15th November 1996
For immediate release
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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