The Miramar Group (00071.HK) leads the stakeholders of Palais de Royal Shopping Boulevard, Tsim Sha Tsui Residents Welfare Association, and Noble Terrace, and has established the Tsim Sha Tsui Central Strategy Development Association (T-Central), hoping to boost pedestrian flow and economic development. The association's 'opening salvo' event will be a wine and dine themed event organized by Palais de Royal Shopping Boulevard and the Miramar Group during the National Day, aiming to create a Tsim Sha Tsui version of a wine and food tour.

T-Central initiator and Miramar Group Chief Operating Officer, Chen Zongyi, emphasized that Tsim Sha Tsui has a rich cultural and historical heritage that should be fully utilized to maximize its potential benefits. He also stressed that the era of the group 'going it alone' is over, and now it is important to collaborate with stakeholders in the area. He also mentioned that by strengthening proactive operation to create a consumer atmosphere, he is not worried about the rental of its properties.

He vowed that the Noble Terrace bar street has potential and facilities, and in the future, it can be more famous than Lan Kwai Fong. The group's hotels can collaborate with bar merchants, such as renting out parking spaces at a discounted price, or providing hotel rooms at low prices to bar patrons or local consumers after 10 pm, expecting the hotel rental rate to increase from the current approximately 93% to 95% next year, and further increase to 100%. Chen Zongyi revealed that the group's office rental rate is currently close to 96%, performing well compared to the area's vacancy rate of about 13% to 17%, with rents decreasing by a few percentage points due to the epidemic, considering the situation reasonable.

Yu Wai-Kit, Chairman of the Palais de Royal Shopping Boulevard Owners Corporation, pointed out that the owners had already considered diversifying their development before the epidemic. In 2022, all owners agreed to amend the Deed and obtained the Town Planning Board's approval to rezone the underground and first-floor portions of the boulevard for the development of self-service restaurants, cafes, and tea rooms. He stated that once the ancillary works are completed, light refreshments could be offered on the boulevard as early as next year to attract pedestrian flow. Regarding the rental situation, he frankly admitted that some owners had reduced the monthly rents of the shops from the peak of 0.3 million dollars to about 0.1 million dollars. The current rental rate of Palais de Royal Shopping Boulevard is about 70%.