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The following is issued on behalf of the Hong Kong Housing Authority:
The Commercial Properties Committee of the Hong Kong Housing Authority (HA) today (May 26) endorsed the five-year rolling programme for asset enhancement of its retail and car park (RC) facilities.
To meet residents' needs and optimise the use of resources, the HA has since 2011 formulated a five-year rolling programme for prioritising asset enhancement of its RC facilities.
"This programme has been kept under review and reports have been given to Members on an annual basis taking into account the changes in circumstances," a spokesman for the HA said.
Since the conducting of analysis on strengths, weaknesses, opportunities and threats in regard to the HA's commercial portfolio, a number of suitable RC projects have been identified for detailed studies and asset enhancement through major improvement works, re-designation of trade mix and conversion of usage in accordance with their relative priorities.
The spokesman highlighted that implementation of the improvement/conversion programmes together with enhanced leasing strategies has substantially improved the utilisation of the HA's commercial premises. The vacancy rate of retail premises dropped from 4.9 per cent in March 2011 to 1.7 per cent in March 2015 while the occupancy rate for car parks increased from 76 per cent to 89 per cent over the same period.
"Despite the achievements so far on the commercial asset enhancement programme, efforts will be continued to optimise the use of the HA's facilities," the spokesman added.
Ends/Tuesday, May 26, 2015
Issued at HKT 18:08
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