Hong Kong's historic buildings can serve as strategic assets
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In a world where financial considerations often take precedence, preserving historic buildings is frequently seen as costly and high-maintenance. The challenge lies in finding the right adaptive reuse, a critical factor that determines the value and future of these structures. Whether a building should be preserved or redeveloped hinges on if it can be aligned with modern needs while respecting its heritage. When executed thoughtfully, adaptive reuse can turn these structures into valuable assets.
Globally, successful projects highlight how historic buildings have been integrated into retail and development strategies. Luxury brands
have embraced the charm of these structures to reinforce their identities. In 2018, Chanel pledged 25 million euros (US$27.3 million) to restore the Grand Palais in Paris, France. Prada helped restore the iconic Rong Zhai mansion in Shanghai in 2017. These examples showcase how heritage sites can enhance the appeal of commercial ventures.
Developers have also repurposed historic buildings into luxury hotels and residences, creating unique offerings that stand out in the market. A notable example is the Old War Office in London's Whitehall, which has been transformed into a luxury hotel and residence development. The irreplaceable craftsmanship and rich history of such heritage buildings elevate their luxury appeal.
Historic buildings are also increasingly relevant in the context of environmental, social and governance considerations. As ESG regulations tighten in places around the world, these structures present unique opportunities to align with sustainability goals. They support the 11th UN Sustainable Development Goal, which emphasises the protection of cultural heritage.
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Additionally, preservation contributes to other SDGs by reducing the need for new construction materials, minimising waste and lowering carbon emissions through practices like energy-efficient retrofitting. The ESG approach can enhance corporate reputation, benefit from green financing, ensure regulatory compliance and support long-term competitive advantages and value creation.
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