Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2023 Event Calendar
    • Mingtiandi APAC Residential Forum 2023
    • Mingtiandi Asia Logistics Forum 2023
    • Mingtiandi Hong Kong Focus Forum 2023
    • Mingtiandi APAC Data Centre Forum 2023
    • Mingtiandi Asia Office Strategies Forum 2023
    • Mingtiandi Singapore Focus Forum 2023
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Henderson Land, Swire Properties Buying Up Quarry Bay Block Next to Taikoo Place

2019/07/30 by Jan Kot Leave a Comment

tor po mansion

The Tor Po Mansion in Quarry Bay

Henderson Land and Swire Properties are set to expand the Taikoo Place commercial cluster in eastern Hong Kong island after acquiring the majority of an aging residential building adjacent to the Quarry Bay development.

Within the last two weeks a joint venture between the pair of blue-chip Hong Kong developers has acquired 20 units in Tor Po Mansion in Quarry Bay for a sum of approximately HK$182 million, giving the property titans the right to bid for the compulsory sale of the remaining space in the 56-year-old residential block just north of Taikoo Place on King’s Road, the primary commercial thoroughfare in the community.

The union between Henderson Land, one of Hong Kong’s largest developers, and Swire Properties, the biggest landlord in Quarry Bay, has also been busy purchasing units in another aging building on the same block, signaling the possibility of adding a new commercial development in the district as Swire’s one million square foot Two Taikoo Place begins to rise from a very large whole in ground some 200 metres away.

Buying Up a Block Next to Taikoo Place

According to information from Hong Kong’s Land Registry, three units at Tor Po Mansion were recently acquired by Legend Lasting Limited, a joint venture in which Henderson Land and Swire Properties hold 51 and 49 percent stakes respectively, for prices ranging from HK$6.61 million to HK$6.99 million. This latest set of units are understood to have taken the joint venture beyond the 80 percent holding threshold necessary to file for a compulsory sale of the remaining space.

Guy Bradley Swire

Swire Properties CEO Guy Bradley has his eyes on more of Quarry Bay

That trio of acquisitions comes after the same JV paid approximately HK$162 million to acquire 17 units in the building directly across King’s Road from the entrance to the Quarry Bay MTR station in a single day. The developer duo paid prices of from HK$3.55 million to HK$7.98 million for each of those properties, at prices equivalent to HK$18,000 to HK$20,000 per square foot.

Located at the intersection of King’s Road, Hoi Kwong Street and Hoi Hong Street in Quarry Bay, Tor Po Mansion, occupies a 28,000 square foot (2,601 square metre) site. Although currently designated as residential, the property is believed to have potential for conversion into a commercial development that could yield up to 400,000 square feet of new space.

Henderson Land is said to have kicked off the acquisition of pieces of the walk-up building in 2014, with Swire beginning its own take-over strategy the next year. In traditional Hong Kong fashion, the competing parties subsequently joined together to manage bidding for the remaining units in the building.

In recent days Sunshine Sail Global Ltd, another joint venture between Henderson Land and Swire, has paid a total of HK$29.15 million to purchase three units in the Tai Fung Building, which occupies the same block as the Tor Po Mansion and is directly across a small lane from the King’s Road entrance to Taikoo Place.

Expanding Quarry Bay Cluster

Henderson and Swire are making progress on their acquisitions on the block north of Taikoo Place just a few months after receiving approval for a redevelopment project directly to the south of the commercial cluster.

In May of this year, another joint venture between the pair of developers won approval to develop a commercial project of up to 650,000 square feet on a 44,000 square foot site at the intersection of Pan Hoi Street and King’s Road, which Henderson and Swire had assembled through a series of acquisitions which culminated in a 2018 compulsory sale.

The Quarry Bay area in Hong Kong island’s eastern district has gained in popularity as a business hub in recent years, with corporates including Facebook and JLL having chosen Swire buildings in the area as an alternatives to Central’s world-leading office rents. Earlier this year the developer turned over to tenants its one million square metre One Taikoo Place project, with the building’s twin, Two Taikoo Place targetting a 2021 completion date.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Projects Tagged With: Compulsory Sale, daily-sp, Featured, Henderson Land Development, Hong Kong, Quarry Bay, Swire Properties

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

MTD TV

MTD TV Greater China Resi
China Could Become World’s Largest Rental Housing Market: MTD TV
new economy panel office forum thumbnail
Allianz, Benoy, JLL, Asia Green Tackle the New Economy’s Impact on Office Markets: MTD TV

More MTD TV Videos>>

People in the News

Brian Kwon Dexus
Dexus Opens Singapore Office, Hires Brian Kwon as Head of Distribution for Asia
Vida Tandean
CBRE IM Appoints Vida Tandean as Head of Indirect Private Real Estate Strategies in Asia
Henry Bott Swire
Asia Real Estate People in the News 2023-01-30
Liu Weiliang Zhenro
Asia Real Estate People in the News 2023-01-23

More Industry Professionals>>

People in the News

Dexus Opens Singapore Office, Hires Brian Kwon as Head of Distribution for Asia

Brian Kwon Dexus

Australian property major Dexus is extending its regional reach with the opening of a new office in Singapore and the … Read More>>

CBRE IM Appoints Vida Tandean as Head of Indirect Private Real Estate Strategies in Asia

Vida Tandean

CBRE Investment Management has bolstered its regional roster with the hiring of Vida Tandean as head of Asia investments … Read More>>

Asia Real Estate People in the News 2023-01-30

Henry Bott Swire

One of Hong Kong’s best known conglomerates leads this week’s set of personnel updates on Mingtiandi as Hong Kong’s John … Read More>>

Asia Real Estate People in the News 2023-01-23

Liu Weiliang Zhenro

An ailing mainland developer leads this week’s set of personnel moves from around Asia, as a new chairman takes over at … Read More>>

More Industry Professionals>>

Latest Stories

Kwun Tong Town Centre
Kwun Tong Plot Pulled After Receiving Single Bid and More Asia Real Estate Headlines
Laurent Jacquemin AXA
AXA IM ALTS Picks Up 33 Japanese Apartment Buildings for $459M
Tim Blackburn Swire
Swire Properties Buys 40% Stake in Bangkok Residential Site From HKRI for $73M

Sponsored Features

How Data Leadership Can Prepare Real Estate Companies for Big Data and AI in 2023
OpenSpace Capture
OpenSpace Capture Provides On-the-Ground Eyes at US Government Building Projects
Malls and Megaprojects from Hong Kong to Beijing Triumph at PropertyGuru Awards Show

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2023 China Advertising Media Ltd (Samoa). All rights reserved.

  • This field is for validation purposes and should be left unchanged.