ARA Property Enhancement Project

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Project Background

ARA Asset Management Limited, an affiliate of the Cheung Kong Group, is a real estate fund management company. Its principal business strategy is to upgrade the property by renovation in order to achieve strong rental growth and maintain high occupancy levels. In recent years, ARA chose the BPS Global Group from 13 contractors on list to perform the property upgrade work for 7 buildings. The project includes lobby and corridor upgrade, external wall renovation, facility upgrade, firefighting system improvement and green features incorporation.

Project Challenges

•Effective coordination throughout the project period is important in order to minimize negative impact of the project to the tenants.
•Different design concepts had to be applied to meet various market needs, as every property has its own unique marketing position.

Project Summary

 

Project Timeline

Prosperity Place, Kwun Tong Floor Lift Lobby & Corridor Renovation
(Previously named Modern Warehouse)
Trendy Centre, Cheung Sha Wan
Smartland, Tsuen Wan Lobby Upgrade (Shopping Centre of East Asia Gardens)
Prosperity Millennia Plaza, North Point Lobby & Floor Lift Lobby Upgrade (Previously named MLC Millennia Plaza)
Fortune City One, Sha Tin Shopping Mall Lobby Upgrade (Previously named City One Plaza)
The Metropolis Tower, Hung Hom Roof Garden
Prosperity Centre, Kwun Tong Lobby & Floor Lift Lobby Upgrade

Investment Term

1.Properties after renovation were re-tenanted with higher quality tenants and improved rental rates.
2.Prosperity Place reached 100% occupancy for the 3rd consecutive year after renovation.