For immediate release
22nd May 1998
Swire Properties Limited today (Friday, 22nd May) made a successful bid of HK$1,677 million for the Aldrich bay site through a consortium which is 50% owned by Swire Properties Ltd., 30% by Sun Hung Kai Properties Ltd. and 20% by Island Communication Enterprises, a subsidiary of China Motor Bus Co. Ltd.
The reclaimed waterfront site, which is adjacent to Lei King Wan and Taikoo Shing, has a gross floor area of approximately 700,000 sq. ft. It is proposed that the site be developed to accommodate about 900 units with average flat size of about 800 sq. ft. The development is expected to be completed in mid-2001. The project will be managed by Swire Properties.
Mr Keith Kerr, Managing Director of Swire Properties Ltd., said, "We are very pleased to have won the bid of this prime site in partnership with Sun Hung Kai and Island Communication Enterprises with whom we have a history of well-established business relationships."
Swire Properties is the biggest property developer in Island East. The company has developed and sold various residential projects and holds a substantial commercial portfolio in the area.
Swire Properties will continue to play a leading role in developing quality properties in prime locations both in the Hong Kong residential and commercial sectors.
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