| For Immediate Release | 31 December 2010 |
31 December 2010, 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."
About Swire Properties
Incorporated in 1972, Swire Properties develops and manages commercial, retail, hotel and residential properties, with a particular focus on mixed-use development in prime locations at major mass transportation intersections. The Company's investment portfolio in Hong Kong totals over 17.8 million sq ft (approximately 1.66 million sqm)* of gross floor area, with Pacific Place, Island East and Festival Walk as its core holdings. In addition to Hong Kong, the Company has a presence in Mainland China, the United States and the United Kingdom.
In Mainland China, Swire Properties has an investment portfolio amounting to over 10.8 million sq ft (over 1 million sqm)*, the majority of which is under construction. The four projects consist of mixed-use developments in Beijing, Shanghai and Guangzhou, with Sanlitun Village and The Opposite House hotel in Beijing being the best-known among them.
In 2008, the Company formed Swire Hotels to create and manage intriguing urban hotels in Hong Kong, Mainland China and the United Kingdom, aimed at providing an exceptional experience for travellers who seek individuality, style and personalised service.
The Company is a wholly-owned subsidiary of the publicly-listed Swire Pacific Limited whose businesses are grouped under five operating divisions - property, aviation, beverages, marine services and trading & industrial.
Visit Swire Properties' website at www.swireproperties.com
* Gross floor area in respect of 100% of the investment properties excluding car park areas and not on an attributable basis.
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