Review of Operations Residential 983-987A King’s Road and 16-94 Pan Hoi Street The completed residential portfolio comprises Pacific In 2018, a joint venture company in which the Group Place Apartments at Pacific Place, EAST Residences in holds a 50% interest submitted a compulsory sale Quarry Bay, STAR STUDIOS in Wan Chai and a number of application in respect of this site in Quarry Bay. In August luxury houses on Hong Kong Island and Lantau Island, 2023, the Lands Tribunal granted the compulsory sale with an aggregate GFA of 0.6 million square feet. order for the site. Subject to the joint venture company The residential portfolio was approximately 77% let as at having successfully bid in the compulsory sale and in 30th June 2023. Demand for our residential investment accordance with applicable town planning controls, it is properties is primarily local and has been boosted by the expected that the site can be redeveloped for residential tenants from the Chinese Mainland and staying in Hong and retail uses with a GFA of approximately 440,000 Kong for business after the reopening of the border. square feet. Investment Properties Under Development 9-39 Hoi Wan Street and 33-41 Tong Chong Street Six Pacific Place In June 2022, the Group submitted a compulsory sale Planning permission to develop this site in Wan Chai for application in respect of this site in Quarry Bay. The gross office use was obtained in 2018. The site area is site area is approximately 20,060 square feet. Proceeding approximately 14,400 square feet. The development has with the development (the planning of which is being an aggregate GFA of approximately 223,000 square feet. reviewed) is subject to the Group having successfully bid Superstructure has been topped out. Interior fit out works in the compulsory sale. are in progress. Completion of development is expected Taikoo Shing Car Parking Spaces by the end of 2023. Since November 2020, the Group has offered 2,530 car Others parking spaces in the Taikoo Shing residential development in Hong Kong for sale. 2,114 of these car Wah Ha Factory Building, 8 Shipyard Lane and parking spaces had been sold at 4th August 2023. Sales of Zung Fu Industrial Building, 1067 King’s Road 1,460 car parking spaces had been recognised at 30th In 2018, the Group submitted compulsory sale June 2023, 8 of them in the first half of 2023. Sales of 654 applications in respect of these two sites in Quarry Bay. car parking spaces are expected to be recognised in the In March 2022, the Group acquired the remaining second half of 2023. interests in Zung Fu Industrial Building and obtained full ownership of the site. In July 2023, the Group acquired the remaining interests in Wah Ha Factory Building and obtained full ownership of the site. The two sites are intended to be redeveloped for office and other commercial uses with an aggregate GFA of approximately 779,000 square feet. 28 Swire Properties Limited Interim Report 2023