AIA bidding farewell to its iconic building in Wan Chai with an eye on a future of good fortune
- New building, constructed on same site, will be tech savvy with green elements.
- Locally, the building was considered "lucky" because it was located near a cemetery and has windows that look like coffins
AIA, one of Asia’s largest insurers, is spending huge sums of money to rebuild its 50-year-old Wan Chai headquarters because it sees strong growth ahead, according to its chairman Edmund Tse Sze-wing.
“An ageing population, growing wealth and the opening up of the Greater Bay Area will all lead to strong growth of the insurance industry in the next 50 years in Hong Kong. This is why it is worth it to rebuild our headquarters in Wan Chai to prepare for our next 50 years’ expansion,” Tse said at a group media briefing that was part of activities to bid farewell to the building located at Stubbs Road.
As first reported by the South China Morning Post in December, AIA plans to redevelop the Stubbs Road headquarters over the next four years. Construction begins in April.
While the company once considered renovating the building, the Hong Kong listed insurer eventually decided to opt for redevelopment.
“We want to introduce the most advance technology and equipment to our headquarters. This could not be done by the renovation, as the Stubbs Road building was first build in 1967 and was too old to add in the new technology. We have thus decided to demolish the building and rebuild it with the concept that it will include all the latest information technology, green concept and energy saving equipment,” he said.
Tse declined to give the sum of investment or other details as it is still subject to the government’s approval of the redevelopment planning.