For Immediate Release

(HONG KONG, 30 November 1999) Shui On Construction Company Limited (SOC) and Shui On Building Contractors Limited (SOBC) have been awarded three contracts for the construction of Castle Peak Hospital Redevelopment Phase 2 Stage 1, design and construction of Departmental Quarters at Hong Ning Road, and the redevelopment of Yau Tong Estate Phase 3,with a total contract amount of HK$2,079 million.

The Castle Peak Hospital Redevelopment Phase 2 Stage 1 project includes the construction of one five-storey building, one two-storey building, a single-storey building services unit, a single pump house, a building services tunnel, demolition of an existing administration block, including associated drainage and external works. The project is planned to be completed by March 2001 and the contract sum is HK$473 million.

The design and construction project of Departmental Quarters at Hong Ning Road, Kwun Tong includes the design and construction of two residential blocks with landscaped podium and residents' clubhouse providing 584 government quarters and 156 private car parking spaces including the piled foundation, building services, underground drainage, external and landscaping works. The project is planned to be completed by December 2001 and the contract sum is HK$685 million.

The redevelopment project of the Yau Tong Estate Phase 3 includes the construction of four 38-storey new cruciform blocks (with precast façade) on top of one three-storey carpark podium and one 41-storey new cruciform block (with precast façade) including associated drainage and external works. The project is planned to be completed by March 2002 and the contract sum is HK$921 million.

Shui On Construction Company Limited and Shui On Building Contractors Limited are wholly owned subsidiaries of the publicly held Shui On Construction and Materials Limited. SOBC is the first ISO 9002 certified construction company in Hong Kong. Both companies hold the Hong Kong SAR Government Group "C" licences for building works of unlimited value.

Press Enquiries:
Ronny Pang     2879 1860
Corporate Communications Department