Swire Properties has announced plans for two new high-end office towers in its Taikoo Place development, adding two million square feet (185,000 square metres) of prime space to the project in Hong Kong’s Quarry Bay.
The two new towers are part of a HK$15 billion (US$1.93 billion) investment in the redevelopment of Taikoo Place, as Swire makes its case for moving Hong Kong’s downtown a few subway stops further east.
New Towers to Launch in World’s Most Expensive Office Market
“With our ongoing investment in Taikoo Place, we are well-positioned to meet the continued growth of the office sector and the changing needs of progressive companies looking for quality office and superior supporting amenities for the benefit of their employees,” said Don Taylor, Director of Office at Swire Properties.
Occupancy costs in Hong Kong’s Central district, the city’s traditional downtown, are the most expensive in the world, with rates including rent, taxes and services charges reaching an average $290 per square foot per year, according to recent independent research. At that price, Central is more than 10 percent more expensive than London’s West End, even before the recent Brexit fallout.
Swire plans to bolster its alternative to Central, which is eight subway stops east of the traditional business district, by completing One Taikoo Place in 2018, to be followed by the debut of Two Taikoo Place in 2021. Both super-prime towers are targettting LEED Platinum ratings for sustainability and will join eight existing office towers in Swire’s Taikoo Place development.
Creating a Connected Garden in Eastern Hong Kong
The two new structures, each of which will provide one million square feet of office space, are being incorporated into a broader redevelopment of Taikoo Place that includes creating new urban green space and a series of walkways in the rising commercial centre.
Swire has hired London-based landscape architectural practice Gustafson Porter to create 69,000 square feet of landscaped space in Taikoo Square and Taikoo Garden, that it says will rival Central’s Statue Square in size.
Design firms Hugh Dutton Associés and Hong Kong’s Wong & Ouyang are also involved in the redevelopment project, which includes linking all ten office towers via elevated walkways.
“Taikoo Place is already home to a significant number of multinational corporations, and with our ongoing investments, we aspire to build an open and vibrant mixed-use community here which will reshape the city’s office landscape,” said Taylor.
In addition to the planned office space, Swire indicated that it will continue to foster the growth of retail and dining options at Taikoo Place and its Cityplaza retail development in the area.