Kowloon City Plaza

Kowloon City Plaza, commonly abbreviated as KCP, is a shopping centre in Kowloon City, Kowloon, Hong Kong. It is situated close to Kowloon Walled City Park and Carpenter Road Park and serves the surrounding residential district with a combination of shopping, dining, supermarket, department-store and entertainment uses. The complex was developed as a retail and cinema project with associated car parking and opened in 1993. The site's development history began on 28 November 1989, when it was acquired at a Hong Kong government auction by Lo Yuk-sui of Century City. The proposed development was intended to cost substantially more than the land purchase and was planned as a shopping and cinema complex with parking. Century City's subsidiary Cathay City International subsequently launched the project, while the property was transferred to related company Paliburg Holdings in December 1990. Kowloon City Plaza received its occupation permit in May 1993 and opened later that year. After the closure of nearby Kai Tak Airport, Paliburg Holdings explored a proposal to add a 39-storey hotel to part of the site. Hong Kong's Town Planning Board rejected the proposal on 19 November 1999, concluding that its scale was unsuitable for the surrounding area. In April 2004, the property was acquired by real-estate fund Pamfleet in partnership with Morgan Stanley. Pioneer Global Group later took a small interest in the transaction, while management was outsourced to Far East Consortium International. A substantial refurbishment began in October 2005 and was completed in December 2006 at an estimated cost of HK$100 million. The centre reopened on 26 January 2007 with updated interior and exterior spaces; reported rents increased after the refurbishment. During the global financial crisis, the property changed hands again. It was sold in 2008 to businessman and toy-industry entrepreneur Francis Choi for HK$1.48 billion, with management outsourced to Early Light. The centre comprises approximately 640,000 square feet, or 59,000 square metres, of floor area, with more than 70 shops and eateries distributed across seven shopping levels and approximately 400 parking spaces. Japanese supermarket and department-store operator AEON has been identified as the anchor tenant, occupying the entirety of the second and third floors. Kowloon City Plaza is therefore primarily a neighbourhood-oriented commercial property rather than a standalone consumer-goods brand.

Kowloon City Plaza was developed on a site acquired at a Hong Kong government auction on 28 November 1989 by Lo Yuk-sui of Century City. The planned project was conceived as a shopping and cinema complex supported by a car park. Century City's subsidiary Cathay City International launched the development, but the property was transferred to related company Paliburg Holdings in December 1990 for HK$357 million. The complex obtained its occupation permit in May 1993 and opened later that year. Its location placed it near Kowloon Walled City Park and Carpenter Road Park, making it a local commercial facility for residents of Kowloon City. Following the closure of Kai Tak Airport, Paliburg Holdings proposed constructing a 39-storey hotel on part of the site. The Town Planning Board rejected that application on 19 November 1999, citing the incompatibility of the proposed scale with the surrounding urban context. Ownership changed in April 2004, when real-estate fund Pamfleet and Morgan Stanley acquired the property for HK$2.03 billion. Pioneer Global Group later acquired a small interest in the transaction. Morgan Stanley outsourced property management to Far East Consortium International. In October 2005, the management company began a broad renovation of the shopping centre's interior and exterior. The work was completed in December 2006 at a reported cost of approximately HK$100 million, and the centre reopened on 26 January 2007. The refurbishment was followed by reported rent increases. In 2008, during the global financial crisis, Kowloon City Plaza was sold for HK$1.48 billion to Francis Choi, a businessman associated with the toy industry. Management was subsequently outsourced to Early Light. The completed centre has approximately 640,000 square feet, or 59,000 square metres, of floor area. It contains more than 70 shops and eateries across seven shopping levels and approximately 400 parking spaces. AEON serves as the principal anchor, occupying the second and third floors as a Japanese supermarket and department store. The available reference material does not establish a separate corporate operating company, current management leadership, or a later redevelopment beyond these ownership and refurbishment events.

• 2008

  Property sold to Francis Choi

  [1]Kowloon City Plazaen.wikipedia.org

  The property changed ownership during the global financial crisis and was sold to Francis Choi for HK$1.48 billion.

• 2007

  Refurbished centre reopens

  [1]Kowloon City Plazaen.wikipedia.org

  The renovation was completed in December 2006, and the centre reopened to shoppers on 26 January 2007.

• 2005

  Major renovation begins

  [1]Kowloon City Plazaen.wikipedia.org

  A comprehensive interior and exterior refurbishment commenced under outsourced management.

• 2004

  Pamfleet and Morgan Stanley acquisition

  [1]Kowloon City Plazaen.wikipedia.org

  Pamfleet and Morgan Stanley acquired the property, with Pioneer Global Group later taking a small stake.

• 1999

  Hotel proposal rejected

  [1]Kowloon City Plazaen.wikipedia.org

  The Town Planning Board rejected a proposal for a 39-storey hotel on part of the site because its scale was judged unsuitable for the surrounding area.

• 1993

  Kowloon City Plaza opens

  [1]Kowloon City Plazaen.wikipedia.org

  The complex received its occupation permit in May and opened later in the year.

• 1990

  Project transferred to Paliburg Holdings

  [1]Kowloon City Plazaen.wikipedia.org

  Cathay City International launched the project, which was sold to related company Paliburg Holdings in December.

• 1989

  Development site acquired at government auction

  [1]Kowloon City Plazaen.wikipedia.org

  Lo Yuk-sui of Century City acquired the Kowloon City site at a Hong Kong government auction for HK$286 million and outlined plans for a shopping, cinema and parking complex.

A neighbourhood shopping centre serving Kowloon City with convenient retail, dining, supermarket, department-store and parking facilities.

• Shopping centre services · 1993

  Retail and dining units

  Kowloon City Plaza provides a multi-level collection of more than 70 shops and eateries. Its tenant mix is designed around everyday neighbourhood shopping, food and services rather than a single proprietary product range.

• Anchor retail tenant

  AEON supermarket and department store

  AEON is identified as the centre's anchor tenant and occupies the entirety of the second and third floors. It provides supermarket and department-store functions that draw regular local traffic to the complex.

• Property service · 1993

  Parking facilities

  The development includes approximately 400 parking spaces, supporting access for shoppers and visitors to the retail and dining facilities.

• 2008

  Sale to Francis ChoiM&A

  Background

  The property market was affected by the global financial crisis, and the shopping centre was offered in a changed ownership environment.

  Action taken

  Kowloon City Plaza was sold to Francis Choi for HK$1.48 billion, with management subsequently outsourced to Early Light.

  Aftermath

  Francis Choi became the identified owner in the available reference material.

  Property sale price. HK$1.48 billion (2008)

  Source

• 2005

  Comprehensive centre refurbishmentStrategy

  Background

  The property managers pursued a major renovation to update the shopping centre's interior and exterior environment.

  Action taken

  Renovation began in October 2005 and was completed in December 2006 at an estimated cost of HK$100 million. The centre reopened on 26 January 2007.

  Aftermath

  The refurbishment was followed by reported rent increases, including a doubling of rents in the available account.

  Renovation cost. HK$100 million (2005-2006)

  Source

• 1999

  Hotel development proposal rejectedOther

  Background

  After the closure of nearby Kai Tak Airport, Paliburg Holdings proposed adding a 39-storey hotel to part of the Kowloon City Plaza site.

  Action taken

  The Town Planning Board rejected the proposal on 19 November 1999, determining that its scale was not compatible with the surrounding area.

  Aftermath

  The available reference does not indicate that the proposed hotel was built.

  Source

1. 1Kowloon City Plazaen.wikipedia.org
2. 2Kowloon City Plaza official websitekcp.hk