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
Net Floor Area: 367,549
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.
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
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
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