(From left) Chief Executive Carrie Lam Cheng Yuet-ngor; Chairman of the MTR Corporation Rex Auyeung, Chief Executive Officer of the MTRC Jacob Kam, Secretary for Transport and Housing Frank Chan Fan, and Director of Highways Jimmy Chan, pose for photos at the platform of Exhibition Centre Station of the East Rail Line cross-harbor extension, May 4, 2022. (PHOTO / HKSAR GOVERNMENT)
HONG KONG – With the opening of the cross-harbor section of the East Rail Line, merchants along the new line have used promotional activities to attract customers from other districts in Hong Kong.
MOKO Grand Century Place, a subsidiary of Sun Hung Kai Properties in Mong Kok, has collaborated with over 100 merchants in the venue to launch an annual shopping festival and special promotions to attract cross-district shoppers with a spending rebate scheme, which is expected to see a 30 percent month-on-month increase in footfall and turnover in May.
READ MORE: MTR's East Rail cross-harbor extension officially opens
With the recent stabilization of the COVID-19 pandemic and the official opening of the cross-harbor section of the East Rail Line, the convenience of the new transport network has greatly increased the public’s desire to get out, said Helen Chan, deputy general manager of promotions for leasing department of Sun Hung Kai Real Estate Agency Ltd.
Real estate developers along the route have been making property sales, offering a range of home purchase incentives to attract buyers
MOKO’s prime location above Mong Kok East Station, the latest leisure facilities in the venue, and a range of consumer incentive programs are expected to help the shopping district attract and develop a wider customer base, she said.
The 46-kilometer-long cross-harbor section of the MTR East Rail Line opened on Sunday morning, connecting the northeastern New Territories to Hong Kong Island for the first time and significantly reducing travel time between Kowloon and Hong Kong Island.
Tens of thousands of people flocked to ride the train on the first day of its operation, witnessing history as service was provided on the cross-harbor section for the first time.
Real estate developers along the route have been making property sales, offering a range of home purchase incentives to attract buyers.
With the easing of the COVID-19 pandemic, coupled with the opening of the new rail extension, the market has heated up and triggered potential buyers for new properties, said Dave Ma Tai-yeung, chief operating officer and director of Kowloon at Hong Kong Property.
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The opening of the East Rail is expected to have a positive impact on the real estate market and become a catalyst for a short-term rebound in the real estate market, he said.
The rail line effect is conducive to attracting more purchasing power for residential communities along the line, he said, adding that he believes real estate prices will rise in the next quarter, with a rebound of 3 percent to 5 percent expected.