NEW BUILDING AT NO. 7 QUEEN'S ROAD, CENTRAL & NO. 9 ICE HOUSE STREET
Architects: Palmer & Turner
General view of the corner of Queen's Boad Central and Ice House Street, showing the relationship of the new building (right with Holland Horse (centre) and the new Fu House.
Since the end of the Pacific War, jects. each of which must be con- there is a long waiting list for all the Hongkong Land Investment and sidered separately. This means that types of accommodation in its build- Agency Co., Ltd.. has pursued a by embarking on one scheme it does ings, but some space is now avail- policy of steady redevelopment of its not thereby commit itself to any able in other buildings within the properties in the Central District. subsequent undertaking. but leaves Central District: most of these, how- The total cost of the additions to the itself free to decide whether to go ever. are not so well situated and the Company's Central District holdings on to further building or to put the rents quoted are usually somewhat since the Pacific War, either by pur- requisite funds aside pending a more higher than those prevailing in the chase or by new construction up to propitious opportunity for invest Company's new buildings. It is ap- the completion of No. 9. Ice House ment.
parent that the time has come Street. has amounted to nearly
when further consideration should $24,000,000.
be given to rent control as applied to and commercial buildings, with a view to
of
Once the older buildings had been brought up to a reasonable standard of repair, it was considered prefer- able to put funds into new buildings, where they will have the effect increasing earnings, rather than to spend an over-large proportion upon the older properties, where the rents are controlled and where conse- quently no immediate financial bene- fit could be derived from added ex- penditure. The effects of rent con- trol of business premises would have been far more damaging to the Com- pany's interest but for its enterpris- ing redevelopment programme, which has produced and is producing some very fine new buildings in the place of the outmoded uneconomic struc- tures which they have superseded.
The Company does not regard its progressive Central District redevelop- ment programme as one operation. but rather as a series of related pro-
At present, all properties belonging to the Company are fully let.
The exterior of the Bank's premises on Queen's Rond"Central.
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