Swire Properties acquires substantial interests in 2 Quarry Bay buildings

HONG KONG (AFX-ASIA) - Swire Properties has acquired substantial interests in Melbourne Industrial Building and Aik San Factory Building located in Quarry Bay, the South China Morning Post reported, quoting Gordon Ongley, general manager of the company's development and valuation division.	    Ongley said Swire can ultimately redevelop the two into a commercial building with 825,000 square feet of floor space.	    Ongley said the company holds a 90 pct stake in Melbourne Industrial Building next to Aik San Factory, which is at the junction of Westlands and Taikoo Shing roads.	    He said Swire will apply to court for the compulsory sale of the remaining land titles.	    The report said Swire has applied for a similar order to acquire all of Aik San Factory Building, in which it holds more than 90 pct interest.	    Ongley said the company will have the flexibility to decide whether to build a single building by combining the two sites or to build two individual towers. 

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