Swire Properties' commercial empire in Island East is poised to expand further as the developer moves to acquire the Aik San Factory Building in Westlands Road for an office redevelopment.
An official said the developer had more than 90 per cent of the Aik San Factory Building, an industrial tower close to its Taikoo Place development in Quarry Bay.
It would soon apply to the court for a compulsory purchase of the whole building to allow assembly of all land titles, the official said, referring to the legislation which enables majority owners to pursue a full acquisition of a property.
The redevelopment can provide about 400,000 square feet of grade-A office space in yet another Swire commercial block in the area.
The company is among the first developers making use of the Land (Compulsory Sale for Redevelopment) Ordinance - enacted to resolve deadlocked redevelopment of old properties.
The law allows an owner with 90 per cent of the land titles in an old building to apply to the Lands Tribunal for an order to sell the whole building through an open auction.
The major owner can bid for the whole lot in the open auction.
