TOWER Central


Our good friend John in New York (his wife designed the concept of the Hello! Tai Tai website)  designed the AIG Tower in HKG as well as the Singapore Stock Exchange building in SNG.   The 39-storey structure is situate on the site of the old Furama Hotel 

Completed:          2005
Net Floor Area:   367,549 sq ft


Rising from a pivotal site in Hong Kong Central, the AIG Tower will stand as a new landmark in the Hong Kong skyline, a shining symbol of what will become Hong Kong's premier financial address.  The new AIG Tower will respond to the AIG Global Real Estate, Pidemco Land, and Lai Sun Group Joint Venture's desire for a significant identity that reflects the dynamic nature of the partnership and stands as a testament to the unique heritage that AIG has had in Asia.  The design celebrates the energy and influence of both a company and a place that have progressed throughout the years by means of constant renewal and change. This important project requires a profound understanding of cultural heritage within the context of the global nature of financial and business services. Not only will this project provide a range of state-of-the-art offices and amenities that will help attract blue chip tenants from the international financial, banking, and business communities, but it will also be an appreciating asset for the Joint Venture well into the future.    


AIG Tower plan for hotel site sails into public view
American International Group (AIG), Singapore developer CapitaLand and Lai Sun Development unveiled details of their HK$4 billion plan to redevelop the Furama Hotel in Central into a 39-storey office tower.

HONG KONG (Reuters) - U.S.-based financial services firm American International Group said on Monday it had formed a partnership to build a HK$4 billion (US$513 million) office tower in Hong Kong's central business district.

AIG will own 35 percent of the project, which will be built on the former site of the Furama Hotel. The other partners in the project are Singapore's CapitaLand Ltd , which will have a 35 percent stake, and Hong Kong's Lai Sun Development which will hold 30 percent.

The HK$4 billion investment would include land costs, construction costs and interest expenses, CapitaLand (HK) Management Ltd vice-president Cheng Shin-how told a news conference.

The 39-storey building, to be named AIG Tower, is due to open in 2005. It will have a gross floor area of about 450,000 square feet.

Rental income from the new tower was expected to exceed the HK$150 million revenue from Furama Hotel in 2000, according to Lai Sun Development executive director Julius Lau.

Furama Hotel was closed last November to make way for the new office building. The hotel was 35 percent owned by Lai Sun, with the remaining 65 percent jointly held by AIG and Singapore's Pidemco Land.

Pidemco Land merged with DBS Land in November 2000 to form CapitaLand, Singapore's second-largest listed real estate group.

CapitaLand shares rose 1.4 percent to close at S$1.48 on Monday, after posting better than expected results on Friday.

Lai Sun Development surged 30 percent to HK$0.065. The stock plunged 37.5 percent on Friday, hit by proposals by the Hong Kong stock exchange that could boot "penny" stocks off its main board.

A loan of $1.38 billion has been secured for the development from Bank of China.

Pidemco Land teamed up with AIG to take a 65 per cent interest in the site in February 2000 for HK$1.9 billion


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