2nd September 2026 – (Hong Kong) Riviera Plaza in Tsuen Wan, formerly held by the late Tang Shing-bor’s family, has been relaunched for sale by the mortgagee roughly 18 months after first being put on the market under receivership in February 2025. The asset was initially offered by the Tang family in 2022 at about 1.3 billion Hong Kong dollars but drew no takers and has since been marked down in stages to 1.2 billion, 900 million and then 800 million Hong Kong dollars. Market sources now indicate the lender is prepared to entertain substantial price negotiations to secure a buyer.
Colliers says it has been mandated to sell the car park and retail portions of Riviera Plaza at 1–9 and 2–12 Yi Lok Street and 2–12 and 1–7 Yi Hong Street. Completed in 1990, the vertical 11‑storey complex comprises the ground floor to the 8th floor plus two basement levels, with a gross floor area of about 242,690 square feet. The property includes 156 private car spaces and 15 loading bays, and the ground level serves as a public transport interchange, offering strong parking and connectivity. The site sits by the Tsuen Wan waterfront promenade and park, around a seven‑minute walk from MTR Tsuen Wan West Station; the rail trip from there to West Kowloon High Speed Rail Station (Austin) takes roughly 12 minutes.
Ng Ka‑fai, who oversees property restructuring services within Colliers Hong Kong’s Capital Markets and Investment Services team, said investor capital has been gravitating toward community retail assets with stable income and repositioning potential. In Tsuen Wan, for example, Chinachem Group acquired the large‑scale D·PARK mall and its car park in 2024 for about 4.02 billion Hong Kong dollars and has since integrated the asset into its local portfolio, signalling long‑term confidence in the district’s retail fundamentals.
When the Riviera Plaza car park and mall components were first offered by the lender in February 2025, indicative valuation was around 800 million Hong Kong dollars, about 12.5 per cent below a late‑2023 intention price of 900 million. The property has changed hands several times over the past decade: New World Development sold it for about 500 million Hong Kong dollars in 2012 to Wang On Group, which resold it for around 800 million three years later to the Tang family. Subsequent plans to convert the centre into a private school or medical facility did not proceed, and short‑term efforts to revive traffic — including a zombie‑themed live‑action game venue in 2018 — proved short‑lived, leaving the mall frequently dubbed a “dead mall.”
As interest refocuses on defensive, neighbourhood‑serving retail with asset‑management upside, Riviera Plaza’s substantial footprint, transport linkages and parking provision could appeal to value‑add buyers willing to undertake a comprehensive repositioning, provided pricing reflects capital expenditure and leasing risk.
