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Hongkong Land to put US$400 million into 3-year Landmark upgrade to showcase luxury brands
- Luxury retailers like Cartier, Chanel, Dior and Louis Vuitton will invest another US$600 million creating unique new spaces, developer says
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A US$1 billion, three-year renovation of Hongkong Land’s Landmark-branded properties in Hong Kong’s Central district aims to create an “extraordinary experience” for wealthy shoppers and strengthen the presence of global luxury brands in the city.
Hongkong Land will pour more than US$400 million into the “Tomorrow’s Central” project, which the company said is its biggest single investment in the city in a decade. Retail tenants across the Landmark portfolio will spend an estimated US$600 million more to design and create their own spaces in the upgraded complex, the company said.
The project will overhaul the Landmark properties over a three-year period starting in the third quarter, Hongkong Land said.
“This huge investment will of course help to boost our [gross domestic product] and create employment,” Deputy Financial Secretary Micheal Wong Wai-lun said during a press conference. “It also demonstrates, in a most direct and convincing manner, Hongkong Land’s judgment and confidence in the future of our economy. Let me say that the Hong Kong government shares that judgment and that confidence.”
Hong Kong toppled Tokyo as Asia’s costliest city to build, according to the consultancy Turner & Townsend. Still, the Landmark project represents a “significant milestone for Hong Kong’s luxury landscape” and will reinforce the city’s status as a leading global city, said John Witt, group managing director of Jardine Matheson, Hongkong Land’s parent company.
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