An artist's impression of CLP Holdings' redevelopment project with three 25-story blocks of high-end apartments atop its existing headquarters on Argyle Street, Ho Man Tin. There will also be a museum complex in the Clock Tower Building - a declared Grade 1 heritage structure - which will be preserved. Edmond Tang / China Daily

A controversial plan by CLP Holdings to redevelop the site of its historic head office in Ho Man Tin into high-rise residential blocks will go ahead despite opposition from conservation groups and nearby residents.

The Town Planning Board (TPB) on Friday gave the green light for the power giant to proceed with the project, which will see the 71-year-old building redeveloped into three 25-story blocks of high-quality flats and a museum complex.

The present headquarters on Argyle Street, completed in 1940, houses the Clock Tower Building, which was classified by the Antiquities Advisory Board as a Grade 1 heritage edifice in 2009.

CLP intends to relocate its head office to another venue on completion of the redevelopment.

The new residential property could fetch HK$15,000 to HK$20,000 per square feet in view of its good location, according to Lawrence Wong, secretary-general of the Hong Kong Chamber of Professional Property Consultants.

The Clock Tower Building, which will be maintained, could add an estimated 10 to 20 percent to the total value, he said.

CLP said it will manage the museum complex on a non-profit-taking basis and the two museums will be open to the public.

"The government recognizes the need to provide economic incentives to encourage and facilitate private owners to preserve historic buildings in their ownership with a view to striking a balance between preservation of historic buildings and respect for private property rights," the TPB said.

It also gave approval to CLP's proposal for the plot ratio to be raised from 5 to 5.5 to allow for the residential development and for the building's height limit to be increased from 80 mPD (meters above Principle Datum) to 100 mPD.

According to CLP, the additional plot ratio, which is equivalent to the floor area of the Clock Tower Building, was the result of a significant portion of the site not being available for the new residential development after it decided to preserve the clock tower that is occupying 26 percent of the gross floor area.

The TPB said that, as the proposed museums will be open to the public, CLP's requests are considered "reasonable".

Conservation groups and residents in the area have been opposed to the redevelopment plan, fearing the loss of another heritage structure in Hong Kong and the "walled effect" likely to be created by the new skyscrapers.

Environmental group, Green Sense, said the protuberant 25-story residential buildings would not be compatible with the clock tower building, which has only four floors.

"The explanation of 'striking a balance between preservation and development' has been rationalized, and is, in fact, an excuse to destroy the historic building," said Green Sense chairman Tam Hoi-pong.

In a letter to the TPB in October, CLP said although there is no actual requirement for the clock tower to be preserved and that the land had originally been granted for residential purposes, the company had tried to create benefits for the community.

CLP is required to submit a conservation management plan to the government before the start of any alteration work.

andrea@chinadailyhk.com

China Daily

(HK Edition 11/05/2011 page1)