Hongkong Land purchased Marine Lot 278 in 1896 on a 999 year lease through Government auction held on the 12th October 1896, for HK$67,441 just HK$25 over the reserve price. The lot was formed by the reclamation in front of the Cricket Ground and was originally considered crown property. 2 Connaught Road and later renamed New Oriental Building is under construction on the reclaimed land, it was completed in 1898 and was the companies first development in Hong Kong. The Hong Kong Club Building on its right (The club founded in 1846, was originally located on Wyndham Street before moving its location to its current site in 1896). The building was sold in 1939 to the new Japanese owner Mr Toshihiko Eto whom after the war was declared an enemy and the building was passed over to the Government. In 1954 the Government sold the building to Kwong Hing Investment House and was demolished becoming an open car park for almost two decades until being developed into Furma Hotel and then AIA Central office tower.