Tsim Sha Tsui

Tsim Sha Tsui —— New Heights for Retail Property Rental

Tsim Sha Tsui is a prime tourist area drawing vast numbers of visitors every day. To take advantage of the traffic, Tsim Sha Tsui shop spaces are primarily tourist-oriented, with a large number of eateries and retailers operating in high-end, brand name merchandise, fashion and accessories, etc.. The abundance of customers has driven active property sale and rental transactions in the area. Benefitting from the government’s Individual Visit Scheme, retail rents have been consistently on the rise, and are nearing those in Causeway Bay and Mong Kok. Home to several mega shopping malls and a large number of luxury brands, Canton Road links up the Star Ferry and the Hong Kong China Ferry Terminals, making it the prime strip of Tsim Sha Tsui. Other than local consumers, Canton Road also attracts a large number of tourist shoppers. As an attraction both to the young and hip and to mainland Chinese visitors, there is tremendous potential in retail property value. The added variety of retailers in the adjacent Haiphong Road and Peking Road are fashioning these three streets into the most prosperous stretch of Tsim Sha Tsui West. The traffic brought by East Tsim Sha Tsui Station of the West Rail Line has, on the other hand, benefitted secondary locations of Tsim Sha Tsui, with retail rents and sale prices of locations such as station exits at Prat Avenue and Hart Avenue rising to attractive levels. Many small alleys in the area are becoming specialty streets which attract a wide clientele daily.

Canton Road – Harbour City takes the lead in boosting property rents

Canton Road has always enjoyed a prestigious status for its concentration of luxury brand stores. It is generally regarded as the portal to the Hong Kong market for many internationally renowned fashion brands which make up 60 to 70% of the tenants on Canton Road. As there is no shortage of tenants in the area and always an attractive return on their investment, property owners mostly opt to lease out their property for long-term return. Property sale is therefore rare on Canton Road. The occasional availability serves more the purpose of market testing than any serious intention to sell. As most of the traffic flows from Haiphong Road into Canton Road, property rents per square foot on the stretch from Haiphong Road to China Hong Kong City are 20% higher than those in the neighbouring areas.

Haiphong Road – channeling the traffic into Nathan Road

As Haiphong Road runs through many main roads, such as Hankow Road and Lock Road, it has become the link between central and west Tsim Sha Tsui as well as the main drag that leads the traffic from Nathan Road to Canton Road. The heavy traffic has also rendered retail properties on Haiphong Road in high demand.

Park Lane Shoppers’ Boulevard – short and coveted

Running from 111 to 181 Nathan Road, Park Lane Shoppers’ Boulevard (‘Park Lane’ for short) is the most representative stretch of retail properties in Tsim Sha Tsui. It is a rare case of a large-scale retail property with dispersed ownership. Park Lane consists of 68 retail spaces mainly occupied by local or international fashion chain stores. Section D, in closest proximity to Tsim Sha Tsui, commands relatively higher property rents and sale prices; while Section A, nearer to Jordan, has relatively lower rents. That said, Section A is considered to have good potential in view of the favourable visitor arrival numbers under the Individual Visit Scheme.

Peking Road – becoming a luxury brands area

The active transaction of retail properties on Canton Road is exerting a spillover effect onto the neighbouring Peking Road where more and more retailers of luxury goods are heading. On top of this, watches and jewelry shops are actively taking up leases, providing Peking Road the favourable prospect of transforming into the next destination for luxury shopping.

Granville Road – evolving into high-end shopping

The Granville Road and Granville Circuit area congregates a trendy, young consumer crowd. There are many fashion boutiques in the area situated at and above street level. Retail spaces measure over 1,000 square feet on average, and are relatively large with sufficient depth, ideal for the installation of fitting rooms. The area is evolving towards the higher end of the market.

Hau Fook Street – home to eateries

Hau Fook Street is the “Food Street” for the lower end of the market in Tsim Sha Tsui. There are over 17 eateries on Hau Fook Street, mainly noodle and congee shops and Hong Kong style tea restaurants, many of them located in the early section of the street where the rent is also higher. Due to the high demand from tenants, property owners prefer leasing to selling their properties.

Tsim Sha Tsui —— New Heights for Retail Property Rental

Tsim Sha Tsui is a prime tourist area attracting vast numbers of visitors every day. Due to the its convenience, Tsim Sha Tsui shop spaces are primarily tourist-oriented, with a large number of eateries and retailers operating in high-end, brand name merchandise, fashion and accessories, etc.. The abundance of customers is driving active property sale and rental transactions in the area. Benefitting from the government’s Individual Visit Scheme, retail rents have been consistently on the rise, and are nearing those in Causeway Bay and Mongkok. Being the cluster of several mega shopping malls and a large number of luxury brands, Canton Road links up the Star Ferry and the Hong Kong China Ferry Terminals, making it the prime strip of Tsim Sha Tsui. Apart from local consumers, Canton Road also attracts a large number of tourist shoppers. As an attraction to both the young and hip and to mainland Chinese visitors, there is a tremendous potential in retail property value. The added-valued variety of retailers in the adjacent Haiphong Road and Peking Road are fashioning three streets into the most prosperous stretch of Tsim Sha Tsui West. The traffic brought by East Tsim Sha Tsui Station of the West Rail Line is, on the other hand, benefitting secondary locations of Tsim Sha Tsui, with retail rents and sale prices of locations such as station exits at Prat Avenue and Hart Avenue rising to attractive levels. Many small alleys in the area are becoming specialty streets which attract a wide clientele daily.

Canton Road – Harbour City takes the lead in boosting property rents

Canton Road enjoys a prestigious status for its concentration of luxury brand stores. It is generally recognized as the portal to the Hong Kong market for several internationally renowned fashion brands which make up 60 to 70% of the tenants on Canton Road. As there is no shortage of tenants in the area and always an attractive return on their investment, property owners mostly opt to lease out their property for long-term return. Property sale is therefore a rare on Canton Road. The occasional availability serves more the purpose of market testing than any serious intention to sell. As most of the traffic flows from Haiphong Road into Canton Road, property rents per square foot on the stretch from Haiphong Road to China Hong Kong City are 20% higher than those in the neighbouring areas.

Haiphong Road – channeling the traffic into Nathan Road

As Haiphong Road runs through many main roads, such as Hankow Road and Lock Road, it has become the link between central and west Tsim Sha Tsui as well as the main drag that leads the traffic from Nathan Road to Canton Road. The heavy traffic has also rendered retail properties on Haiphong Road in high demand.

Park Lane Shoppers’ Boulevard – short and coveted

Running from 111 to 181 Nathan Road, Park Lane Shoppers’ Boulevard (‘Park Lane’ for short) is the most representative stretch of retail properties in Tsim Sha Tsui. It is a rare case of a large-scale retail property with dispersed ownership. Park Lane consists of 68 retail spaces mainly occupied by local or international fashion chain stores. Section D, in closest proximity to Tsim Sha Tsui, commands relatively higher property rents and sale prices; while Section A, nearer to Jordan, has relatively lower rents. That said, Section A is considered to have good potential in view of the favourable visitor arrival numbers under the Individual Visit Scheme.

Peking Road – becoming a luxury brands area

The active transaction of retail properties on Canton Road is exerting a spillover effect onto the neighbouring Peking Road where more and more retailers of luxury goods are heading. On top of this, watches and jewelry shops are actively taking up leases, providing Peking Road the favourable prospect of transforming into the next destination for luxury shopping.

Granville Road – evolving into high-end shopping

The Granville Road and Granville Circuit area congregates a trendy, young consumer crowd. There are many fashion boutiques in the area situated at and above street level. Retail spaces measure over 1,000 square feet on average, and are relatively large with sufficient depth, ideal for the installation of fitting rooms. The area is evolving towards the higher end of the market.

Hau Fook Street – home to eateries

Hau Fook Street is the “Food Street” for the lower end of the market in Tsim Sha Tsui. There are over 17 eateries on Hau Fook Street, mainly noodle and congee shops and Hong Kong style tea restaurants, many of them located in the early section of the street where the rent is also higher. Due to the high demand from tenants, property owners prefer leasing to selling their properties.