| To: Property/Feature Editor | For immediate release |
Hongkong Land Announces New Business Venture in Thailand
HONG KONG, October 10, 2001: Hongkong Land today announced a partnership with leading Thailand property developer GS Property Management Company Limited to refurbish, lease and manage GS Property's Gaysorn Plaza retail centre in Bangkok's Ratchaprasong retail and commercial district.
The partners will utilise Hongkong Land's expertise and established contacts with leading fashion and accessories brands to remodel Gaysorn Plaza into Bangkok's premier lifestyle centre. World leading luxury retail group LVMH has already expressed confidence in the venture and when Gaysorn re-opens early next year, it is expected to house the flagship stores of a number of the group's premier luxury brands including Louis Vuitton, Fendi, Celine, and Loewe. Other leading brands that have agreed to take space are Gucci and Prada, bringing the total committed area to some 30% of the available retail space.
The refurbished Gaysorn Plaza will also house many of Thailand's most popular contemporary fashion designers, home accessories stores and a number of fashionable cafes and restaurants.
Ian Hawksworth, Executive Director of Hongkong Land said, "Gaysorn Plaza sits at the centre of Bangkok's primary retail and tourist district. With its prime location and Hongkong Land's expertise and retail network, Gaysorn will become the cosmopolitan heart of the city as Bangkok develops into a world class destination."
Gaysorn Plaza was first opened in December 1994 and has 130,000 sq ft of retail space and 50,000 sq ft of office space. The total cost of the refurbishment is 300 million baht and the programme is scheduled for completion in the first half of 2002.
GS Property Management Company Limited is the property management entity of Gaysorn Group and Quality Houses Public Company Limited, which has a portfolio of highly reputable residential and commercial projects in Bangkok.
For further information, please contact:
| Hongkong Land Helen Chiu |
(852) 2842-8222 |
| | |
| Weber Shandwick Worldwide Martin Spurrier |
(852) 2543 6449 |
Notes to Editor
About Hongkong Land
Hongkong Land is a leading property and infrastructure investment, management and development group. The Company owns and manages some 5 million sq ft of prime office and retail space in the heart of Hong Kong's Central business district. It is active primarily in the Hong Kong SAR, Mainland China and Singapore, and has a portfolio of property and infrastructure interests in other Asian cities. Hongkong Land employs over 600 people, has its primary share listing in London, and at the end of 2000 reported shareholders funds in excess of US$6 billion.
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