Real estate developer First Group Holdings Ltd. plans to transform a recently purchased site in Hong Kong into a grade-A office building by 2023, at an estimated cost of HK$1.6 billion, Mingtiandi reported Jan. 6.

The company on Dec. 31, 2019, agreed to acquire the property in the Tsuen Wan area of the New Territories in Hong Kong from Star Properties Group (Cayman Islands) Ltd. for HK$980 million, according to a filing. The transaction is expected to be completed by the first half of 2020.

The 16,312-square-foot site has a plot ratio of 9.5, allowing for the development of a total gross floor area of up to 155,000 square feet, the news outlet reported.