Transformation of Taikoo Place will be complete in 2021, Swire says
Swire says redevelopment of three industrial buildings will be finishing touch on 'vibrant hub'
Swire Properties said the transformation of Island East in Quarry Bay would be complete after the HK$10 billion redevelopment of three industrial buildings into two grade A offices, which are slated to open in 2021 according to chairman John Slosar.
"We have already launched the next phase of the continuing transformation of Taikoo Place, starting with demolishing Somerset House last month.
"Our cluster of buildings in Taikoo Place is already a vibrant hub of commercial and retail activities," Slosar said after the annual general meeting of Swire Properties.
In 2021, the transformation of this hub is pretty much completed
"By the time we have replaced the three old industrial buildings with two magnificent grade A office towers in 2021, the transformation of this hub [in Island East] is pretty much completed."
The redevelopment would provide Island East with more open area, Slosar said.
With an open space equal in size to Statue Square in Central, he said the area would become a popular place to work, shop and live in.
The company plans to turn Somerset House, Cornwall House and Warwick House into two new grade A office buildings, generating a gross floor area of two million square feet.