UNIQLO, Collect Point, Crabtree & Evelyn, L'Occitane, Melvita, Mi-Ne Sushi, Shanghai Po Po, Häagen-Dazs, Prince Jewellery & Watch, Chow Tai Fook, Eternal East Bus, Lei Garden Restaurant Group and Tasty Congee & Noodle Wantun Shop attended.

Located in the central point of Tuen Mun and adjacent to Shenzhen Bay, V city is the shopping landmark of Tuen Mun with an investment of over HK$2.5 billion, which aggregates over 100 fashion brands and specialty restaurants. With 80% of the brands making their initial presence in Tuen Mun, V city will become the new focal point and landmark in the New Territories West, and even the core shopping area within Hong Kong and Shenzhen.

Sun Hung Kai Real Estate Agency Executive Director Jimmy Wong said during the signing ceremony, "SHKP's extensive experience in developing shopping malls has won support from numerous brands. We are delighted to receive the support for V city from various renowned tenants and brands, with 80% of the brands making their initial presence in Tuen Mun. V city is expected to reach the traffic volume of 100,000 in the first quarter after the opening, with target consumers being the young residents from the New Territories West and mainland tourists. According to 2011 Hong Kong Population Census, Tuen Mun is one of the districts with relatively younger population in Hong Kong, and V city is positioned as the young and trendy fashion-forward shopping destination. It has customized the tenant mix by introducing brands that are popular among youth and it aims to attract a younger customer base. It indeed is like bringing Causeway Bay to Tuen Mun."

Sun Hung Kai Real Estate Agency Assistant General Manager (Leasing) Evelyn Suen said, "Convergence of MTR West Rail Line and Light Rail, V city has a transportation network with bus, minibus and cross-border coach in the basement. With a well-established transportation network, V city has the advantage of being located in the core spending area within Shenzhen and Hong Kong. Those travelers are indeed the direct driving force of the domestic spending in Tuen Mun district. Tuen Mun will capitalize the opportunities of development on the mainland and unleash its unlimited potential to draw spending interest from top earners on the mainland."

Ms. Suen added, "The confirmation of quality tenants and brands into V city will prove to be vital for the mall's success. We have successfully introduced various local and international brands, by which some are making their first-ever presence in Tuen Mun or even in Hong Kong market. A food zone with over 30 famous restaurants will be featured in V city, providing a wide range of delicacies. Indeed, the mall has attracted over 500 enquiries since the first phase of preliminary leasing including international fashion brands and popular restaurants. Pre-leasing rate has reached 75% as of today and we expect all shops would be leased out in the third quarter of the year. We are currently under negotiations with various popular local and international brands and hope to introduce more in future to fulfill customers' needs."

YATA said, "YATA has been seeking opportunities to explore customer base in the New Territories West. By identifying the advantage of V city being located atop the Tuen Mun MTR station for attracting the enormous group of middle-to-high-end customers and mainland tourists, we are set to open new operation in V city introducing the brand new "Life+Supermarket" concept. This is not only limited to bringing in a wider range of quality Japanese food but also to enhance the variety of household goods to preach the "Life+" attitude to residents of the New Territories West for more fun in daily life and at home. With our philosophy coinciding with V city's Veeling Good leisure attitude, YATA hopes to offer more premium choices for residents of Tuen Mun and even of the New Territories West through our brand new "Life+Supermarket" concept."

agnès b. stated, "The dynamic and trendy population in Tuen Mun drives agnès b. to open a flagship store in V city fulfilling the community's needs of fashionable outlook. We are confident of SHKP's competence in operation and management of shopping malls and achieving a win-win outcome through our presence in V city, collectively portraying the new fashion hot-spot in the New Territories West."

Prince Jewellery & Watch said, "Thanks to our popularity in mainland China, the mainland tourists account for 80% of Prince Jewellery & Watch's clientele. Since lots of potential mainland customers reside nearby in Nanshan district in Shenzhen, we are therefore dedicated to elevate shopping convenience by extending our existing sales network from Central, Tsim Sha Tsui and Causeway Bay. As it only takes ten minutes to travel across V city and Shenzhen Bay Port, Prince Jewellery & Watch believes it offers additional attraction to the mainland customers and they are rewarded with more satisfying shopping experience."

Chow Tai Fook stated, "The opening of Hong Kong-Shenzhen Western Corridor establishes a closer connection between Shenzhen and Hong Kong, finally unleashing the full potential of retail market within the region. Aiming to grasp the immense business opportunities, Chow Tai Fook sets to add branch store at the potential-rich V city to optimize our sales network. Chow Tai Fook has forged partnership with the highly reputable SHKP for years with remarkable results, and we believe V city will help to catalyze further success on such collaboration."

Häagen-Dazs said, "Häagen-Dazs is committed to producing the finest products for enriching lifestyle. It is coincidence between the theme of V city and our operation objects, mainly targeting the youngsters who put emphasis on lifestyle. Häagen-Dazs firmly believes that through introducing the appeal of ice-cream tasting to Tuen Mun, spenders in the community will find their life exquisitely adorned."

Eternal East Bus stated, "Eternal East Bus is the leading cross-border transportation service provider in Hong Kong dedicated to optimizing its scope of service. We choose V city as our new stop because its merger of advantages of the West Rail and Light Rail plus the role of a transportation hub radiating Shenzhen and different parts of Hong Kong fits our strategy. We firmly believe this new landmark in the New Territories West will drive further growth of cross-border transportation demand and bring in mutual benefits."

V city will be completed by the end of this year and commence operation in the second quarter of 2013.

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