Annual Report 2007 - The Link REIT

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12 The Link Real Estate Investment Trust Annual Report 2007 CEO’s Report We have also seen an improved trade mix in the Hau Tak Shopping Centre. This combined with the state-of-the-art hardware design, has put the shopping centre on par with nearby shopping facilities in terms of competitiveness as well as rental levels. The remaining renovation work to the West Wing is currently ongoing and should be substantially completed in the coming financial year. In March 2007, the Hau Tak fresh food market was badly affected by a fire, resulting in the market being closed and some parts of the mall being damaged. This market is leased to a single operator. Management together with the operator are making strenuous efforts to repair the damage and to reopen the market and the affected mall areas within the next few months. As at the date of this report, approximately 25% of the market has been reopened and it is expected that another 50% of the market can be reopened by the end of June 2007. Resuming business for tenants is our top priority and we are communicating with the affected tenants on a regular basis and handling insurance claims promptly. The opening of new shops and improvement works in the level one passageway near the atrium in the Lung Cheung Mall have enabled the mall to capitalise on its proximity to the Wong Tai Sin Temple to bring up the rental levels. This new passageway will help to capture tourist traffic ■ Exclusive dining choices at the Hau Tak Shopping Centre have transformed the shopping centre into a major dining hub in the Tseung Kwan O area. visiting the Temple. As a result, some tenants have started to renovate their shops to upgrade their image and improve their product range. We continually reassess our portfolio to identify other properties with potential for asset enhancement. We have identified another 16 shopping centres for asset enhancement/district improvements and detailed feasibility studies are currently being undertaken. Upon review and approval by the Finance and Investment Committee, we will proceed with the work to realise the yield accretive potential of these centres. ■ To leverage on its proximity to Wong Tai Sin Temple, a passageway enabling tourist drop-off has been newly created in the Lung Cheung Mall. ■ With the opening of the passageway, the Lung Cheung Mall attracts more shoppers and tourists.
Annual Report 2007 The Link Real Estate Investment Trust 13 CEO’s Report ■ Trade-mix has been enhanced by clustering shops with the same trade at the right location. ■ Additional retail units created in the Sha Kok Shopping Centre provide more choices. In many of our properties, we have also continued with a range of smaller scale improvements such as upgrading of washroom facilities, new signages, improved access and air conditioning which have enhanced the shopping and dining experience. All these initiatives have been well received by both customers and tenants. We have also begun the process to automate our carparks. This automation process is progressing in phases and will be completed by the second half of 2008. This will bring more convenience to our users, enhance service quality and help to reduce carpark operating costs, ensuring better management of the carparks. Leasing To enable our shopping centres to operate at its optimal potential, we are continually working to achieve an optimal trade mix for our malls, one that meets the demands of customers whose homes are on the doorstep of our retail facilities as well as the wider customer base. This is an ongoing and proactive process which takes into account current business trends and customer preferences. In addition to retaining tenants providing essential services in our shopping centres, we have also introduced popular brandnames. We have been successful in introducing much more variety in terms of the food and beverage offering which has helped to attract more customers to our malls. These initiatives are increasing customerflow and utilisation of the adjacent carparks. ■ The new automation system allows our carpark users to enjoy more convenient access and better service quality. Customer satisfaction has seen a marked increase as evidenced by the 18% jump in customer ratings of shopping and dining choices in the 18 months since September 2005 as recorded in a recent survey by The University of Hong Kong on shop mix enhancement in four of our shopping centres. 88% of the survey respondents supported The Link in its initiatives for introducing more shopping and dining choices in its properties.
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Annual Report 2007 - The Link REIT

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