The current owner, Marine Riches, majority owned by South Korean private equity group MBK Partners, had applied to amend plans for the site to the Town Planning Board – a move that came amid signs of recovery in Hong Kong’s retail sector and property market.
The seafront site, comprising two plots totalling 91,838 sq ft on Hoi Yu Street, has undergone multiple planning revisions since the early 2000s. The plots were acquired for HK$1 billion (US$128 million) in June 2024, according to Land Registry records.
The plots were originally approved as industrial lots in 2001, with the first landlord, Fine Tower Associates – an entity connected to Pacific Concord Holdings – securing approval to construct a 25-storey industrial building, according to official records.
