Marine makeover: An artist's impression of how the revamped former Marine Police HQ in Tsim Sha Tsui will look once it opens as a hotel.

The former Marine Police Headquarters in Tsim Sha Tsui is set to be reformed into a heritage hotel.

The Government today announced that Flying Snow Limited, a subsidiary of Cheung Kong, has won the 50-year land grant at a tendered price of $352.8 million.

The approval allows the developer to preserve and redevelop the historical building into a heritage tourism facility.

Flying Snow will transform the building into a heritage hotel with food and beverage outlets, and retail facilities.

The Tourism Commission said the hotel will be an exciting new attraction for tourist haven Tsim Sha Tsui, and for Hong Kong as a whole.

The project is the first attempt by the commission to engage the private sector to preserve antiquities by revamping them into tourist attractions.

The Government received six proposals for the tender.

Flying Snow estimated the project will create 315 construction and 500 permanent jobs.

The company has until March 2008 to complete the project, however, it estimates it might be finished in early 2007.