Review of Operations Hong Kong 983-987A King’s Road and 16-94 Pan Hoi Street, EIGHT STAR STREET, Wan Chai Quarry Bay EIGHT STAR STREET at 8 Star Street, Wan Chai is a In 2018, a joint venture company in which the Group residential building (with retail outlets on the lowest two holds a 50% interest submitted a compulsory sale levels) of approximately 34,000 square feet. The application in respect of this site in Quarry Bay. In occupation permit was obtained in May 2022. 35 out of October 2023, the joint venture company obtained full 37 units had been sold at 2nd August 2024. Sales of 35 ownership of the sites. Hoarding and demolition works units had been recognised at 30th June 2024, 2 of them commenced in May 2024. In accordance with applicable in the first half of 2024. town planning controls, it is expected that the site can be redeveloped for residential and retail uses with a GFA of approximately 440,000 square feet. The development is LA MONTAGNE, Wong Chuk Hang expected to be completed in 2028. A joint venture formed by the Group, Kerry Properties Limited and Sino Land Company Limited is undertaking a Hong Kong Residential Market Outlook residential development in Wong Chuk Hang in Hong In Hong Kong, residential market sentiment remains soft Kong. This development will comprise two residential in light of economic uncertainties and high interest rate towers (Phases 4A and 4B) with an aggregate GFA of environment, despite the cancellation of stamp duty approximately 638,000 square feet and 800 residential measures issued by the HKSAR Government with effect units. Interior fit-out works are in progress. Pre-sales of from the end of February 2024. It is anticipated that Phase 4A started in July 2023. 56 out of 432 units had market confidence and sentiment might take some time been pre-sold at 2nd August 2024. Sales of these units to be rebuilt after the end of interest rate hikes. Demand are expected to be recognised in 2025. The development remains resilient in the medium to long term, supported is expected to be completed and handed over to the by local demand and gradual increase in demand from purchasers in 2024 and 2025 respectively. The Group has Chinese Mainland buyers. a 25% interest in the joint venture. Chai Wan Inland Lot No. 178 Chinese Mainland In 2021, a project company held as to 80% by the Group New Bund Plot and Lujiazui Taikoo Yuan, Shanghai and as to 20% by China Motor Bus Company, Limited In November 2023, the Group completed the acquisition completed a land exchange with the HKSAR Government of 40% equity interest in developments from the Lujiazui in respect of a plot of land in Chai Wan. The plot of land is Group to develop two new landmarks (Shanghai New being redeveloped into a residential complex (with retail Bund Mixed-use Project and Lujiazui Taikoo Yuan) in outlet) with an aggregate GFA of approximately 694,000 Shanghai’s Pudong New Area. These two sites will be square feet. Superstructure works are in progress at both developed into large-scale, mixed-use projects, including Phase 1 and Phase 2 sites. The development is expected retail, office and premium residential components. to be completed from 2025. Residential towers have been topped out and façade works are in progress at the New Bund plot while 269 Queen’s Road East, Wan Chai superstructure works are underway at Lujiazui Taikoo In June 2022, the Group acquired (via a government land Yuan. Around 88% of the total saleable area in the New tender) a plot of land at 269 Queen’s Road East in Wan Bund plot residential project has been pre-sold at 30th Chai. The plot of land will be developed primarily for June 2024, with an expected completion date from 2025 residential use with an aggregate GFA of approximately onwards. The pre-sale of the first batch of the residential 116,000 square feet. Foundation works are in progress. units in Lujiazui Taikoo Yuan Residences is planned in The development is under design stage and expected to late 2024. be completed in 2026. 40 Swire Properties Limited Interim Report 2024