Chinachem Group chairman Nina Wang will build two office blocks on a site in Tsuen Wan originally earmarked for a 108-storey tower project, which was dropped because of height restrictions.
Sources said one tower would be 98 storeys while the other would be much lower.
The proposal would leave the project at its maximum permissible height of 324 metres.
The company had proposed in March 1994 to build Nina Tower, which at 468 metres would have made it the tallest building in the world then.
The sources said the latest plan was still at a preliminary stage and could change.
They said there would be a detailed study, which might reduce the height of the taller building.
Chinachem has secured a one-year extension for the right to develop the 210,000-square-foot site in Yeung Uk Road.