「位置、位置、位置」是地產行業的金科玉律，可見「地利」的重要性。套用於零售物業，物業的所在位置決定商場服務的目標對象和社區，而相關的人口結構、配套設施及基建發展等因素，則影響日後增長的機遇。領匯近年更於將軍澳及黃大仙區購入商場，正是把握地利優勢，擴展服務據點的策略之一。

領匯零售物業的所在地，大都為人口眾多的住宅社區。領匯一直積極從商舖組合、硬件設施、服務等多方面全面提升，引入迎客便民元素，扭轉乾坤，讓商場重上發展軌道。

對於其他物業，我們全面優化商戶組合，並增加各式食肆。由此可見，商場營運得宜，直接提升社區生活質素，而透過購入零售物業，我們希望把成功經驗帶到更多社區。

以今年8月購入的現崇山商場為例，地利之便造就協同效應。此為上市以來第三項收購，位於領匯服務多年的黃大仙區，跟旗下區內兩個商場僅數步之遙。領匯於當區累積多年的營運經驗，充分掌握當區客群需要，並建有廣泛商戶網絡，有助引入更切合需要的選擇，透過重新規劃，減少商戶重疊，增加購物選擇之餘，資源運用、市場推廣等方面，亦可享規模優勢。該物業鄰近地區未來有多個住宅發展項目，預計將可進一步拓展顧客基礎。

資產出售是調配資源的一環，領匯近月把旗下九項協同機會較少的物業售予其他投資者，借助市場力量，讓物業設施及環境得到提升。物業投資及出售，目標同出一轍，透過整合資產組合，達致協同增值效果，令客群受惠。


王國龍
行政總裁│2014年11月




"Location, location, location", the oft-quoted maxim of the real estate industry, highlights the importance of locational advantage for the property business. As far as the retail sector is concerned, a property's location determines the community and customer base it serves, with its future growth dependent on such factors as the surrounding neighbourhood's demography, facilities and infrastructural development. As one of our business strategies to building on our locational advantages, we have expanded our customer touch points by acquiring shopping malls in Tseung Kwan O and Wong Tai Sin districts.

The Link's retail properties are mostly located in populous residential communities where they serve the everyday needs of nearby residents. In the past few years, we have actively enhanced the trade mix, physical structure and services of our properties, and we have introduced various shopper-friendly features to enable the properties to achieve healthy growth.

In addition, we have worked to optimise trade mix and we have brought in new eateries. As our experience has shown, successful improvement of a shopping mall can directly benefit quality of life in the community. As we acquire more properties in line with our investment strategy, we hope to extend our management experience to benefit more communities.

Lions Rise Mall, which we acquired in August 2014, underscores the importance of locational advantage to create synergy effects. This property is located in Wong Tai Sin, which is a district we have been serving for years, and it is within walking distance from two major shopping centres in our portfolio. With our knowledge of the local community and our extensive retailer network, we will not only be able to enhance trade mix to more closely match shoppers' needs, but we can also reduce overlap by planning trade mix from a cluster's point of view. Economies of scale will also be generated in areas like resource deployment and promotional programmes. The property's proximity to a number of upcoming private and public residential developments offers opportunities to further expand the customer base in the future.

Asset disposal is another element of the capital recycling process. The Link has sold nine retail properties in recent months that possessed few synergistic opportunities to other investors, with a view of leveraging different market forces to raise the service standards and shopping environment at those properties. Property acquisition and disposal both serve to produce synergies and generate greater value for the community as we remix our investment portfolio.


George Hongchoy
Chief Executive Officer │ November 2014