FOR IMMEDIATE RELEASE

16 September 2002

The new office development that forms the latest addition to Swire Properties' dynamic Island East business district, Cambridge House, is one step closer to completion with its topping out ceremony today (Monday, 16 September 2002).

When completed in the spring of next year, this 36-storey complex with a typical floor area of approximately 7,000 sq ft, will provide an opportunity for Hong Kong's smaller companies, who have traditionally failed to take Island East into consideration due to its generally larger floor plates, to lease space. Cambridge House is virtually tailor-made for companies seeking to exclusively occupy whole floors in a choice location.

Located on King's Road with direct access to Quarry Bay MTR, Cambridge House is the first development in Swire's Island East portfolio since the successful completion of Oxford House in 1999. Within convenient walking distance lies the whole range of leisure and dining venues that have already earned distinction for Island East as one of the best modelled, best served and best catered business districts in all Hong Kong.

With the project being one of the very few due for completion on Hong Kong Island in 2003, it will be a unique opportunity for tenants to acquire a significant presence in the exciting Island East environment that is already home to many of Hong Kong's largest and most respected local and multinational companies.

Highly efficient floor plates enable the optimum use of space for executive offices, workstations, meeting rooms, lounge and reception areas. Raised floors house cable and optic-fibre communication links that support unlimited bandwidth in a flexible and secure environment, affording instant connection to the entire matrix linking all six million square feet of Island East's commercial space across 11 office buildings, thereby creating Hong Kong's largest and most advanced business campus.

This Island East Matrix is expressly designed to address tenants' needs for powerful, fast and reliable communications around the clock. Emergency backup of essential supplies ensure uninterrupted operations.

"Cambridge House benefits from the experience we gained through planning and constructing its forerunners in Island East," commented Mr Stephan Spurr, Director and General Manager of Swire Properties. "It embodies the best of the standards we have aimed to achieve in establishing a hallmark office environment where everything either meets or exceeds the expectations of the most discerning corporation."

Officiating guests at the topping out ceremony include Mr Keith Kerr, Managing Director, and Mr Stephan Spurr, Director and General Manager of Swire Properties, and Mr V-nee Yeh, Chairman, and Mr SL Cheung, Executive Director of Hsin Chong Construction Group.

A showcase layout on the eighth floor of Cambridge House displays the actual premises to be handed over to tenants, complete with finished ceilings and floorings, lobby and washrooms.

Island East is one of the territory's best planned and most efficiently serviced business districts, consisting of residential, office and retail space and stretching from TaiKoo Place in the West to Taikoo Shing, anchored around the Cityplaza retail and office complex to the East. All of this area is managed by Swire Properties.

Visit Island East website: www.islandeast.com.hk

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

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