Jardine property arm Hongkong Land has submitted a proposal for government approval to redevelop its 34-year-old Swire House in Central.
Executive director of property development Robert Wong said the proposed plan was part of the company's established strategy to raise the value of its properties through refurbishment or redevelopment.
He said a proposal had been submitted to the building authorities but he would not divulge details of the plan.
The 23-storey Swire House, located in core Central and completed in 1962, comprises 428,000 square feet of office and retail space on a 37,000 sq ft site.
Analysts said the property could be redeveloped with a maximum permitted plot ratio of 15 times. But the ratio could be raised to 18 times through special arrangements such as designating certain spaces for public use.
Given a plot ratio of 18, a redevelopment of Swire House could provide a total gross floor area of about 666,000 sq ft, analysts said.