Colliers (NASDAQ:CIGI and TSX: CIGI) and Knight Frank Hong Kong have been appointed today as the joint sole agents for the sale of Riviera Plaza and Riviera Gardens carpark, No. 1-9, 2-12 Yi Lok Street and No. 2-12, 1-7 Yi Hong Street, Tsuen Wan, New Territories, Hong Kong by the Receivers.

Completed in 1990, Riviera Plaza was a vertical shopping mall located in Tsuen Wan at the intersection of Wing Shun Street and Yi Lok Street. With 11 storeys from G/F to 8/F and two basement levels, the property has a total gross floor area of about 242,690 sq. ft. and offers 156 private car parking spaces and 15 lorry spaces.

Thomas Chak, Head of Capital Markets and Investment Services of Colliers Hong Kong commented, “In close proximity to Tsuen Wan Riviera Park, the property is just a 7-minute walk along the waterfront promenade to Tsuen Wan West MTR Station. It takes only 12 minutes to the High-Speed Rail West Kowloon Terminus (Austin MTR Station) from Tsuen Wan West MTR Station, facilitating travel between Hong Kong and Mainland China.”

The mall features two high-speed elevators that provide direct access from the basement car park to the top floors. Additionally, two passenger elevators in the central area of the ground floor connect all levels except the 1st floor, and escalators are also available. Apart from the main lobby on the ground floor, there are entrances on the 1^st and 2^nd floors for direct access to the residential podium, providing convenience for residents of Riviera Gardens.”

Willis Mak, Executive Director, Head of Private Clients, Greater China at Knight Frank said, “Tsuen Wan is home to major residential developments with strong spending power, including Waterside Plaza, City Point, The Pavilia Bay and Ocean Pride that offer over 10,000 residential units. Tsuen Wan West has experienced a rapid development in recent years, featuring comprehensive ancillary facilities. According to the statistics released by the Census and Statistics Department in 2023, Tsuen Wan has emerged as the fifth highest household income earning district in Hong Kong.

The property is spacious and has a particularly high ceiling height with not many columns. Buyers can reposition the property into a themed mall for retails, lifestyle and entertainment, education centres, beauty and medical centres, etc. This meets the strong demand of younger generations for entertainment, shopping and leisure activities as population grows in the district. The property is therefore expected to have high growth potential and appreciation return in value.”

For further information, please contact Thomas Chak, Head of Capital Markets and Investment Services of Colliers Hong Kong or Willis Mak, Executive Director, Head of Private Clients, Greater China at Knight Frank as the details below.