Prudential Expands Hong Kong Headquarters
The insurer is increasing its office footprint at Taikoo Place as it targets further growth in health, protection and wealth solutions.
Prudential Hong Kong is expanding its headquarters at Taikoo Place, increasing its total office space to approximately 83,000 square feet in a move that underscores its long-term commitment to the city.
The insurer has signed an agreement with Swire Properties to expand and upgrade its office accommodation, according to a statement on Wednesday. As part of the plans, Prudential will consolidate its operations across One Taikoo Place and One Island East.
Prudential has been based at Taikoo Place since 2011.
Confidence in Hong Kong
The expansion comes as Prudential seeks to capture growing demand for health, protection and wealth solutions in the Asian financial hub.
«Our expanded presence at Taikoo Place reflects our confidence in Hong Kong's future and the opportunities we see in one of the world's leading international financial and insurance hubs,» said Lawrence Lam, chief executive of Prudential Hong Kong.
The insurer is investing in its workforce, capabilities and workplace as it prepares for its next phase of growth, Lam added.
The new lease agreement was signed by Tim Blackburn, Chief Executive, Swire Properties (right) and Lawrence Lam, Chief Executive Officer of Prudential Hong Kong Limited (left), marking a new chapter in the partnership. (Image: provided)
«Flight to Quality»
For landlord Swire Properties, the expanded lease also highlights what it describes as a broader «flight to quality» among corporate tenants in Hong Kong.
Swire Properties chief executive Tim Blackburn said the developer would continue investing in Taikoo Place as part of its HK$100 billion investment plan, positioning the district to serve companies from Hong Kong, mainland China and overseas.
Don Taylor, director of office at Swire Properties, said Prudential's expansion further strengthens Taikoo Place's position as an insurance hub on Hong Kong Island.
Taikoo Place and the adjacent Cityplaza are home to financial institutions, professional services firms and other global companies, with more than 35,000 office workers. Swire Properties said the portfolio currently has an occupancy rate of 90 percent.
