Hongkong Land Holdings may proceed with the much talked about redevelopment of Swire House in Central with a proposed 648,425 square feet building plan already approved by the Government.
If the redevelopment materialises, the 34-year-old, 23-storey Swire House at 11 Chater Road will be rebuilt into a 35-storey commercial tower over three basement levels.
Hongkong Land indicated that the proposed project was part of the company's established strategy to raise the value of its properties through refurbishment or redevelopment.
Swire House has 428,000 sq ft of office and retail space on a 37,000 sq ft site. The proposed redevelopment could enlarge the total floor area of the building by nearly 40 per cent.
The Swire House redevelopment was among the biggest projects of the 28 building plans approved by the Buildings Department in December.
The approved plans covered 11 apartment and apartment-commercial developments, nine commercial developments, four factory and industrial developments, and four community services developments.
Sun Hung Kai Properties (SHKP) has secured approval for several projects, including two big residential developments and one industrial-office project in the New Territories.