MTR plans two 1,000-unit residential projects, eyes Northern Metropolis opportunities
MTR Corporation will launch two small-scale residential projects of about 1,000 units each next year to suit diverse developers. The company also reported strong mall occupancy and rising foot traffic, while its youth retail brand Louder Gallery opened a new space for 16 local brands.
MTR Corporation (0066) plans to launch two small-scale residential projects, each featuring about 1,000 units, in the coming year to cater to diverse customer groups, according to David Tang Chi-fai, the company’s property and international business director.
Tang explained that the plan to launch smaller plots is to consider the financial capacity and risk-bearing capacity of developers of varying sizes, aiming to meet the needs of diverse developers. He added that large-scale concentrated land releases would be avoided to prevent market volatility and negative impacts, hoping to maintain stable development in the property market.
Project locations will be determined by industry evaluations, land preparation status, and market demand, Tang said. While locations remain undecided, he noted that the Northern Metropolis presents significant opportunities.
MTR’s 16 shopping malls currently maintain nearly 100 per cent occupancy rates, with only one or two units under negotiation. The SAR government’s promotion of the night economy and tourism has driven a 15 per cent year-on-year increase in foot traffic at MTR shopping malls on Halloween, Tang noted. Although overall sales have not yet returned to pre-Covid levels, mall business is steadily improving, recording high single-digit annual growth. Noting that residents are dining earlier and that late-night consumption habits are shifting, MTR indicated that mall dining hours may be adjusted accordingly.
Louder Youth Gallery, a youth retail brand under MTR, opened on Tuesday in Southside at Wong Chuk Hang, aiming to "make Hong Kong brands louder". The space offers 16 youth-founded brands rent-free display areas. Over the past five years, 350 Hong Kong brands have showcased their products at Louder, Tang said. MTR stated that it aims to showcase the products and stories of creative individuals in its malls, leveraging high foot traffic and prime locations to help young entrepreneurs realize their dreams and bring creativity into the community, Tang added.