The company and its assets faced functional obsolesce due to the new established and opening buildings and plazas which were introduced into the office, consumer and the retail market by the company’s competitors in the real estate industry. These building were much more modern, sophisticated as well as catered to the requirements and the needs of the current consumers in the market. In comparison the building of Swire House, Prince’s Building, Alexandra House, Landmark Atrium as well as the Exchange Squarewere becoming aged and outdated.
The main characteristics of the buildings which made them outdated pertained to the design and the layout of the buildings, the materials used in the construction and the set up of the buildings, the access of the people to the buildings as well as the architecture and the utilization of space in the buildings. Additionally the buildings also required access to telecommunication medium like additional cabling for internet and the World Wide Web access as well as capability to be wired and connected to the WIFI environment in the 2000s. Moreover the buildings also needed to be updated in order to make them less of a health hazard, these improvements pertain Ned to changing the floors, ceilings, the material used as well as the wiring and the plumbing installed in the buildings.