Swire Properties Ltd. failed to secure approval for its HK$15 billion redevelopment project for Taikoo Place in Quarry Bay, Hong Kong, the South China Morning Post reported Dec. 9, citing a company statement.
Despite support from stakeholders during the public consultation process, the Hong Kong Town Planning Board rejected the proposed changes that would have been added to the company's original 2011 development plan, for which it received approval. The company's revised plans included certain changes to the One Taikoo Place and Two Taikoo Place properties.
Swire had intended to increase the height of Two Taikoo Place by 17 meters to 212 meters, as well as converting 115,000 square feet of pre-approved office space at the building and several others into mixed-use commercial facilities.
The redevelopment would also have increased the non-office area of the property to 6% from 3.2% of the 3.57 million-square-foot Comprehensive Development Area zone of Taikoo Place.
Despite the rejection, Swire is still committed to delivering the project, with One Taikoo Place expected to be completed in 2018 and Two Taikoo Place in 2021.