UBS Group's new headquarters, UBS Tower, located within the International Gateway Centre (IGC) in West Kowloon—a development by Sun Hung Kai Properties—was officially handed over yesterday (Feb. 3) and is expected to commence operations in the fourth quarter of this year. Situated atop the West Kowloon station, IGC offers direct high-speed railway access to 110 Chinese mainland cities, serving a potential population of 500 million.
UBS has leased all 14 floors of Tower 2B, spanning 460,000 square feet, under a 10-year lease, signaling a strong "vote of confidence" by the multinational financial firm in Hong Kong.
At the handover ceremony, Iqbal Khan, President of UBS Asia Pacific and Co-President of Global Wealth Management at UBS, said that the Group's move into the new office tower demonstrates its ongoing commitment to Hong Kong. The city has been home to UBS's Asia-Pacific headquarters for over 60 years and will continue to be one of the Group's most important global hubs. Looking ahead, the Group is highly optimistic about the economic prospects of the Asia-Pacific region, which is expected to remain one of the world's most important growth engines, with Hong Kong standing out as a strategic regional hub.
He further noted that Hong Kong's capital markets, international connectivity, and trusted regulatory environment have always been core strengths valued by global investors. Hong Kong will continue to play a vital bridging role between the mainland and the world, positioning it uniquely to capture the next wave of regional growth.
Khan also shared that since becoming the President, he has met new friends across the region and has increasingly felt the vitality and opportunities in Asia. His family also loves Hong Kong, appreciating the city's dynamism, pace, enterprising spirit, and unique energy.
According to Khan, once UBS Tower officially opens, all Hong Kong teams currently dispersed across the city will be consolidated under "one roof" in the new centre. He emphasized that this is not merely a change of office location but an opportunity to create a more connected, collaborative, and efficient workplace. It also reflects the Group's commitment to Hong Kong, confidence in its future as a leading international financial centre, and its dedication to its employees and ambitions for the coming years.
Amy Lo, Chairman of UBS Global Wealth Management Asia, Head and Chief Executive of UBS Hong Kong, also highlighted that the Greater Bay Area (GBA) is one of the world's most important economic regions, encompassing 11 cities, a population of 87 million, and a GDP exceeding US$2 trillion—about 11% of China's total GDP. With over 500,000 high-net-worth individuals, the GBA is a key market for wealth management, cross-boundary investment, and entrepreneurship.
"UBS Tower is located right at the heart of GBA," she said. Situated above the West Kowloon Station, it offers access to all major GBA cities within an hour, helping the Group build closer ties with clients, family businesses, and the next generation of entrepreneurs. Additionally, the new headquarters is adjacent to the Airport Express line, facilitating the development of international business.
At the same event, Raymond Kwok, Chairman and Managing Director of Sun Hung Kai Properties, remarked that the successful handover of UBS Tower marks a milestone in the development of IGC and West Kowloon as a whole. Together with the adjacent International Commerce Centre (ICC), the upcoming Art Square Tower project, two world-class luxury hotels, and extensive retail amenities, IGC will form an integrated commercial cluster spanning over 8 million square feet.
Kwok said in the coming years, "no other new commercial development in Hong Kong will be comparable in scale or transportation connectivity."
He also mentioned that West Kowloon has Hong Kong's only high-speed railway station, providing direct access to 110 mainland cities and benefiting over 500 million affluent mainland residents. As more mainland cities join the railway network and train frequencies increase, passenger volume will continue to grow. Coupled with expansive green open spaces, Victoria Harbour views, and its status as a top arts and cultural district, West Kowloon can become Hong Kong's "Central 2.0"—a vibrant international business hub attracting global wealth, capital, and talent.
Data shows that the entire IGC project covers 3.2 million square feet, making it one of Hong Kong's largest commercial developments. Sun Hung Kai Properties acquired the site in 2019 for approximately HK$42.2 billion. The office component, IGC, features a twin-tower design with four buildings, offering about 2.6 million square feet of Grade-A office space. The project also includes a five-level shopping mall spanning over 600,000 square feet, set to feature upscale retail and dining options. In 2020, Sun Hung Kai Properties and the Kwok family sold a combined 30% stake in the commercial portion of the project to Ping An Life Insurance, a subsidiary of Ping An Insurance (2318), for HK$11.273 billion.
UBS's move exemplifies the active expansion of foreign financial institutions in Hong Kong in recent years. Hong Kong's strategic position connecting the GBA and its vast market potential continues to attract an increasing number of foreign institutions. For instance, Singapore-based wealth management platform Chocolate Finance announced its entry into the Hong Kong market yesterday, with services set to launch in March this year.
In December last year, UK private equity firm Coller Capital expanded its Hong Kong operations by moving into The Henderson, a new landmark in Central, to deepen investor relations in the Asia-Pacific region. Singapore wealth management company WRISE Group, which entered Hong Kong in 2022, has seen rapid business growth, establishing a subsidiary and expanding its team to serve local clients.
According to data from Invest Hong Kong, over the two-and-a-half-year period ending mid-July 2025, a number of foreign companies have established or expanded their presence in Hong Kong. Among them, 113 are from the United States, 89 from the United Kingdom, 68 from Singapore, and 38 from Canada, with financial services and fintech accounting for the largest share.
(With input from Wen Wei Po, Ta Kung Pao)
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