TCT – BT

TCT’s The HQ secures tenants for retail mall

TREASURY China Trust’s (TCT) landmark development, The HQ, has achieved 27 per cent pre- commitment of its expanded retail mall, its trustee- manager, Treasury Holdings Real Estate, said yesterday.

Hongqiao Century Cinema, the existing cinema operator of eight years, accounted for one of the three additional leasing transactions recently secured by the Singapore- based business trust, which focuses on commercial real estate in China.

TCT said Hongqiao’s lease terms reflect a 175 per cent increase in rent.

The cinema operator will surrender its existing lease prior to its expiration in 2013, to undertake a ‘substantial refit’ of the premises, estimated to cost over six million yuan (S$1.2 million).

The 2,530-square-metre cineplex will reopen in 2013 with contemporary interior design and state-of- the-art DTS and SRD digital stereo projection equipment.

It is part of the 88,000 sq m expanded retail mall of The HQ’s 264,000 sq m fully integrated commercial complex, which was formally launched in October 2011.

The extension is currently under construction and scheduled for completion in September 2013.

The HQ had, in late February, secured a 12-year lease agreement for nearly 4,300 sq m with various brands under the banner of the Inditex Group from Spain. Led by Zara’s 2,000 sq m flagship shop, Inditex will launch seven of its retail formats at The HQ.

Additionally, high-end supermarket Ole’ will be the anchor tenant at The HQ, leasing a sprawling 5,500 sq m of space.

The largest Ole’ store in Shanghai will replace the existing Parkson facility of 2,500 sq m.

‘These high- profile retail leasing transactions complement and enhance the unique retail offering of The HQ and also serve as a strong testimony to the attractiveness of this flagship development,’ said Richard David, CEO of TCT.

TCT gained 3.5 cents to close trading at $1.43 apiece yesterday.