Preserving heritage boosts value of Li family home in Mid-Levels, Hong Kong
- Kennedy Terrace in the Mid-Levels is now a 28-storey block of luxury flats worth HK$2.2 billion (US$280 million)
- The HK$400 million conversion of the grade-two listed building retained many of its original features including the old facade
It was a decision that took the Li family, one of Hong Kong’s richest, more than 20 years to make: whether to completely redevelop their grade-two listed historic home, Kennedy Terrace in the Mid-Levels.
Some members of the powerful dynasty were keen to make better use of a building they described themselves as “underutilised”, while the priority of others was to preserve the precious heritage of the family home.
But finally, in 2012, the dilemma was settled and the four-storey building at 6 and 8 Kennedy Road underwent a HK$400 million (US$51.07 million) conversion into the 28-storey block of luxury flats that stands there today.
The project, which took four years to complete, managed to retain many of the original 1927 building’s historic design features including the old facade, bricks, windows, doors and wooden planks of the lower floors.
The family, which includes the chairman of the Bank of East Asia, David Li Kwok-po, has reason to be happy with the redevelopment, which has boosted the property’s value to more than HK$2.2 billion. It had been worth “next to nothing” beforehand, according to Paul Li’s brother, Li Man-on.