Hongkong Land to spend $93m on HK office block

Hongkong Land Holdings (HKLD.SI), the biggest landlord in Hong Kong's Central district, said on Monday that it would spend HK$560 million ($93 million) to knock down commercial building The Forum to build a seven-floor office tower in its place, reported Reuters.

The redevelopment of The Forum, which currently houses restaurants and shops, will mark Hongkong Land's first new office building in Central since 2006, when it unveiled York Place.

Hongkong Land will start work this month to demolish The Forum, with the new building due for completion at the end of 2013. It will have five floors of office space and two for retail, with a total of 48,491 square feet -- an increase of 15% over the current building.