Swire Properties unveiled its enhanced proposal on the development of TaiKoo Place, 'Building Shared Values at TaiKoo Place'. Swire Properties has been involved in the transformation of Island East to develop and deliver a modern vibrant community. In light of this, forward-looking enhancements to the TaiKoo Place original development plan approved in the late 1990s have been incorporated and the newly enhanced plan was submitted to the Government.

     It comprises the redevelopment of the three industrial buildings namely Somerset House, Cornwall House and Warwick House into two new environmentally friendly and highly advanced Grade-A office buildings, together with reduced maximum building height, enlarged green open spaces and better air ventilation.
     The newly enhanced plans will redevelop Taikoo Place with an extra approximately 6,400 sq m of open public space. The enhancements will lower building height, improve ventilation and create more open space without a major impact on traffic. The plan calls for Cornwall House to be replaced with a privately-owned public plaza under a pedestrian bridge. Also planned are fountains, gardens, sculptures and seating. Somerset House and Warwick House will give way to two terraced-height buildings occupying a smaller area to allow for a garden to the west of Warwick House. The proposal will also allow for bigger pedestrian bridges over the public plaza, adjacent offices and residential towers.

     The major facelift for the commercial hub will cost approximately HK$6 billion. Upon the approval for this enhanced plan, demolition and construction works can commence in 2013 at the earliest.