The new Fusion “superstore” at Sai Kung Garden will be open by June and the sister store at Centro will stay, according to the Customer Services Department of ParknShop. PnS has outmanoeuvred Wellcome and will soon have three large supermarkets in Sai Kung.
According to market news, retail property accumulator Tang Shing-bor, known as “Uncle Bor” purchased the first floor and underground entrance for $450 million – see previous BUZZ story. As reported, the supermarket was rented by Wellcome at a monthly rent of $784,000, but the lease expired in March this year. Instead of renewing the lease, it was leased to A S Watson Group for one of its supermarket brands at a monthly rent of $900,000. The new lease will be $116,000 or 15% more than the old lease, which will be equivalent to a rent of $31.6/sq. ft. and Tang will enjoy a rental return of 2.4%.
Questions still remain on how three large supermarkets under the same company, although two different brandings, can survive in a small town like Sai Kung.