Developer takes on rivals with prestige projects in the heart of luxury market
Hongkong Land Holdings plans to convert the top two office floors of Prince's Building into Hong Kong's largest luxury restaurant, as Central's biggest landlord seeks to fend off competition from rival developments and inject new nightlife into the business district.
According to an executive familiar with the plan, the two floors will be gutted and redesigned as a 'double-height' multi-function venue for a 'world-class' restaurant.
'After combining the two floors the ceiling will be about six to seven metres high, offering a unique property for a classy restaurant and bar-lounge with entertainment facilities,' the executive told the South China Morning Post, adding that the project would be completed by early next year.
'Hongkong Land is now talking with big restaurant groups around the world.'
Central's status as Hong Kong's pre-eminent commercial district went unchallenged through most the 1990s, when the land on which IFC is built had yet to be reclaimed from the harbour and swanky new properties such as One Peking Road in Tsim Sha Tsui were but plans on an architect's drafting board.
Over recent years, however, Hongkong Land has had to fight off new rivals, launching expensive marketing campaigns to promote Central and attract upscale tenants. The challenge has been particularly strong from Sun Hung Kai Properties, Henderson Land Development and MTR Corp's IFC development, which have given Hongkong Land's properties in Central a run for their money in the race to attract luxury, boutique hotels and upmarket department stores.
