bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Swire Properties has unveiled plans for a new-concept commercial-residential 'island' between Quarry Bay and Taikoo Shing MTR stations.

 Director Stephan Spurr said the project, when completed, would boost the value of Swire's investment property portfolio by up to 50 per cent.

 The property development arm of diversified trading company Swire Pacific said its Island East development would involve renovations and demolition of old buildings for redevelopment.

 It aims to increase the office population of 30,000 to more than 100,000 by 2000, and work has started on a commercial hub to service workers' needs.

 The project will boost Swire's property investment portfolio by 150,000 square feet of up-scale, street-front retail space; 1.1 million sq ft of retail space in Cityplaza mall; and 4,000 parking spaces. It also will increase the three million sq ft of older office space to more than seven million sq ft of grade-A space.

 There are 65,000 existing residents in the development.

 At the heart of the project is a beautification plan - already approved by the Town Planning Board - that intends to transform the firm's 15-year-old Cityplaza retail and residential development into an up-market mixed-use area, blending with Swire's adjacent new office developments.

 'It is unusual in Hong Kong for a landlord to own a continuous commercial district, and we recognised an opportunity to transform the area and give it a new identity,' Mr Spurr said.

 Street-level improvements include landscaping, the Piazza Verde-concept - similar to a European town square - with restaurants ringing a water fountain and park space and upgrading the retail mix along high-profile street fronts.

 Footpaths will be upgraded to give the area a more European feel.

 There also is a 50,000 sq ft site, zoned for commercial use, but now used as a plant nursery, where a miniature golf course and green pathway will be built next year.

 'We want to pull together the Cityplaza developments with Taikoo Place, so we will be building footbridges and a linear park connecting the two,' Mr Spurr said.

 The company already has earmarked $400 million to upgrade and expand the original Cityplaza shopping centre to increase its yield potential.

 The 150,000 sq ft Mount Parker House office building will be redeveloped in 1999 after the last of the existing leases runs out in December next year.

 Mr Spurr said: 'The new building will be about 23 storeys, with 700,000 sq ft of office space.'  In Taikoo Place, there were plans to combine Cornwall and Somerset Houses into a 65-storey office tower, but the Government owned half of Cornwall House and talks had yet to begin to acquire it, he said.

 'That phase of Taikoo Place won't begin for five years,' Mr Spurr said.

 There were no immediate plans to redevelop Warwick House after Swire's initial application to split the site into a park and an office tower was rejected by Town Planning Board, he said. Swire is developing two office towers, Oxford House and Lincoln House.



Swire Pacific’s Guy Bradley to take reins at Hong Kong’s Cathay Pacific, Swire Coca-Cola

Swire Properties sells 2 Deep Water Bay homes for US$283 million in biggest deal in years

Hong Kong hedge fund founder buys luxury home in Shouson Hill for US$74.3 million

Credit Agricole renews Pacific Place lease, reaffirming commitment to Hong Kong

Swire Group

Swire bids to transform face of its eastern island domain