A planning proposal to convert an industrial building to a hotel has been deferred for a second time, at the request of the applicant. Power Concept Properties Limited applied for planning permission for an in-situ Hotel conversion of Perfectech Centre, an industrial building in Aberdeen/Wong Chuk Hang (Application no. A/H15/237).

According to the Application documents, the proposed hotel will be 25 storeys high and have no more than 98 guest rooms. Facilities promised include amongst others a swimming pool, restaurant and outdoor landscaped area.

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As a property investor it is important to gather and analyse objective data on the property market and the overall macro-economy. Macro-economic data is widely available in the form of interest rates, inflation or CPI rates and GDP growth rates. When looking at the property market, we can make use of a property index to follow the general trend in property prices.

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Swire Properties purchased Tai Sang Commercial Building for HKD$1.36bn in November of 2007 and given the proximity to Pacific Place 3 theres a chance this latest acquisition may be the future Pacific Place 4.

The building was previously owned by the mid-size Hong Kong bank, Tai Sang Bank. It is in fairly poor condition right now and as of late 2008 many office tenants have vacated the building. One might speculate that Swire did not seriously attempt to retain these tenants and may have some plans brewing for a new use for the building (or at least a substantial re-furbishment, otherwise known as “Mutton dressed as Lamb”).

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