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Swire Pacific Limited

Press Release

15th November 1996


For immediate release

Island Tower Sale

Swire Properties Ltd. today announced the sale of the 10th floor of Island Tower to Kwan & Associates, architects for the development.

Total floor area of the transaction is 20,090 sq. ft. Kwan & Associates will pay HK$106,477,000, or HK$5,300 per sq. ft.

Mr Dominic Kwan of Kwan & Associates said that Island Tower with its efficient floor plate and high quality finishes is absolutely value for money. The landscaped courtyard leading to the 24.5 ft. clear height grand entrance of the office tower is very impressive. Such high standards can rarely be found in other office towers for sale.

Mr Mike Moir, Director and General Manager of Swire Properties, said he was pleased with response to the sale of Island Tower which showed a healthy demand for quality office buildings in decentralised business districts with good transport links, especially the MTR.

"Since the launch of office sales less than a month ago, more than 10 floors so far have been sold and this is in spite of the fact that only 13 floors (2nd to 16th floor) are put on the market," Mr Moir added.

Island Tower is the office element of the Island Place development which is a joint venture between Swire Properties and China Motor Bus. Island Place comprises 784 flats in three residential towers, one office tower of 26 storeys and a retail podium.


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