Festival Walk
Encyclopedia
Festival Walk is an upmarket shopping centre in Kowloon Tong
, Hong Kong owned by Swire Properties from 1998 to 2011. It was the biggest shopping mall in Hong Kong at its launch in November 1998. Festival Walk was developed jointly by Swire Properties and CITIC Pacific
in 1993–1998. In 2006, Swire Properties bought out the 50% stake held by its partner. In July, 2011 Mapletree Investments
acquires Festival Walk at property value of HK$18.8 Billion and the mall manage by Mapletree in now.
Festival Walk is in Yau Yat Chuen
, right adjacent to the Kowloon Tong Railway Station, which is an interchange station of the East Rail Line and the Kwun Tong Line
of the Mass Transit Railway
. It is also in the vicinity of City University of Hong Kong
.
which cuts longitudinally through the interior. Its glass skylight provides natural light to the interior of the building. There is also a food court on the topmost floor, with a view of the mall's indoor skating rink.
. More like malls in the west, the mall has information booths to assist shoppers. Although praised for its spaciousness and its public amenities, Festival Walk's array of escalators were criticised as confusing and unwisely planned in a "Rate your mall" survey in 2007.
of the MTR
run through the full length of the site.
During the construction of the building with 4 basement levels, 460,000 m³ of earth had to be shifted.
. The partners secured the plot in a Government land auction in 1993 with a HK$2.9 billion bid, and developed it at an estimated cost of $2.2 billion. In January 2006, in Hong Kong's biggest property deal, Swire paid HK$
6.18 billion to buy out its partner's half share. In July 2007, it was announced that Swire Pacific was contemplating listing the property as a real estate investment trust
.
Kowloon Tong
Kowloon Tong , formerly Kau Lung Tong, is an area in Hong Kong. Within New Kowloon, it is administratively divided by Kowloon City District and Sham Shui Po District...
, Hong Kong owned by Swire Properties from 1998 to 2011. It was the biggest shopping mall in Hong Kong at its launch in November 1998. Festival Walk was developed jointly by Swire Properties and CITIC Pacific
CITIC Pacific
CITIC Pacific is a Hong Kong-based conglomerate holding company headquartered in the CITIC Tower, Admiralty, Hong Kong. It is 58% owned by the state-owned Citic Group in Beijing and has shareholders around the world.-Business areas:...
in 1993–1998. In 2006, Swire Properties bought out the 50% stake held by its partner. In July, 2011 Mapletree Investments
Mapletree Investments
Mapletree is a real estate company in Singapore. The company own approximately S$6.2 billion of real estate assets comprising office, logistics, industrial, business park, retail and lifestyle properties in Singapore....
acquires Festival Walk at property value of HK$18.8 Billion and the mall manage by Mapletree in now.
Location
Yau Yat Chuen
Yau Yat Tsuen Garden City is one of the very few low density residential areas in the central urban area of Kowloon, Hong Kong. It is located in North Kowloon, at the foot of Beacon Hill.-Facilities:...
, right adjacent to the Kowloon Tong Railway Station, which is an interchange station of the East Rail Line and the Kwun Tong Line
Kwun Tong Line (MTR)
The Kwun Tong Line is one of the ten lines of the MTR network in Hong Kong. It starts at Yau Ma Tei in West Kowloon and ends at Tiu Keng Leng in Tseung Kwan O, Sai Kung. It is indicated in green on the MTR map. During the morning rush hour, the Kwun Tong Line utilises 27 trains on the tracks...
of the Mass Transit Railway
MTR
Mass Transit Railway is the rapid transit railway system in Hong Kong. Originally opened in 1979, the system now includes 211.6 km of rail with 155 stations, including 86 railway stations and 69 light rail stops...
. It is also in the vicinity of City University of Hong Kong
City University of Hong Kong
City University of Hong Kong is a comprehensive research university in Hong Kong. It was founded in 1984 as City Polytechnic of Hong Kong and became a fully accredited university in 1994. It has achieved fast growth in recent years and received international recognition for its academic achievements...
.
Configuration
Festival Walk comprises some one million square feet of retail space: 200 shops, 27 restaurants, a multiplex cinema, an ice rink; 220000 square feet (20,438.7 m²) of office space. There is also parking accommodation for 830 cars. There are three levels of car park offering a total of 830 spaces.Design features
The shopping mall occupies three lower ground levels and three levels above ground. The central feature of Festival Walk is the 6-level high, 120 m long and 30 m wide atriumAtrium (architecture)
In modern architecture, an atrium is a large open space, often several stories high and having a glazed roof and/or large windows, often situated within a larger multistory building and often located immediately beyond the main entrance doors...
which cuts longitudinally through the interior. Its glass skylight provides natural light to the interior of the building. There is also a food court on the topmost floor, with a view of the mall's indoor skating rink.
Environmental features
The mall is equipped with a waste management system for the food service outlets within the compound. An organic food digester was installed to accelerate the decomposition of food waste into waste water and some food residue which is discharged normally into the sewerage system. The developers also installed a water-cooled air-conditioning system in 2002 at a cost of HK$13 million. The developer claims its high energy-efficiency has saved 5 million kWh each year.Positioning
Festival Walk is positioned as a "comfortable" middle-market mall with the emphasis on service as opposed to price. Store interiors are relatively spacious, and its tenants are mostly mainstream "value for money" brands such as H&M, taste and Marks & SpencerMarks & Spencer
Marks and Spencer plc is a British retailer headquartered in the City of Westminster, London, with over 700 stores in the United Kingdom and over 300 stores spread across more than 40 countries. It specialises in the selling of clothing and luxury food products...
. More like malls in the west, the mall has information booths to assist shoppers. Although praised for its spaciousness and its public amenities, Festival Walk's array of escalators were criticised as confusing and unwisely planned in a "Rate your mall" survey in 2007.
Site challenges
Its construction commenced in 1994, and it was completed in 1998.Kwun Tong Line (MTR)
The Kwun Tong Line is one of the ten lines of the MTR network in Hong Kong. It starts at Yau Ma Tei in West Kowloon and ends at Tiu Keng Leng in Tseung Kwan O, Sai Kung. It is indicated in green on the MTR map. During the morning rush hour, the Kwun Tong Line utilises 27 trains on the tracks...
of the MTR
MTR
Mass Transit Railway is the rapid transit railway system in Hong Kong. Originally opened in 1979, the system now includes 211.6 km of rail with 155 stations, including 86 railway stations and 69 light rail stops...
run through the full length of the site.
During the construction of the building with 4 basement levels, 460,000 m³ of earth had to be shifted.
Financial transactions
The development was a 50:50 joint venture between Swire and CITIC PacificCITIC Pacific
CITIC Pacific is a Hong Kong-based conglomerate holding company headquartered in the CITIC Tower, Admiralty, Hong Kong. It is 58% owned by the state-owned Citic Group in Beijing and has shareholders around the world.-Business areas:...
. The partners secured the plot in a Government land auction in 1993 with a HK$2.9 billion bid, and developed it at an estimated cost of $2.2 billion. In January 2006, in Hong Kong's biggest property deal, Swire paid HK$
Hong Kong dollar
The Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
6.18 billion to buy out its partner's half share. In July 2007, it was announced that Swire Pacific was contemplating listing the property as a real estate investment trust
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
.