REVIEW OF OPERATIONS Residential Others The completed residential portfolio comprises Pacific Wah Ha Factory Building, No. 8 Shipyard Lane and Place Apartments at Pacific Place, EAST Residences in Zung Fu Industrial Building, No. 1067 King’s Road Quarry Bay, STAR STUDIOS in Wan Chai and a number of In 2018, the Group submitted compulsory sale luxury houses on Hong Kong Island and Lantau Island, applications in respect of these two sites in Quarry Bay. In with an aggregate GFA of approximately 0.6 million March 2022, the Group acquired the remaining interests square feet. The occupancy rate at the residential in Zung Fu Industrial Building and obtained full ownership portfolio was approximately 70% at 30th June 2022. of the site. Subject to the Group having successfully bid in Demand for our residential investment properties was the compulsory sale of the Wah Ha Factory Building site, primarily local, and was affected by COVID-19. the two sites are intended to be redeveloped for office Investment Properties Under Development and other commercial uses with an aggregate GFA of approximately 779,000 square feet. Two Taikoo Place Two Taikoo Place, the second phase of the Taikoo Place 983-987A King’s Road and 16-94 Pan Hoi Street redevelopment, is an office tower with an aggregate In 2018, a joint venture company in which the Group GFA of approximately one million square feet. The holds a 50% interest submitted a compulsory sale development has been built to the highest sustainability application in respect of this site in Quarry Bay. Subject to standards, achieving pre-certified platinum ratings for the joint venture company having successfully bid in the LEED, WELL and BEAM Plus. Interior fit out works are in compulsory sale and in accordance with applicable town progress. Completion is expected later this year. planning controls, it is expected that the site can be redeveloped for residential and retail uses with a GFA 46-56 Queen’s Road East of approximately 440,000 square feet. Planning permission to develop this site in Wan Chai for office use was obtained in 2018. The site area is 9-39 Hoi Wan Street and 33-41 Tong Chong Street approximately 14,400 square feet. The proposed In June 2022, the Group submitted a compulsory sale development has an aggregate GFA of approximately application in respect of this site in Quarry Bay. The gross 218,000 square feet. Superstructure works are in site area is approximately 20,060 square feet. The progress. Completion is expected in 2023. development plan is under review, and is subject to the Group having successfully bid in the compulsory sale. Taikoo Shing Car Parking Spaces Since November 2020, the Group has offered 2,530 car parking spaces in the Taikoo Shing residential development in Hong Kong for sale. 1,405 of these car parking spaces had been sold at 9th August 2022. Sales of 1,366 car parking spaces have been recognised, 164 of them in the first half of 2022. Sales of 39 car parking spaces are expected to be recognised in the second half of 2022. 26 Swire Properties Limited Interim Report 2022