Hongkong Land to transform LANDMARK into ultra-luxury destination in HK

Hongkong Land has unveiled its roadmap to transform its shopping mall LANDMARK into the city's ultimate lifestyle destination for global fashionistas, epicureans, and art devotees.

The reimagined LANDMARK will elevate Hong Kong’s luxury lifestyle to new heights, unveiling an unrivalled convergence of Maison destinations created by some of the world’s most coveted luxury brands.

With a total investment expected to exceed HK$7.8 billion from both Hongkong Land and its luxury tenants such as Louis Vuitton and Christian Dior Couture, Hongkong Land is orchestrating the largest retail transformation of its central portfolio, situated in the heart of Hong Kong. This evolution of LANDMARK, also known as "Tomorrow's CENTRAL", will unfold over the next three years, in phases, while LANDMARK will remain open throughout this period.

Out of the HK$7.8 billion investment, Hongkong Land will pump over HK$3.1 billion to reinforce Central as a world-class destination for luxury retail, lifestyle, and business. Phase one is set to commence in the third quarter of 2024.

Meanwhile, Hongkong Land's retail tenants across the LANDMARK portfolio will make an estimated HK$4.7 billion in additional capital investments to design and create new retail offerings.

As part of the transformation project, Hongkong Land will expand the global maison spaces and diversify the retail mix at the LANDMARK. Three Maison destinations of between two and eight storeys will be created in each of Landmark Atrium (置地廣場), Landmark Alexandra(置地歷山), and Landmark Prince’s (置地太子), while one will be developed in Landmark Chater (置地遮打), doubling the retail areas of the 10 luxury brands to over 220k square feet. 

According to the release, the enlarged spaces will enable brands to showcase more products and create highly personalised services for their very important customers (VIC) including haute couture, private dining concepts, outdoor terraces, and double-height VIC salons. 

To accommodate the growth of retail areas, the group is converting the lowest two levels of office space in Prince’s Building and Gloucester Tower as well as relocating the bar and lobby of The Landmark Mandarin Oriental, Hong Kong. All affected office tenants are expected to be relocated within the Central Portfolio. This aims to allow the group to implement the full potential of this project while bringing new concepts to its office community. 

While there will be a temporary and moderate reduction of rental income during the upgrade period, the group expects this investment to deliver stronger growth in tenant sales and retail income thereafter.

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Apart from luxury retail, LANDMARK’s retail podiums will also be reconfigured to meet customers’ demand for high quality, diverse lifestyle options and to elevate experiences through improved circulation and connectivity. 

After the completion of the transformation project, the Central Portfolio will have a total of approximately 260k square feet of F&B space and over 30 new and refreshed F&B concepts such as new restaurants overlooking Statue Square at Landmark Prince's and new al fresco offerings at Landmark Atrium. In total, LANDMARK will house more than 100 F&B offerings.

In terms of sustainability, Hongkong Land has set specific sustainability ambitions for the transformation project with extensive use of green building materials, including employing 100% low-carbon concrete, 100% green rebar and 100% sustainable timber. Additionally, 80% of construction plants and equipment used in the project will be electric to reduce carbon emissions. 

Michael Smith, chief executive, Hongkong Land, said: “The considerable investments Hongkong Land and its strategic partners are making are not only a powerful endorsement of Central’s enduring role as the city’s iconic business and lifestyle hub but also demonstrate our shared, unwavering confidence in Hong Kong’s future as a global financial centre.”

“Our transformation of LANDMARK will reinforce the Central Portfolio’s position as one of the world’s most desirable locations to live and work,” he added.

Alvin Kong, executive director, Hongkong Land, said: This collaboration with strategic tenants will shape the future of Central for many years to come. Our investment will elevate and enrich our Central Portfolio ecosystem and provide our community of international and local business leaders and discerning shoppers with an unrivaled luxury retail and dining offer.”

"Louis Vuitton is proud to be a part of this visionary project with Hongkong Land. Over several decades, we have developed special relationships with our loyal clients at LANDMARK and we look forward to providing them with even more elevated experiences in future," said Robert Calzadilla, North Asia president, Louis Vuitton.

"Dior has been a long-standing partner with Hongkong Land since 1995 and we cherish our location in the heart of LANDMARK ATRIUM. We look forward to being part of this ambitious transformation of LANDMARK, reinforcing its appeal as one of the most luxurious shopping destinations in the world," said Jean-Baptiste Debains, president Asia Pacific, Christian Dior Couture.

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