FOR IMMEDIATE RELEASE

15 May 2002

Swire Properties, the sales agent for Ocean Shores, announces today (15 May 2002) the sales details for the last phase of this joint venture project with Sun Hung Kai Properties.

There will be 32 units offered for sale in the first batch with an average price of $3,088 psf. The minimum price starts from $2,688 psf. Public registration will take place between 22 May and 23 May, and ballot results will be announced on 24 May. Flat selection will be held at the lobby on the ground floor of Cityplaza Four on 25 May.

The last phase of Ocean Shores will provide buyers with maximum convenience, the most comprehensive leisure facilities and a vast array of choices.

The new MTR line will commence operation in August this year. In other words, there already will be maximum accessibility for residents of Ocean Shores even before the last phase completes.

"Ocean Shores last phase is directly linked to the new Tiu Keng Leng MTR station via a covered footbridge of less than 30m, residents will enjoy the fastest and closest access to the most convenient mode of transport, " said Mabelle Ma, Swire Properties' Senior Sales Manager.

"It will be a key interchange station, which means residents can go directly to Quarry Bay, North Point and all stations along the Kwun Tong line without having to change trains. This makes for added convenience."

With over 350,000 sq. ft. of clubhouse facilities and landscaped podium, buyers of this last phase will also enjoy the most comprehensive leisure facilities. Upon completion, recreational facilities such as Children's Adventure Playground, Toys Library and Parent's Reference Library, as part of the specially designed "i.Kids World", will be available for residents. The unique large scale WaterWorld can also be enjoyed to its full advantage with over 16 indoor and outdoor pools. All these in addition to facilities that are already available to current residents, such as a six-lane bowling alley, tennis courts, squash courts, a fitness centre and aerobics room with full-height glass wall, and a multi-purpose indoor gymnasium.

Purchasers of this last phase are also offered a vast array of choices. They may choose from one, two, three bedroom units, or three bedroom with utility room and toilet, size range from 546 to 1,092 sq. ft. In particular, the design of three-bedroom with one bathroom is introduced for the first time in this development, making this last phase the one to offer the widest range of sizes and flat mix.

Furthermore, a total of only 380 units of this last phase are designed with balconies, accounting for 6% of the whole development, enabling residents to take full advantage of the surrounding panorama. Balconies, a rare feature in East Kowloon, are among the green features provided in Ocean Shores.

To provide even more choices, buyers of the initial batch of this last phase can choose the floor finishes in their living/dining room and bedrooms, as well as the finishes of the kitchen cabinet doors.

Various flexible payment terms are also specially designed. Buyers who choose Cash/ Immediate payment term may enjoy mortgage rate as low as P-3.5% for the first 12 months and P-2.5% thereafter, or an "Education Fund" of $30,000 with designated banks. Buyers may also enjoy "$0" down payment via a 25% second mortgage payment plan. Alternatively, "$0" mortgage repayment plan for the 95% first and second mortgage for the first 12 months is also available.

Ocean Shores draws upon the experience and the renowned traditions of Swire Properties and Sun Hung Kai Properties to offer future buyers the best quality and environment. Only the finest fittings and finishes are used in the development, including world famous brands. Quality management is provided by award-winning Kai Shing Management Services Ltd., which has a proven record of quality services.

Commented Ma: "As with the first two phases of the development, every element of this last phase, from location, environment and easy accessibility, has been meticulously planned and finished, altogether making this the best development from the best developers and offering buyers the best lifetime investment."

Showflats of Ocean Shores last phase, located on the ground floor of Cityplaza Four, are open daily to the public between 10 am to 8 pm. Newly completed clubhouse facilities at Ocean Shores are also available for public viewing for the first time, daily from 10 am to 6 pm. There are free shuttle bus services between Ocean Shores and the following stopping points:

(1) Lam Tin MTR Station D1 Exit, Sin Fat Road (daily from 10 am to 5 pm)
(2) Cityplaza Four, Taikoo Wan Road (daily from 10 am to 4:40 pm)
(3) Tsuen Wan MTR Station Exit B, Sai Lau Kok Road (daily from 10 am to 4:20 pm)

Detailed timetable is posted at bus stops and at Cityplaza sales office.

Visit Ocean Shores website at www.oceanshores.com.hk

Visit Swire Properties' Media Centre at www.swireproperties.com

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