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31 Mar 2008

One Island East Obtains Occupation Permit Ahead of Schedule. Pre-commitments jump to 87%

Swire Properties' latest Triple Grade "A" office project and the last major landmark building on Hong Kong Island for some years, One Island East, has received its Occupation Permit ahead of schedule. The completion of this development marks Swire's continuing commitment to its Island East portfolio which now comprises 8 million sq ft of integrated office accommodation in a premium business environment.

Mr Stephan Spurr, Director and General Manager of Swire Properties said, "As always, we deliver on our promise to the market. This 70-storey, 1.5 million sq ft office development embodies not just best in class specifications but has, despite all the challenges of achieving the same, been completed ahead of schedule. The first tranche of pre-committed space, comprising 14 floors of the building, will be handed over to tenants as contracted on 1st April."

Occupancy of One Island East has escalated to 87%. This recent Swire Island East addition has attracted some of the most prestigious Fortune 500 companies. Interest from the market is compelling, from the broadest cross-section of business sectors including financial, shipping, property, accountancy, insurance and trading as well as some of the world's notable consumer brand names. Of particular focus are major new arrivals from the finance sector including DBS Bank, JPMorgan, CLSA, Fidelity International and Convoy Financial who are also joined by Zurich Insurance Group, Aedas, The Marketing Store, ZIM Shipping, Ernst & Young, Shriro Pacific, Tiffany & Co, Club 21 and Christian Dior.

Strong pre-lettings once again reinforce Island East's status as the most attractive out-of-Central business address in the territory, now home to over 300 multinational corporations. Also underscoring Swire Properties' environmental protection values and its responsible, sustainable development programme, One Island East is set to achieve the highest Platinum rating of the Building Environmental Assessment Method (BEAM), one of the only 2 office developments to have achieved this status in Hong Kong to date.

Commented Gavin Morgan, Regional Director and Head of Hong Kong Markets of lead leasing agent Jones Lang LaSalle, "With demand for real estate, mainly for expansion, at close to record levels, One Island East has been an obvious choice for major corporations. Located at the centre of Hong Kong's best planned and established business district, One Island East occupants find the overall provision to be a high quality solution for staff, clients and as a base for conducting business in Hong Kong. Given vacancy at record lows, we expect the remaining few floors, to lease expeditiously."