Total Pre-commitment at One Island East Jumps to 75%; Top Premier Zone is Now Offered for the Final Phase of Leasing

Following further recent leasing transactions with multinational corporations, Swire Properties is pleased to advise that all office floors in Zones One to Three of its Triple Grade "A" development, One Island East, have been committed. Accordingly, Zone Four, the topmost phase of One Island East, representing the 55th to 67th floors, is now being placed on the market for leasing. This will be the last opportunity for the business community to acquire a presence for some years in the most advanced and best provisioned office tower on Hong Kong Island. As a result of recent transactions, occupancy of One Island East has surged from 62% to 75% subsequent to last week's major transaction announcement on JP Morgan.

Details of the tenants involved in these recent deals will be released shortly but they include companies new to the Swire Island East investment portfolio and come from the banking, financial securities and hospitality industries. Other major tenants who have pre-leased at One Island East are multinational corporations from the financial services, insurance, construction, shipping, marketing and real estate sectors. They include DBS Bank (225,000 sf), Aedas (64,000 sf), Zurich Insurance Group (75,000 sf), Convoy Financial (64,000 sf) and JPMorgan (240,000 sf).

Stephan Spurr, Director and General Manager of Swire Properties said, "With One Island East approaching full occupancy prior to its promised completion in March of this year, we wish to express our appreciation toward the tenant companies who have had the foresight to commit to this excellent building. As new members of our growing corporate community, their endorsement has meant that of the 1.2 million square feet of office space with which we began our marketing campaign a year ago, just 235,000 sf remains to be leased. This is testament indeed to an outstanding product, their vision and a welcome trust in Swire's ability to deliver."

Gavin Morgan, Regional Director & Head of Markets of Jones Lang LaSalle commented, "Island East with the continued leasing success at One Island East has further enhanced its reputation as a destination for major multinationals. This is as a result of the overall environment, amenities on offer, the reputation of the Landlord in developing high quality buildings and management of the portfolio. Occupiers perceive this location as a high quality cost effective alternative to Central. 41% of the take up in Hong Kong east in 2007 was from the finance sector with accountancy and other business sectors prominent in new acquisitions, reinforcing the location's suitability for core local and multinational tenants."

About One Island East

One Island East consists of 59 levels of prestige office accommodation, contained within an environmentally efficient glass and stainless steel clad structure. This iconic development is designed to make a dramatic addition to the Island East skyline, as well as to complement the urban fabric of the surrounding area in which the 12 other portfolio buildings stand. Flanking it is an extensive landscaped plaza containing water features, with immediate access to the Tai Koo and Quarry Bay MTR Stations, plus further public transport services and parking for 1,420 private cars. Nearby will be added a 350-room business hotel to be completed in 2009 and also managed by Swire.

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 presences in mainland China, the USA as well as the 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 website at www.swireproperties.com.