New World Development has acquired Hiranand House in Tsim Sha Tsui for $250 million, or $7,403 per square foot, a site the developer plans to combine with its nearby Hanoi Road mega project, according to sources.
The 17-storey office building, on the corner of Mody Road and Bristola Avenue, was built in 1976 and provides a gross floor area of 33,768 sqft.
The site has an area of 2,814 sqft and a plot ratio of 12 based on town planning regulations.
The plot ratio can be transferred to the Hanoi Road redevelopment project, which would provide an extra gross floor area of 42,210 sqft for the project.
The redevelopment site is bounded by Hanoi Road, Carnarvon Road, Mody Road and Bristola Avenue.
New World plans to build a 69-storey mixed development project that comprises shopping centres, serviced apartments and a hotel on the site.