Pacific Place Offices Heading for 100% Occupancy

Swire Properties today (18th October 2006, Wednesday) announces the signing of several new office leases for Pacific Place, which takes the complex to near 100% occupancy. Average effective rents now stand in the mid HK$60s psf.

Schroders, a leading international asset management company with a history of 200 years, will occupy 18,000 sq ft in the top zone of Two Pacific Place. Schroders will join many other international banking and financial services firms who have, over the years, selected Pacific Place as their preferred address in a prime office location.

Also concluded recently are leasing agreements with Etrade Asia Services Limited and Natexis Banques Popularies. Together these two financial companies will occupy over 42,000 sq ft in the middle zone of Two Pacific Place to meet their business expansion plans.

"We are delighted with the latest office leasing transactions in Pacific Place," said Jolyon Culbertson, Director and General Manager of Swire Properties. "We are approaching 100% occupancy. The complex's position in the CBD has contributed to almost half of our tenants stemming from the finance and banking sectors, representing those who demand the best location and services for their business establishments."

With its emphasis on building excellence, Swire Offices has created major business hubs in Hong Kong, offering business corporations the best facilities, connectivity, environment and services in which to operate.

About Swire Properties

Incorporated in 1972, Swire Properties develops and manages commercial, retail and residential properties which offer exceptional and inviting environments in prime locations, with a strategy to 'hub' its investment properties at major mass transportation intersections, providing the highest level of accessibility and connectivity to its tenants and patrons. The completed portfolio in Hong Kong totals over 13 million sq ft of gross floor area, with Island East, Pacific Place and Festival Walk as its core holdings, reflecting its strength in building communities. Besides Hong Kong, the Company has a presence in China, the USA as well as United Kingdom.

The Company is a wholly-owned subsidiary of the publicly-listed Swire Pacific Limited whose businesses are grouped under five operating divisions - property, aviation, beverages, marine services and trading & industrial.

Visit Swire Properties web site at www.swireproperties.com

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