Upcoming Developments
Swire Properties continues to focus its development on quality properties in prime locations. Work is currently under way on the following projects that are scheduled for completion in the next few years.
Hong Kong
One Island East
During 2002 the Company completed the acquisition of two industrial buildings on Westlands Road. The two old buildings were demolished and the foundation work was completed. Construction of the superstructure is now in progress. The project is named One Island East, which will be a 70-storey Grade-A office building. Scheduled for completion in March 2008, One Island East will add 1.5 million sq ft (140,000 sqm) to Swire's Island East investment portfolio.
Cityplaza Hotel
Swire Properties will develop an international hotel to complement its Island East portfolio. The 350-room hotel will be directly connected to Cityplaza, Hong Kong's island largest shopping and leisure complex. Targeted for completion in 2009, the hotel will enhance Island East's prominence as a fully integrated business, leisure and lifestyle hub.
Seymour Road
In 2005 Swire Properties completed the acquisition and possession of a residential site on Seymour Road in Mid-Levels. Demolition work was completed in early 2006. The site has an approved development gross floor area of approximately 174,000 sq ft (16,000 sqm).
Wong Chuk Hang Road
A former bus depot site on Wong Chuk Hang Road, Aberdeen, is owned 50:50 by Swire Properties and China Motor Bus. It has an industrial development potential of 382,000 sq ft (35,000 sqm). No decision has been taken on when to proceed with this project until market conditions improve.
China
TaiKoo Hui, Guangzhou
TaiKoo Hui is one of Swire Properties' major developments in Mainland China. The Company holds a 97% stake in this joint venture development with the Guangzhou Daily News Group.
The TaiKoo Hui complex. situated in the Tianhe District of Guangzhou, will consist of shopping mall, two office towers, a cultural centre, a five-star hotel and a boutique hotel. Comprising more than 4,800,000 sq ft (450,000 sq m) in total, TaiKoo Hui will be managed by Swire Properties upon completion. The five star hotel at TaiKoo Hui, consisting of 340 rooms and 70 service apartments, will be managed by Mandarin Oriental Hotel Group.
The TaiKoo Hui complex is expected to be completed by 2010.
Dazhongli, Shanghai
The Dazhongli project is a landmark project in Jing’an District, Shanghai to be developed jointly by Swire Properties and HKR International. The Company has a 50% interest in the development.
Comprising more than 3,120,000 sq ft (290,000 sq m) in total, the development consists of offices, hotels, retail and serviced apartments, to be held primarily for long term investment.
Sanlitun, Beijing
In February 2007, Swire Properties acquired the Sanlitun project in Beijing, in partnership with Gateway Capital. The Company has 80% stake in the retail development.
Located at Chaoyang District, Beijing, The Village at SanLiTun project is a low-rise mixed commercial scheme comprising 19 buildings, including over 250 retail shops, a multi-function hall, and a 100-room boutique hotel. It has a total site area of over 580,000 sq ft (53,000 sq m) and a total floor area of over 1,850,000 sq ft (172,000 sq m). The boutique hotel will be the first hotel to be fully owned and managed by Swire Properties.
The development is expected to be completed in the first half of 2008.
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