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International Finance Centre (Hong Kong)

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Two International Finance Centre
Two ifc
Map
General information
LocationHong Kong Hong Kong
Height
Antenna spire415.8 m (1,364 ft.)
Roof406.9 m (1,335 ft.)
Top floor401.9 m (1,319 ft.)
Technical details
Floor count90
Floor area185,805 m²
Lifts/elevators62
Design and construction
Architect(s)César Pelli
This article is about the skyscraper in Hong Kong. For the geographical financial term, see International financial centre.

International Finance Centre (abbr. IFC, branded as "ifc") is an integrated commercial development on the waterfront of Hong Kong's Central District.

A prominent landmark on Hong Kong Island, it consists of two skyscrapers, the ifc mall, and the 55-storey Four Seasons Hotel Hong Kong. Tower 2 is the tallest building in Hong Kong, usurping the place once occupied by Central Plaza. It is the third tallest building in the Greater China region and the 7th tallest office building in the world, based on structural heights; by roof height only Taipei 101 and Sears Tower exceed it. The Union Square Phase 7, currently under cnstruction above the MTR Hong Kong station, and scheduled for completion in 2010, will usurp 2IFC's various titles.

The Airport Express Hong Kong Station is directly beneath it.

International Finance Centre
Traditional Chinese國際金融中心
Simplified Chinese国际金融中心
Transcriptions
Standard Mandarin
Hanyu PinyinGuójì jīnróng zhōngxīn
Yue: Cantonese
Jyutpinggwok3 zai3 gam1 jung4 zung1 sam1

Background

The complex was built entirely on reclaimed land, as part of a $40 billion complex for its Central station of the Airport Express line[1]. and developed by Central Waterfront Property, a joint venture between Henderson Land Development and Sun Hung Kai Properties. In 1996, lead developer Sun Hung Kai had bid the sum of HK$5.5 billion to acquire the rights to develop from the Government. The MTR Corporation retained a stake in the venture. Sun Hung Kai, owns 47.5 per cent of the development, Henderson Land took a 32.5 per cent stake in the project and its associate Hong Kong and China Gas unit owns 15 per cent. Bank of China holds 5 per cent[2].

The MTR issued a booklet showing its grand design in 1996 called Building Hong Kong's Future, which showed two 40-storey office blocks in front of the Hong Kong Station, each about 200 metres high. However, following advice from property agents, the MTR was persuaded to drop this plan for a single Megatower, 400 metres high, to make a distinctive landmark and provide better views for tenants. The apparent trade-off was that having one tall tower allowed open space to double, and 50 per cent more parking spaces are provided[1].

Both 1IFC, and 2IFC were designed by César Pelli, architect of the Petronas Towers[1]. 1IFC resembles 30 Hudson Street in Jersey City, a tower also designed by Pelli. The construction costs of 2IFC was reputed to have been HK$ 19.5 billion[2]. More than 3,500 workers from various places around the world worked at the construction site during the peak construction period.

Controversy

Obstructed views

The Megatower not only failed to comply with the original design plan, it also breached Metroplan guidelines prohibiting new developments from cutting the ridge-line of Victoria Peak when seen from various key points[1]. The Metroplan states that viewers should be able to see at least 20 to 30 per cent of the hill above new developments when viewed from key points on the waterfront, including the Tsim Sha Tsui waterfront[3].

As the top floor of Two ifc is slightly higher than the city's Victoria Peak viewing gallery in Hong Kong, many locals and tourists canvassed by The Standard objected that the tower would obstruct the famous view of Victoria Harbour from the Peak[1]. There had been some letters of complaints to the local newspapers about the proposed development including one from local historian, Jason Wordie, suggesting that the building may break government height guidelines[1].

"We try to adhere to the guidelines as far as possible," Chief Town Planner Chu Hing-yin says. "Visual impact and urban design is only one of them."[3]. The Town Planning Board had given its approval for the development in August 1996[1].

Lack of transparency

Christine Loh complained about the lack of transparency in decision-making: The Town Planning Board habitually meets behind closed doors, and its papers are classified[1]. Chief Executive Tung Chee-Hwa admitted that there may be a "mismatch between the understanding of our professional planners.... and the views that many in the community have about what sort of development is acceptable"[1].

Short-piling incident

Costly piling repairs were necessary after short-piling of part of the site was discovered by engineers, who found discrepancies in the volume of concrete usage and the volume of concrete actually required[4].

The problems affected the nine-level northern podium, close to the new ferry piers. Remedial measures involved the construction of two new bored piles either side of each of the 13 that had not reached rock level. The 38-storey South West Tower was apparently unaffected. Central Waterfront said that of the 110 bored piles used in the northern podium complex, "most of them were short", and blamed the contractor, B+B Construction[4].

ifc as a brand

ifc Tower 1 is also known as 1IFC and branded as "One ifc". Likewise, Tower 2 is also known as 2IFC and branded as "Two ifc".

1IFC opened in December 1998, towards the end of the Asian financial crisis. Tenants included ING Bank, Sumitomo Mitsui Banking Corp, Fidelity Investments, the Mandatory Provident Fund Schemes Authority[2] and the Financial Times[5].

The Hong Kong Monetary Authority purchased 14 floors in 2IFC[5]; the HK Mortgage Corporation signed a 12-year lease on 24,000 square foot[6]; Nomura Group agreed to take 60,000 sq ft at 2 IFC; the Financial Times, an existing tenant at One IFC, took 10,000 sq ft[5]. Ernst & Young took six floors (from the 11th to 18th floors), or about 180,000 square feet, in 2IFC, to become the biggest tenant[7].

2IFC, which was completed at the height of the SARS epidemic[2], was initially available to rent at HK$25-HK$35 per square foot[8]. In 2007, as the economy has improved, high quality ("Grade A") office space is highly sought after, rents for current leases are $150 per square foot as of March 2007.[9]

Through its location, array of big-name retailers, and transport connections, it also aims to attract visitors to the ifc mall, which features a number of top fashion, health & skin care, jewellery and accessory shops, restaurants, and a cinema. The ifc mall houses over 200 different brands. It also features Hong Kong's third c!ty'super store, a high-end supermarket.

One International Finance Centre

One International Finance Centre was completed in 1998 and opened in 1999. It is 210 m tall[1], has 38 storeys and four trading floors, 18 high speed passenger lifts in 4 zones, and comprises 784,000 square feet (72,850 m²). The building currently accommodates approximately 5,000 people.

Two International Finance Centre

Two International Finance Centre, completed in 2003, is attached to the second phase of the ifc mall. This 415 m tall building is currently Hong Kong's tallest, is quoted as having 88 storeys to qualify as being extremely auspicious in Chinese culture, and 22 high-ceiling trading floors. In actual fact, however, it is short of the magic number, due to the fact that the "taboo floors" like 14th and 24th etc., are omitted as being inauspicious - 14 sounds like "definitely fatal" and 24 like "Easily fatal" in Cantonese.

The highrise is designed to accommodate financial firms. For example, the Hong Kong Monetary Authority (HKMA) is located at the 55th floor. It is equipped with advanced telecommunications, raised floors for flexible cabling management, and nearly column-free floor plans. The building expects to accommodate up to 15,000 people. It is one of relatively few buildings in the world equipped with double-deck elevators.

The 55th, 56th and the 77th to 88th floors were bought by the HKMA for US$ 480 million in 2001[6]. An exhibition area, currently containing an exhibit of Hong Kong's monetary history, and a library of the Hong Kong Monetary Authority Information Centre occupy the 55th floor, and are open to the public during office hours[10]. The 88th floor of the tower contains the office of the Chief Executive of the HK Monetary Authority, and is served by an individual lift.

Despite common practise for owners to allow naming buildings after its important tenants, and the existence of very prestigious tenants of the building, the owners decided not to allow renaming of the building in fairness to all[11].

Four Seasons Hotel Hong Kong

The Four Seasons Hotel was completed in 2005. The 206 m (674 feet), 55-storey waterfront hotel is the first Four Seasons Hotel in Hong Kong.

2ifc trivia

  • Financial Times, HSBC, and Cathay Pacific put up an advertisement on the facade from October to November of 2003 that stretched more than 50 storeys, covering an area of 0.2 million square ft (19,000 m²) and a length of 230 m; making it the world's largest advertisement ever put on skyscraper.
  • The Two ifc building was featured in the Hollywood movie Tomb Raider: The Cradle of Life, in which Lara Croft and Terry Sheridan leap off it.

References

  1. ^ a b c d e f g h i Manuel, Gren (December 11, 1998). "A soaring blight on our skyline". Hong Kong Standard. Retrieved 2007-03-27.
  2. ^ a b c d "Tenanting tallest tower looks likely to be a tall order". Bloomberg. Hong Kong Standard. June 18, 2003. Retrieved 2007-03-23.
  3. ^ a b "No room for a view". Maggie Holmes. Hong Kong Standard. September 05, 1999. Retrieved 2007-03-27. {{cite news}}: Check date values in: |date= (help)
  4. ^ a b "Central complex undergoes repiling". Keith Wallis. Hong Kong Standard. June 21, 1998. Retrieved 2007-03-27.
  5. ^ a b c Lau, Eli (September 22, 2003). "SHKP net profit tipped to drop 24.6pc". Hong Kong Standard. Retrieved 2007-03-27.
  6. ^ a b Tong, Sebastian (April 7, 2003). "HKMC 'to pay $90m' for lease at Two IFC". Hong Kong Standard. Retrieved 2007-03-27.
  7. ^ Wang, Raymond (November 13, 2003). "Interest grows in mega project". Hong Kong Standard. Retrieved 2007-03-27.
  8. ^ "2IFC optimism". Keith Wallis. Hong Kong Standard. October 22, 2003. Retrieved 2007-03-23.
  9. ^ Kuo, Patricia (March 11, 2007). "Hong Kong's IFC gets $242 billion loan". International Herald Tribune. Retrieved 2007-03-24.
  10. ^ "HKMA Information Centre". Hong Kong Monetary Authority. Retrieved 2007-03-27.
  11. ^ Danny Chung, Name of the game is signage rights, The Standard, June 23, 2006

See also

Wikimedia Commons has media related to International Finance Centre.

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