In 2011, Polytechnic University will have a HK$400 million purpose-built 'innovation tower'.
The university has appointed world-renowned architect Zaha Hadid to steer design of the 10-storey project, with construction scheduled to begin in 2009.
Alexander Tzang Hing-chung, deputy president of the university, said about HK$400 million was expected to be spent on the project.
'The building is largely financed by the government,' Mr Tzang said. 'We might spend more than that as the building costs might increase during the construction in the coming few years.'
He said it would house the university's school of design and a museum to showcase local and international design classics.
The Iraqi-born Ms Hadid is the first female recipient of the Pritzker Architecture prize, which is known in architectural circles as the equivalent of the Nobel Prize. The innovation tower marks her first design project in Hong Kong. It would be made up of two adjacent buildings, which would be connected.