Alibaba Group founder Jack Ma is said to be adding an additional floor and carrying out some modifications at a Hong Kong luxury home that he purchased last year for around HK$1.5 billion (US$193 million).
The rebuilding plan will take Ma’s total expenditure on the property, which is located at 22 Barker Road in the upscale Peak area, to HK$1.66 billion, according to the Hong Kong Economic Journal.
The work will see the home turned into a five-storey mansion, involving total gross area of 12,400 square feet.
Ma brought the four-storey property from Francis Yuen Tin-fan, former deputy chairman of PCCW Ltd. (00008.HK), in August 2015, in a record-setting deal.
In February this year, the Buildings Department is said to have given approval for a rebuilding plan on the property.
Yuen’s family will be vacating the mansion shortly and moving into a unit at Opus Hong Kong, a luxury high-rise tower in East Mid-Levels.
The Barker Road building, which dates back to 70 years, was acquired by Yuen in 2000 for HK$163.5 million.
The construction fee for the rebuilding work is estimated at HK$8,000 to HK$13,000 per square foot, according to Charles Chan, managing director overseeing the Greater China region at Savills Valuation and Professional Services.
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