FOR IMMEDIATE RELEASE

12th June 2003

Swire Properties has confirmed that the recent approval of building plans for the redevelopment of Aik San and Melbourne industrial buildings at Westlands Road is in respect of the sites of the two industrial buildings together with adjacent land in Swire Properties' ownership, currently used as a putting green. The total site area is 109,900 square feet comprising about 54,800 square feet from the sites of the industrial buildings and 55,100 square feet of adjoining land. The approved gross floor area of 1.55 million square feet represents a plot ratio of approximately 14.0 on the total site area. The approved plans are for a building of 69 office floors to be erected on the sites of the industrial buildings with a height of approximately 280 metres. The estimated construction cost is approximately HK$3 billion. The leases of Aik San and Melbourne industrial buildings are virtually unrestricted.

Demolition of the existing industrial buildings has commenced and is likely to take one year to complete. After which a decision on when to proceed with construction will be taken. The proposed development, which will not affect development at Tai Koo Shing, is likely to take four years to complete.

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