AIG Tower
Encyclopedia
The AIA Central (Chinese: 友邦金融中心) in Hong Kong is a 185 m (607 ft.), 40 storey skyscraper that was completed in 2005. It is located in Central, not far from the landmark Bank of China Tower.
The Furama Kempinski Hotel, famous for its revolving restaurant, formerly stood on the same lot that the AIG Tower rises from, but in December 2001, the 33-story hotel was demolished in order to make way for the AIG Tower.
The building was jointly developed by Lai Sun Development, CapitaLand, and insurance giant American International Group
(AIG), which is also a major tenant of the building. The architectural firm Skidmore, Owings and Merrill
designed the building to look like the Chinese junk, a Chinese sailboat design dating from ancient times and still in use today.
The building has approximately 41,777 m² (450,000 ft²) of office accommodation.
Lai Sun Development
("LSD"), founded by textiles magnate Lim Por-yen
, paid HK$7 billion for Furama Hotel Enterprises in June 1997. Lai Sun, which already owned the Ritz-Carlton Hotel next door, acquired a 45.42 per cent stake for $3.13 billion, and made a general offer at $33.50 for each remaining shares at a total cost of $6.893 billion.
LSD intended to combine the two plots into a prime office block. Then the Asian financial crisis struck, plunging the entire group into distress and forced asset sales. In March 2000, LSD announced that a 65% stake in the Furama Hotel would be sold to a 50:50 joint venture between Pidemco and AIG for HK$1.88 billion. Pidemco, the largest owner of commercial properties in Singapore
, is part of Singapore Technologies, controlled by Temasek Holdings
. As part of the deal, Lai Sun would continue to operate the hotel until its redevelopment, at an annual rental of HK$145 million. The Furama closed in November, and was demolished in December 2001.
The site has an approved buildable gross floor area of 366405 square feet (34,040 m²) Bayshore Development Group, a joint venture between LSD, CapitaLand
, and AIG
, was formed to develop the 39-storey commercial office block with a gross floor area of 450,000 square foot (41,800 m²). AIG and CapitaLand each owned 35 per cent, and Lai Sun owns 30 per cent.
The HK$4 billion capital investment includes land premium, construction costs and interest payments. About HK$1.4 billion of financing was arranged with the Bank of China
.
The tower was renamed from AIG Tower to AIA Central on 9 July 2009
The Furama Kempinski Hotel, famous for its revolving restaurant, formerly stood on the same lot that the AIG Tower rises from, but in December 2001, the 33-story hotel was demolished in order to make way for the AIG Tower.
The building was jointly developed by Lai Sun Development, CapitaLand, and insurance giant American International Group
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
(AIG), which is also a major tenant of the building. The architectural firm Skidmore, Owings and Merrill
Skidmore, Owings and Merrill
Skidmore, Owings and Merrill LLP is an American architectural and engineering firm that was formed in Chicago in 1936 by Louis Skidmore and Nathaniel Owings; in 1939 they were joined by John O. Merrill. They opened their first branch in New York City, New York in 1937. SOM is one of the largest...
designed the building to look like the Chinese junk, a Chinese sailboat design dating from ancient times and still in use today.
The building has approximately 41,777 m² (450,000 ft²) of office accommodation.
Plot history
The 999-year leasehold site has an area of 24427 square feet (2,269 m²).Lai Sun Development
Lai Sun Development
Lai Sun Development is a public company listed on the Hong Kong Stock Exchange established in 1987 by the textiles magnate Lim Por-yen. His company, Lai Sun Garment, was founded in 1947, is also listed on the Hong Kong Stock Exchange...
("LSD"), founded by textiles magnate Lim Por-yen
Lim Por-yen
Lim Por-yen was a Hong Kong textiles tycoon and banker. He founded the Lai Sun Group , and his family was the biggest shareholder of Asia Television .-Biography:...
, paid HK$7 billion for Furama Hotel Enterprises in June 1997. Lai Sun, which already owned the Ritz-Carlton Hotel next door, acquired a 45.42 per cent stake for $3.13 billion, and made a general offer at $33.50 for each remaining shares at a total cost of $6.893 billion.
LSD intended to combine the two plots into a prime office block. Then the Asian financial crisis struck, plunging the entire group into distress and forced asset sales. In March 2000, LSD announced that a 65% stake in the Furama Hotel would be sold to a 50:50 joint venture between Pidemco and AIG for HK$1.88 billion. Pidemco, the largest owner of commercial properties in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, is part of Singapore Technologies, controlled by Temasek Holdings
Temasek Holdings
Temasek Holdings is an investment company owned by the government of Singapore. With an international staff of 380 people, it manages a portfolio of about S$193 billion at end of March 2011, focused primarily in Asia...
. As part of the deal, Lai Sun would continue to operate the hotel until its redevelopment, at an annual rental of HK$145 million. The Furama closed in November, and was demolished in December 2001.
The site has an approved buildable gross floor area of 366405 square feet (34,040 m²) Bayshore Development Group, a joint venture between LSD, CapitaLand
CapitaLand
CapitaLand Limited is the result of a merger in the year 2000 of then DBS Land and Pidemco Land. It is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the company's core businesses are real estate development, hospitality and real estate financial services...
, and AIG
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
, was formed to develop the 39-storey commercial office block with a gross floor area of 450,000 square foot (41,800 m²). AIG and CapitaLand each owned 35 per cent, and Lai Sun owns 30 per cent.
The HK$4 billion capital investment includes land premium, construction costs and interest payments. About HK$1.4 billion of financing was arranged with the Bank of China
Bank of China
Bank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
.
The tower was renamed from AIG Tower to AIA Central on 9 July 2009