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31 Dec 2010

Swire Properties Announces Successful Land Acquisition in Chengdu

Swire Properties Limited is pleased to announce that the Company, in partnership with Sino-Ocean Land, successfully acquired land for commercial development in Chengdu at a price of RMB2,002.88 million today.

The land is located in the Daci Temple Area and at No. 9 Dongdajie, Jinjiang District and has a total site area of 70,779 sqm (762,251 sq ft). The comprehensive development will comprise a premium shopping centre, a boutique hotel with over 100 guest rooms, serviced apartments and an office tower. The total permitted GFA is 207,260 sqm (2,230,934 sq ft). The project will be jointly developed for investment by Swire Properties and by Sino-Ocean Land on a 50/50 basis.

“We are delighted to successfully acquire this prime development opportunity in the heart of Chengdu.” said Martin Cubbon, Swire Properties’ Chief Executive. “It will provide us with an excellent platform to establish our fourth investment hub in China and we look forward to creating a new and exciting destination for Chengdu. We are also very pleased that this investment will be with our strategic partner Sino-Ocean Land, building on the success of our existing INDIGO joint venture project in Beijing.”