THE new owner of Park Ridge Town Centre has been confirmed as Chin Hong Investments, owned by the Brisbane-based Wen family.
It’s the same company that owns and is currently upgrading Springwood Mall, and adds to their commitment to the Logan area.
Chin Hong bought Park Ridge Town Centre for $86 million, which tripled in price in just 10 years.
Chin Hong group marketing manager, Donna O’Neill, said the potential growth of Park Ridge was a key factor that appealed to Chin Hong’s strategic acquisition.
“Chin Hong is pleased to have purchased Park Ridge Town Centre and looks forward to its performance in the coming years,” Ms O’Neill said.
“Chin Hong Investments’ expertise is in the ownership and redevelopment of neighbourhood centres that service their local communities extremely well.
“Over the past four years we have redeveloped DFO Jindalee and Springwood Mall and we have development applications underway to expand two of our existing centres.”
She said that although Park Ridge Town Centre was newly refurbished, Chin Hong constantly reviewed the performance of their centres to determine whether redevelopment was required.
Recently, under the Wen family’s ownership, Springwood Mall underwent a $21 million upgrade, including internal refurbishments and a new dining precinct.
The centre received new flooring, ceilings, upgraded furniture and retail kiosks, as well as upgrades to Woolworths and Target.
There are now increased parking spaces, greater pedestrian traffic flow and other improvements.
