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11 Mar 2005

Swire Properties Completes acquisition of Castle Steps lots under the Land (Compulsory Sale for Redevelopment) Ordinance

Swire Properties announced today (Friday, 11 March 2005) the completion of the acquisition process for the remaining interests in Nos. 4, 4A, 6 & 6A Castle Steps.

"We are happy that we have successfully acquired the remaining interests in the Castle Steps lots" said Mr Gordon Ongley, Director & General Manager of Swire Properties.

The four lots were sold by public auction by an order of the Lands Tribunal under the Land (Compulsory Sale for Redevelopment) Ordinance. Prior to the auction, the Company had already acquired 98% of the total interests in these four lots, which have a combined site area of 7,355 sq ft that will form part of a residential scheme on Seymour Road.

"We will complete all the formalities and legal requirements under the Ordinance before taking the project into the next phase," added Mr Ongley.

The Company has obtained approval of a general building plan for a comprehensive development of a site that includes the Castle Steps lots and permits the construction of a 63-storey residential block with a GFA of 173,702 sq ft.

This acquisition is the second time that the Company has completed a site assembly process by use of the Land (Compulsory Sale for Redevelopment) Ordinance, the first being the acquisition of the remaining interests in Melbourne Industrial Building in Westlands Road in May 2002.

About Swire Properties
Swire Properties, a wholly-owned subsidiary of Swire Pacific Limited, was incorporated in 1972 and is one of Hong Kong's leading developers with extensive experience in the development and management of major commercial, retail and residential properties. The company's strategy has been to 'hub' its investment property holdings around major shopping centres and office towers constructed at the principal Mass Transit Railway intersections.

Swire Properties' investment portfolio in Hong Kong principally comprises office and retail premises, which it manages in prime locations, as well as serviced apartments and other luxury residential accommodation. The completed portfolio totals just over 12 million sq ft of gross floor area. Current investment property pending or under development in Hong Kong comprises a further 3.26 million sq ft, mainly of office space.