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Tag: Tsuen Wan

  • Goodman Group Raises $455 Million for Hong Kong Data Centre Partnership

    Goodman Group Raises $455 Million for Hong Kong Data Centre Partnership

    Goodman Group has raised $455 million in equity for its Hong Kong data centre partnership, with most of the proceeds earmarked to fit out a 50-megawatt facility in Tsuen Wan.

    Existing and new institutional investors backed the fundraising for the $2.7 billion vehicle, the Sydney-based industrial developer announced on Tuesday. The capital will primarily fund mechanical and electrical works at HKG10, which Goodman will operate.

    Funding the Texaco Road Conversion

    Work will focus on mechanical and electrical fit-outs at HKG10, an industrial conversion project at 128 Texaco Road. The facility will provide 32 megawatts of IT capacity backed by 50 megawatts of secured primary power.

    Initial capacity is scheduled to enter service in early 2028. That is later than earlier company projections targeting mid-2026. Goodman will operate the completed site directly.

    Retaining the existing warehouse avoids demolition emissions while cutting raw concrete and steel use during conversion, according to the developer.

    Institutional Capital and Regional Scale

    The transaction tests global pension appetite for Asia-Pacific digital infrastructure as conventional office and logistics yields face pressure. Goodman holds a 20 per cent cornerstone position in the venture alongside Dutch pension managers PGGM and APG, Canada Pension Plan Investment Board, CBRE Investment Management and an unnamed Middle Eastern institutional investor.

    By securing committed capital before commissioning equipment, the partnership limits balance sheet exposure to regional fit-out and engineering costs. The main execution risk now shifts to procurement timing and grid delivery milestones in Hong Kong’s crowded industrial corridors.

    Industrial Shift Toward Power Assets

    That partnership launched in July 2025 with an initial seed portfolio of six properties across 2.3 million square feet and 325 megawatts of planned capacity. Four stabilised facilities at Goodman’s Tsuen Wan West campus accounted for 225 megawatts, with HKG10 and a second conversion making up the rest.

    Data centres now represent 78 per cent of Goodman’s global development work in progress, totaling A$15.4 billion out of A$19.7 billion recorded at the end of June. Operating profit for the financial year rose 15.7 per cent to A$2.7 billion.

    The Next Pipeline Deliveries

    In July, the group started construction on HKG09, a 50-megawatt conversion in Kwai Chung pre-leased to an unnamed Singapore-based data centre operator. Completion is slated for 2029.

    Outside Hong Kong, Goodman secured a 20-year hyperscale lease for the 50-megawatt opening phase of its Tsukuba Tech Central campus in Greater Tokyo, with commercial service starting in early 2028. Power grid sign-offs are next for the developer’s 135-megawatt Project Apollo in Sydney, which carries a development value of A$1.4 billion.

  • Aeon takes more of Japan to Hong Kong

    Aeon takes more of Japan to Hong Kong

    The newly refurbished Aeon Tsuen Wan store has made the most of its Japanese parent’s design and range influence as it aims to capture more of the suburb’s rising affluence.

    Aeon Stores invested $30 million renovating the store which formally reopened last week.

    MD Christine Chan says the store has adopted more Japanese elements to satisfy the rising demand of local residents in the district.

    “In recent years, the increasing consumption power of residents in Tsuen Wan has raised their demand on the standard of the type and quality of commodities being offered. In order to cater to the taste of consumers in the district, the brand new Aeon Tsuen Wan Store has introduced more Japanese elements as its highlight, while providing a more diverse range of merchandise and dining choices,” she said.

    The new store occupies an area of around 170,000 sqft (1594 sqm) and Aeon says it will provide “more quality commodities and a cozy shopping environment” post renovation.

    It has introduced a number of new elements, including Aeon Body (revealed on Inside Retail Hong Kong on Friday), a beauty and healthcare store, and ROU, a new popular lifestyle variety shop in Japan, both concepts introduced to Hong Kong for the first time.

    The Tsuen Wan Store has also introduced some Japanese fashion brands to satisfy customers’ pursuit of a quality lifestyle. These brands include urban fashion brand Persodea, Japanese countryside style brand Self+Service, Japanese trendy fashion brand Ozoc and the leisure brand for men Caribbean Joe.

    The Aeon Tsuen Wan Store has also expanded its supermarket by adding a cooking demonstration area, the Cooking Station and a fine wine collection zone Liquor Corner, which offers wines selected from around the world.

    Aeon has also revamped the Kids & Babies floor which targets children. New features include product demonstration, toy experience zones and customer service station.

    Situated at the Skyline Plaza, the Tsuen Wan Store enjoys a geographical advantage as it is surrounded by plenty of residential blocks, hotels and commercial buildings in the district, in addition to large residential projects planned for the future.

    “With the renovation, we are confident that the store can capture the immense opportunities lying in the district,” said Chan.

    To coincide with the opening, Aeon launched the Hearty Flower Donation campaign which raised $43,600 for the Green Builder – Environmental Walk 2016 event organised by the Conservancy Association as a joint effort to promote environmental protection and sustainable development.

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  • Chow Sang Sang local sales slide

    Chow Sang Sang local sales slide

    Jeweller Chow Sang Sang has reported a 12 per cent slump in same store sales in Hong Kong and Macau during the first half of this year.

    But the company’s total sales slipped just one per cent and its profit rose 40 per cent during the six months, due to its disposal of shares in Hong Kong Exchanges and Clearing Ltd. Operating profit was down about 12 per cent.

    The company said while official records show a 5.9 per cent increase in the number of visits to Hong Kong by Mainland Chinese in the first five months, “actual spending by these visitors did not bring much cheer to the luxury retail sector”.

    “Negative sentiments towards cross-border traders and even mainland visitors probably cast a pall over shopping activities. Exchange rate fluctuations caused price differences that made it worthwhile for consumers from the mainland, and even those from Hong Kong, to shop in Japan and Europe for luxury goods.”

    During the half, Chow Sang Sang closed its Metroplaza store in Kwai Chung, but expanded its store in Elements, West Kowloon and converted the fitout to the company’s new generation shop design.

    The company said Macau was especially hard hit by the anti-graft campaigns and the measure to restrict funds outflow. One street-level store was closed there at the expiry of its lease.

    “On the Mainland, the slowing growth in the economy, the continued anti-corruption and austerity drive affected high-ticket spending, but in general the retail sector was healthy.”

    The jeweller opened 21 stores during the half taking its reach to 102 cities. Ten underperforming stores were closed for a net gain of 11 and a total network of 333.

    The company says in the months ahead it will continue to closely monitor its inventory levels. It has revamped its online shops both for the Mainland and Hong Kong and online sales continue to grow.

    “We are making progress in facilitating our online customers to take advantage of the network of physical stores.”

    In Hong Kong the company has acquired space in Citywalk, Tsuen Wan, to open a Rolex and Tudor store.

    The existing store in the same mall shall cease to operate its watch counters.

    In China 18 stores are planned between now and Christmas, along with several refitting and closings.

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  • Hong Kong police seize 30,000 fake bags

    Hong Kong police seize 30,000 fake bags

    Hong Kong police and customs officers have made the biggest seizure of counterfeit bags and accessories in a decade.

    The authorities say they netted 30,000 bags in a two day operation on July 28 and 29, details of which have only just been revealed.

    Customs and police say they successfully smashed a syndicate suspected of selling counterfeit goods by operating two upstairs showrooms and a storehouse in Tsim Sha Tsui and Tsuen Wan.

    The operation involved a record seizure in terms of quantity among similar cases in the past decade. The more than 30,000 suspected counterfeit products have an estimated street value of about $3 million, including leather goods, watches, apparel products, footwear, sunglasses and perfume, were seized.

    The syndicate was suspected of establishing a sales network with a membership scheme.

    A man thought to be the mastermind of the syndicate and two women, aged between 32 and 37, were arrested and released on bail pending further investigation.

    The Divisional Commander (Intellectual Property Transnational Investigation) of the Intellectual Property Investigation Bureau of Customs, Cheuk Tak-wai, and the Police assistant divisional commander (operations) of Tsim Sha Tsui Division, Ho Siu-tung, said at a press conference that Customs and the Police would continue to combat counterfeit activities with stringent joint enforcement actions. Customs also appealed to members of the public to shop at retail stores with a good reputation or at official brand stores.

    Under the Trade Descriptions Ordinance, any person who sells or possesses for sale any goods with any forged trademark commits an offence. Upon conviction, offenders are liable to a maximum fine of $500,000 and imprisonment of five years.