CK Asset plans to turn its hotel in Hung Hom into two office towers

Li Ka-shing’s Cheung Kong Asset Holdings has applied to turn one of its hotels in Hung Hom into two office buildings, as interest in the area’s commercial property among mainland firms increases.

The plan was made public on Thursday when Hong Kong’s Buildings Department released a batch of plans it approved in January. The hotel, Harbourview Horizon, could be redeveloped into two 29-storey office buildings with a total gross floor space of 1.1 million square feet.

CK Asset said it has no immediate plan to start the project.

Thomas Lam, senior director of Knight Frank, said the hotel’s occupancy rate and income is currently quite good, so it is unlikely that the project will begin soon. The redevelopment, which could take four to five years, would also mean a loss of rental income during the period.

Hung Hom is an area in Hong Kong’s Kowloon district.