Key Developments Complex. The project is expected to open in phases from In January 2022, the sale of the property located at Fort late 2024. Lauderdale, Florida was completed. In November 2022, the first phase of the ZHANGYUAN In March 2022, a consortium in which the Group has a urban regeneration project officially opened in Shanghai. 70% interest acquired (via a government land tender) The project is operated and managed by a joint venture the land use rights in respect of land in the Small Wild between the Group and Shanghai Jing’an Real Estate Goose Pagoda historical and cultural zone in the Beilin (Group) Co., Ltd. district of Xi’an for a consideration of approximately In December 2022, the sale of the property at 8-12 Tsing RMB2,575 million. The land is expected to be developed Tim Street in Tsing Yi, Hong Kong was completed. into a retail-led mixed-use development comprising In December 2022, the Group entered into three retail and cultural facilities, a hotel, serviced residences conditional agreements with the Sino-Ocean group to and business apartments. acquire further interests in Sino-Ocean Taikoo Li Chengdu. In March 2022, the Group obtained full ownership of Under the first agreement (which was completed in Zung Fu Industrial Building in Quarry Bay, Hong Kong. December 2022), the Group’s interest in Sino-Ocean Taikoo Subject to the Group having successfully bid in the Li Chengdu increased from 50% to 65%. Under the second compulsory sale of the adjacent Wah Ha Factory agreement (which was completed in February 2023), the Building, the two sites are intended to be redeveloped Group’s interest in the property management of Sino- for office and other commercial uses. Ocean Taikoo Li Chengdu increased to 100%. Under the In March 2022, the Group acquired an additional 6.67% third agreement (which was completed in February 2023), interest in the Citygate development in Tung Chung, the Group’s interest in the investment properties of Sino- Hong Kong. As a result, the Group’s interest in the Ocean Taikoo Li Chengdu increased to 100%. The Citygate development increased from 20% to 26.67%. consideration was RMB1,000 million under the first agreement, RMB59 million under the second agreement In June 2022, the Group acquired (via a government and RMB4,491 million under the third agreement. land tender) a plot of land at 269 Queen’s Road East in In February 2023, the Group acquired a 40% interest in a Wan Chai, Hong Kong for a consideration of site located in Lumphini sub-district in Pathum Wan district, approximately HK$1,962 million. The plot of land will be Bangkok for a consideration of approximately THB2.4 developed primarily for residential use with an billion. In partnership with City Realty Co. Ltd., the site is aggregate gross floor area (“GFA”) of approximately expected to be developed for residential purposes with a 116,000 square feet. Works preparatory to demolition site area of approximately 136,000 square feet. of the existing building have commenced. The development is expected to be completed in 2025. Portfolio Overview In July and August 2022, Swire Hotels announced plans The aggregate gross floor area (“GFA”) attributable to for two new, third-party owned hotels under The House the Group at 31st December 2022 was approximately Collective brand, in Tokyo and Shenzhen. The two 33.6 million square feet. hotels will be managed by Swire Hotels. In September 2022, the Group obtained the occupation Of the aggregate GFA attributable to the Group, permit for Two Taikoo Place. Two Taikoo Place, the approximately 29.9 million square feet are investment second phase of the Taikoo Place redevelopment, is an properties and hotels, comprising completed investment office tower with an aggregate GFA of approximately properties and hotels of approximately 24.1 million square one million square feet. Leased floors have been feet and investment properties under development or held handed over to tenants in phases. for future development of approximately 5.8 million square feet. In Hong Kong, the investment property and hotel In October 2022, a consortium in which the Group has a portfolio comprise approximately 13.7 million square feet 50% interest acquired (via a government land tender) attributable to the Group of primarily Grade-A office and the land use rights in respect of land in the Haitang retail premises, hotels, serviced apartments and other district of Sanya for a consideration of RMB1,308 luxury residential accommodation. In the Chinese million. The land is expected to be developed into a Mainland, the Group has interests in eight major premium, resort-style, retail-led development which will commercial developments in prime locations in Beijing, be Phase III of the Sanya International Duty-Free Guangzhou, Chengdu, Shanghai, Xi’an and Sanya. These 37 SWIRE PROPERTIES ANNUAL REPORT 2022