The complex, owned by Wharf Properties Limited, part of The Wharf (Holdings) Limited group, was opened in April 1994.
The site was previously occupied by the original tram depot of the Hong Kong Tramways, another of the Wharf's subsidiary operations acquired in 1974. The Executive Council approved Tramways' plan to relocate its depots to Sai Wan Ho and Sai Ying Pun in July 1986, on the argument that the HK$3.5 million in operating costs savings would allow for tram fares to be held down.
The area was predominantly residential,[1] and the Town Planning Board insisted that the project did not include any more residential space. In July 1987, Wharf unveiled draft plans to redevelop the site into 1,600,000-square-foot (148,600 m2) of office and retail space. Following the relocation of Wanchai depot, the site was surrendered to its associate in 1988.
In 1991, the concrete plans were announced: the project would create 186,000 m² of retail and office complex, an estimated construction cost of HK$ 2 billion.
At the time, this part of Wanchai/Causeway Bay was deemed "not a very attractive part of town". The developer's debt levels and the uncertainty over sovereignty also rendered project financing more problematic.[3] Now it is considered prime property in the heart of Causeway Bay
Times Square is considered the first of its kind, the first "vertical mall" in Hong Kong.[4] Due to the high land price in Hong Kong, and the higher yield on retail property, Times Square departs from the common western model of the flat shopping mall.[4] The space allocated to retail is configured over 9 stories. The mall and lifts to the office tower are accessible by long escalators linking the ground floor podium and the first level of the mall
No comments:
Post a Comment