Victor Li to push ahead with Hutchison House redevelopment into 41-storey office tower starting next year

CK Asset Holdings will redevelop the 23-storey Hutchison House office tower in Central into a 41-storey office tower from next year, reflecting the conglomerate’s strategy to create extra value amid soaring land prices in the city’s landmark business district.

The announcement on Monday confirmed the South China Morning Post’s previous report on June 7, which revealed the first major project undertaken by Victor Li Tzar-kuoi since taking over as chairman of the Hong Kong conglomerate CK Hutchison from his father Li Ka-shing, who retired in May.

The property conglomerate has given tenants in the 44-year-old building six months’ notice to vacate the premises.

“The new commercial building will have a gross floor area of more than 490,000 square feet. It will stand about 41-storeys high with 185 parking spaces. Completion of the project is estimated to take place in 2023,” CK Hutchison said in a statement Monday.

Raymond Chow, executive director of CK Asset Holdings, said there has always been a shortage of commercial property in Central, and the rental demand for Hutchison House has always been high.