FOR IMMEDIATE RELEASE

10th July 2003

Swire Properties today (Thursday, 10th July 2003) announced the sale of two houses at 3 Coombe Road for a combined sum of $133 million, which transactions were concluded by FPD Savills, the lead sales agent for this project.

House 1, a detached residence of 4,436 sq ft, with a garden and terraces of 2,365 sq ft, was sold for $70 million, equivalent to about $15,800 psf, while House 3, a 4,378 square feet semi-detached house with a garden and terraces of 2,145 square feet, was sold for $63 million or about $14,400 psf. Both houses come with a bare shell.

"We are very delighted with these transactions, which took place within a very short time after the project was launched on 25 June 2003," said Mr Adrian To, Senior Development Manager of Swire Properties. "Swire Properties is now inviting offers for the remaining two houses, with an indicative price of $78 million for House 4. This is a detached house with the biggest garden and terraces of 2,682 square feet. Standing on its own level with the pool, House 4 enjoys additional exclusivity in the development."

"House viewing at 3 Coombe Road has received a very encouraging response from the public, and appointments have been lined up from 25 June 2003 to mid July," added Mr. To.

3 Coombe Road is the first example of Swire Homes premier developments, for which location, design and management are all of the highest and most distinctive quality. The project offers two semi-detached houses and two detached houses. Each house provides about 4,400 square feet with a garden and terrace of over 2,000 square feet.

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