For Immediate Release

Shui On Awarded Three Housing Authority Contracts

(HONG KONG, 20 May 1999) Shui On Building Contractors Limited (SOBC) has been awarded contracts for the construction of Tin Shui Wai Area 106 Phase I, redevelopment of Lei Yue Mun Road Estate and redevelopment of Yau Tong Estate Phase V from the Hong Kong Housing Authority, with a total contract amount of HK$3,419 million.

The Tin Shui Wai Area 106 Phase I project includes the construction of five 38-storey New Cruciform Blocks totalling 1,850 Home Ownership Scheme domestic flats with all associated external works and building services works. The project is planned to be completed by February 2001 and the contract sum is HK$685 million.

The redevelopment of the Lei Yue Mun Road Estate project includes the construction of two 41-storey Concord One Blocks, two 41-storey modified Concord One Blocks, two 41-storey Single Aspect Blocks, one 5-storey carpark, slope stabilization and improvement works, a noise barrier including foundation, all underground drainage and external works. The project is planned to be completed by April 2001 and the contract sum is HK$1,066 million.

The redevelopment of the Yau Tong Estate Phase V project includes the construction of four 36-storey Concord One Blocks, three 35-storey Concord One Blocks, one four-storey commercial centre and one three-level carpark building including one three-storey special school, two footbridges and all associated drainage and external works. The project is planned to be completed by October 2001 and the contract sum is HK$1,668 million.

Shui On Building Contractors Limited is the first construction company in Hong Kong to have secured ISO 9002 accreditation. SOBC has also been awarded numerous safety awards including the Housing Authority's "Best Building Contractor" awards for 7 consecutive years. SOBC currently focuses on the construction of public housing projects.

SOBC is a member of the publicly held Shui On Construction and Materials Limited under the Shui On Group. Since its establishment in 1971, the Shui On Group has grown into a leading construction and construction related business corporation in Hong Kong and an active player in the property development market in the Chinese Mainland and North America.

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