Luxury Brands Expand Footprint Hong Kong Mall K11 Musea
Residents of Elta Condo can look forward to enhanced connectivity as the area is set to see several transport developments in the near future. One of the most noteworthy projects is the Cross Island Line (CRL), which is poised to upgrade the existing transport network and provide an array of travel options for the convenience of residents. The CRL is strategically planned to pass through key areas such as Bukit Timah, Clementi, and Jurong, connecting the eastern and western regions of Singapore more seamlessly. Upon its completion, the CRL will undoubtedly offer even greater accessibility and convenience for the residents of Elta Condo.
K11 Musea, a popular mall located in Hong Kong’s bustling Tsim Sha Tsui district, is gearing up to expand its luxurious retail space by more than 30,000 sq ft. According to a recent press release, K11 Group, the mall’s operator, has announced that six established brands – Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent, and Van Cleef & Arpels – will be revamping and expanding their stores over the next four years. Additionally, a new store by the renowned brand Prada is also set to open in the mall.
Richard Cheung, the executive vice president of K11 Group, expressed his excitement about the expansion, especially in the current state of the Hong Kong retail sector. He believes that this growth is a result of the remarkable performance and high sales productivity of the brands at K11 Musea. The mall has achieved a new record in single-day footfall this summer and has seen a 10% increase in tourist spending, as well as a nearly 30% growth in F&B and retail sales.
K11 Group is a subsidiary of the prominent Hong Kong-based property giant, New World Development. Founded in 2018 by Adrian Cheng, the current CEO of New World Development and son of renowned property tycoon Henry Cheng, the group manages a diverse portfolio of properties, including malls, offices, and residences. Their focus is on showcasing art, design, and culture.
New World Development is a listed real estate entity under the Chow Tai Fook conglomerate, which is controlled by the Cheng family. The conglomerate has diverse business holdings, including property development, hotels, department stores, and jewellery. Other significant subsidiaries include Chow Tai Fook Jewellery Group and the Rosewood Hotel Group.