Far East Consortium International is considering redeveloping an old property in Tsuen Wan for residential or commercial use.
Sources said the developer was studying various redevelopment options for its rental property - Far East Bank Tsuen Wan Building in Tsuen Wan.
A residential redevelopment of the site, which neighbours Tsuen Wan MTR Station, could maximise land value as demand for new flats in the area is rising. Other proposals include hotel and serviced-apartment plans.
But a Far East senior official said the firm would not rush to redevelop because the 30-year-old residential building was almost fully let and generated stable rent for the company.
The site could provide a floor area of 97,695 square feet.
One source said there would be some technical issues regarding the proposed redevelopment. The site might not secure its previous plot ratio after redevelopment because of development restrictions in the area.