Is this Pacific Place 4?

Swire Properties purchased Tai Sang Commercial Building for HKD$1.36bn in November of 2007 and given the proximity to Pacific Place 3 theres a chance this latest acquisition may be the future Pacific Place 4.

The building was previously owned by the mid-size Hong Kong bank, Tai Sang Bank. It is in fairly poor condition right now and as of late 2008 many office tenants have vacated the building. One might speculate that Swire did not seriously attempt to retain these tenants and may have some plans brewing for a new use for the building (or at least a substantial re-furbishment, otherwise known as “Mutton dressed as Lamb”).

The Hong Kong Town Planning Board has approved Swire’s Application for Planning Permission to redevelop the existing Tai Sang Commercial Building plus around 12 adjacent low-rise, walkup residential buildings. This is clearly shown in the Application for Planning Permission No. A/H5/377. These plans call for a commercial (office) redevelopment of 28 stories, around 284,000 sqft of office space and 32 private car-parking spaces.

Swire’s Application was “Approved with Conditions” by the Metro Planning Committee (MPC) on 7th Nov, 2008 and permission will be valid for 4 years, or until 7th Nov, 2012. The conditions are quite straightforward and include traffic impact assessments, sewerage system assessments and some modifications to affected traffic light nearby; not onerous at all.

Given the proximity to 3 Pacific Place and Swire’s cheeky addition of an Admiralty MTR exit in Wanchai underneath 3 Pacific Place, it is possible they could extend the Pacific Place brand to this new building. Swire have invested significantly in the Star Street District and given the proposed Hotel Development by Hopewell (Chinese only) just down the road, and the Urban Renewal Authority’s “rejuvenation” of Lee Tung Street, this part of Wanchai may be worthy of the Pacific Place name by the time 2012 rolls around.