Exclusive | 1960s-era AIA Building slated for redevelopment into 22-storey grade A office tower, sources say
- The building will undergo demolition work in March as part of a construction cycle expected to take four years
- The new building will make use of a campus-like workspace for AIA’s own agents, with amenities to include exercise facilities and rooftop garden
AIA, the largest pan-Asia life insurer, will redevelop its 1960s-era property in Wan Chai into a glass curtain wall grade A office tower with an estimated market value of HK$8 billion (US$1.02 billion) upon completion, according to sources.
“AIA Group has decided to redevelop its commercial property at No 1 Stubbs Road, Wan Chai,” a spokeswoman for AIA said without giving more details. She confirmed the company had leased offices at Hopewell Centre in Wan Chai as a temporary office space for 900 staff and consultants during the redevelopment.
The building, completed in 1967, will undergo demolition work beginning in March as part of a construction cycle expected to take four years, according to a source familiar with the situation.
The redevelopment coincides with the 100th anniversary of AIA’s founding in 2019.
“It is the right timing to revamp the 50-year old iconic building at No 1 Stubbs Road. We did think of refurnishing it but found the maintenance cost to be high while it is hard to install new technology facilities there,” the source told the Post.
