Renovation saves heritage buildings and makes business sense too

Swedish boutique developer Helen Lindman is on a mission - to help preserve Hong Kong's built heritage and show by example that old can be both beautiful and profitable as she builds a portfolio of renovated rental flats.

"I want to make Hong Kong look more beautiful. Instead of demolishing old buildings, we can turn them into ultra-modern homes," the former lawyer turned developer said.

"It is very common in Europe and I hope people can see the benefit of preserving the city's heritage."

Since completing her first renovation project in Sheung Wan in 2006, Lindman has gone on to accumulate a portfolio of six renovated units and two old walk-up buildings. She is now renovating one of the buildings - a 52-year-old, five-storey building at 11 Upper Station Street in Sheung Wan that she and her husband bought for HK$27 million in 2010.

"After we bought the building, it took nearly a year before all the tenants had moved out, and then we waited another year for all sorts of approvals from the Building Department for the changes of floor plan and various permits such as electrical and fire safety compliance," said Lindman.

"But we are not in a rush, as we want everything done to top standards."

Her company, Helen Lindman Design, is spending an additional HK$5 million turning the interior of the building into two duplex units, each with a saleable area of 1,500 sq ft, and a 600 sq ft flat with a terrace. It will also have a shop on the ground floor.