Victor Li Revamps The Infamous Hutchison House Tower
Major Hong Kong tycoon, Victor Li, has made his first move after becoming the boss by revamping the infamous Hutchison House tower. According to analysts, the worth of the building might increase by three fold to $3 billion. Li, who is the son of the well known tycoon himself, Li Ka-shing, has also made promises to emerge from the shadows of his retired father.
This is the first major project for Victor Li Tzar-Kuoi, after he has taken control of the CK Hutchison. He has taken office from his father, who was a well renowned billionaire in Asia, Li Ka-shing. The redevelopment of the Hutchison Tower has been long in the pipelines as the office building is 44 years old and does need major refurbishment. It is currently located in the Central district of
It is also being revealed that the building was previously rented to tenants but people who are familiar to the situation said that CK Asset Holdings, who is dealing with the property at the moment, gave the tenants 6-months notice to empty the 22 storey building. The clause that they were given for vacating it was sale and redevelopment. This move was a hint in itself that the new CEO of the tower will be making major changes to its design and development. However, after some time of when the tenants were made to leave the building, it was announced that the Hutchison House Tower will be going under major revamp projects to change the building and make it somewhat contemporary. The building has been long standing and in fact has been under the supervision of its original boss, Victor Li’s father. However, after him, his son has taken office and is trying to make sure he comes with unique plans to keep the legitimacy of this building intact.
If the renovation goes through, analysts expect the value of the existing building to increase greatly. While commenting on the new move and upgrade, Li Kwon-suen, the fund manager at Phillip Capital Management, said, “Victor Li has shown increasing capacity and capability to bring the building towards a new step forward and he has shown exemplary signs of taking over the business empire once run by his father”. Moreover, he further said, “The redevelopment of the building will increase the value of the asset greatly and also increase the property portfolio to a great extent”.
As of now, Victor’s current building is located adjacent to the most expensive plot in the world, which is valued at HK $23.28 billion. It is adjacent to a commercial plot.
The Hutchison House building itself is measuring 500,000 square feet and might have a value of HK $20 billion. It’s value can increase by $15 billion after its redevelopment. The Hutchison House could also have an estimated value of HK $40,000-$50,000 per square foot after the redevelopment goes through. From ashes to gold, the Hutchison House, after its revamp, could prove to be a top contender amongst the most expensive commercial buildings in the world.