In Wan Chai, which is the core area of Hong Kong’s business, the old buildings in the area are being deployed and rebuilt
Seven development projects will be launched in succession, which is expected to bring about 2.1 million square feet of new commercial floor space to the area.
Swire 28-storey commercial building expected to be completed in 2023
Wanchai’s transportation supporting development is very mature, attracting a number of developers and consortia to actively expand the area in recent years. Among them, Swire Properties (01972) in Taikoo Plaza was built in Admiralty in the early years. After the ownership of the old buildings at Nos. 2-12 and No. 1-11 Landu Street was collected, the demolition consent was approved in the first quarter of this year. The project covers an area of about 14,400 square feet and is expected to be rebuilt into a 28-storey commercial building. Covering approximately 218,000 square feet, it is expected to be completed in 2023.
The same department in Xingjie District has also been deployed. Among them, the acquisition of the old buildings at 21 to 31 Yongfeng Street will complete the construction of a commercial and residential building. It is expected that off-plan sales can be launched next year.
Hopewell Phases 1 and 2
As for the landlord Hehe in the area, the Hehe Center Phase 2 project, which has been planned for more than 30 years, has also begun. It will be built into a large-scale commercial complex of hotels, offices and retail, with a floor area of approximately 1.094 million square feet. The adjacent 153-167 Queen’s Road East project will build a small Ginza-style commercial building to complement the development of Hopewell Centre Phases 1 and 2. The project is expected to be completed as soon as 2021-2022, respectively.
In addition, the owner of AIA (01299), located at 1 Stubbs Road, announced the redevelopment plan last year. The building was occupied in 1969, and together with the basement parking lot, it has a total of 27 floors. It has been the headquarters of AIA in Hong Kong for many years. The project was also approved for demolition and reconstruction earlier. It is estimated that it will take about 4 years. In the future, it will be developed into an 18-storey commercial building with a floor area of about 255,000 square feet. It is expected to be retained after reconstruction. For group use.
As for many old buildings in the vicinity of Hennessy Road and Lockhart Road near Wan Chai MTR Station, SHKP (00016) also unified the entire ownership of the Cheung Lok Building at the junction of Tin Lok Lane and K Street in the previous year, and plans to rebuild for office development. The buildable floor area is approximately 131,000 square feet.
Jaffe Building, 216-222A Jaffe Road, held by Acer Capital (02288), has been approved for demolition and is expected to be rebuilt into a 49,000 square foot commercial building. With the commencement of a number of projects for redevelopment, it is believed that the pace of renewal in the area will be accelerated and a new look will be created for Wan Chai District.