Three Pacific Place Heading for 100% Occupancy; Significant Leases by Global Groups Reaffirm Its Central Business Location

Swire Properties announces today (Wednesday, 26 July 2006) four recent leases commitment by leading global finance, property and banking groups will add a total of over 49,000 sq ft newly-leased office space to Three Pacific Place, bringing Three Pacific Place to virtually 100% occupancy.

The leases are committed by Macquarie Goodman Asia Ltd, Macquarie Global Property Advisors (Asia) Ltd, Société Générale and The Bank of New York. Together, they will lift the share of banking, finance and professional services tenants at Three Pacific Place to 62%, or 329,000 sq ft.

Société Générale Group, a leading financial services group in the euro-zone, has committed to lease additional floor space of over 22,500 sq ft to meet further expansion needs, making it the second largest tenant in Pacific Place complex with a total office area of about 105,500 sq ft. In addition, Macquarie Goodman Asia Ltd and Macquarie Global Property Advisors (Asia) Ltd have committed to take up approximately 11,200 sq ft and 7,800 sq ft of floor area respectively. Meanwhile, The Bank of New York will lease an additional 7,500 sq ft of commercial space in this Grade-A office tower.

As a result of these new leases, the total occupancy rate at Three Pacific Place increases to 98.8%, with latest rents over HK$50 per sq ft.

"The supply of Grade-A office space in prime areas continues to be very limited. Three Pacific Place has served to meet the demand of multinational companies that are experiencing solid business growth and expansion plans in the region," said Jolyon Culbertson, Director and General Manager of Swire Properties.

Culbertson added, "With an excellent location, a virtually column-free floor plan, the latest design features, and a host of dining, shopping, hotel and conferencing facilities at Pacific Place and the Star Street precinct, Three Pacific Place's popularity amongst multinational tenants has demonstrated its success as a modern Grade-A finance and banking hub."

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

Swire Properties, a wholly-owned subsidiary of Swire Pacific Limited, was incorporated in 1972 and is one of Hong Kong's leading developers with extensive experience in the development and management of major commercial, retail and residential properties.

Swire Properties' portfolio in Hong Kong principally comprises office and retail premises in prime locations, as well as serviced apartments, hotel interests and other luxury residential accommodation. The completed portfolio totals 13.11 million sq ft of gross floor area. Current property pending or under development in Hong Kong comprises a further 2.19 million sq ft, mainly of office space.

Visit Swire Properties web site at www.swireproperties.com

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