Hong Kong's Buildings Department approved CK Asset Holdings Ltd.'s plan to convert its Harbourview Horizon hotel property in the Hung Hom area of Kowloon, Hong Kong, into a two-building office complex, the South China Morning Post reported.
According to the March 23 report, the redevelopment, which is among the proposals that the authority approved in January, will comprise a pair of 29-story buildings that will have a total gross floor area of 1.1 million square feet. The paper noted that CK Asset has no plans of commencing the project immediately.
Thomas Lam, Knight Frank's senior director, told the publication that the redevelopment project will take four to five years to complete and is unlikely to begin soon. He added that upon completion, the rental rate on the property, if turned into an A-grade office property, could be between HK$18,000 per square foot and HK$20,000 per square foot.