SWIRE PROPERTIES ANNUAL REPORT 2023 In March 2022, the Company announced a plan to invest In February 2023, the Group acquired a 40% interest in a HK$100 billion over ten years in development projects in site located on Wireless Road in Lumphini sub-district in Hong Kong and the Chinese Mainland and in residential Pathum Wan district, Bangkok for a consideration of trading projects (including in South East Asia). The target approximately THB2.4 billion. In partnership with City allocation is HK$30 billion to Hong Kong, HK$50 billion to Realty Co. Ltd., the site is expected to be developed for the Chinese Mainland and HK$20 billion to residential residential use with a site area of approximately 136,000 trading projects (including in South East Asia). At 8th square feet. March 2024 approximately HK$58 billion of the planned In June 2023, the Group announced plans to develop a investments had been committed (HK$11 billion to luxury residential and hospitality project in Miami, which Hong Kong, HK$37 billion to the Chinese Mainland and will include the redevelopment of the existing Mandarin HK$10 billion to residential trading projects). Major Oriental Miami hotel. The project, which has been branded committed projects are residential developments at Chai as The Residences at The Mandarin Oriental, Miami, will Wan Inland Lot No. 178, at 269 Queen’s Road East, at consist of two towers at the southernmost point of Brickell 983-987A King’s Road and 16-94 Pan Hoi Street in Hong Key. The first tower will comprise luxury private residences Kong, and at Wireless Road in Bangkok, a retail-led mixed- managed by Mandarin Oriental. The second tower will use development in Xi’an, a retail-led development in comprise a new Mandarin Oriental hotel as well as private Sanya, mixed-use developments in the Yangjing and residences and hotel residences. Sales reservations were New Bund in Shanghai, office and other commercial use launched in December 2023. developments at 8 Shipyard Lane and at 1067 King’s Road in Hong Kong. Uncommitted projects include further In July 2023, the Group obtained full ownership of Wah Ha retail-led mixed-use projects in Tier 1 and emerging Tier 1 Factory Building in Quarry Bay, Hong Kong. Together with cities in the Chinese Mainland, including Guangzhou and the adjacent wholly-owned Zung Fu Industrial Building, Beijing, with a plan to double our gross floor area in the the two sites are intended to be redeveloped for office and Chinese Mainland, further expansion at Pacific Place and other commercial uses. Taikoo Place in Hong Kong as well as further residential In July 2023, a joint venture company in which the Group trading projects in Hong Kong, the Chinese Mainland, holds a 25% interest started the pre-sales of LA Miami and South East Asia. MONTAGNE, a residential development in Wong Chuk Key Developments Hang, Hong Kong. Superstructure works of the development are in progress. In December 2022, the Group entered into three In September 2023, the Group successfully bid and entered conditional agreements with the Sino-Ocean group to into equity transfer agreements to acquire a 40% equity acquire further interests in Taikoo Li Chengdu (formerly interest in each of the Shanghai Yangjing Mixed-use Project known as Sino-Ocean Taikoo Li Chengdu). Under the first and the Shanghai New Bund Mixed-use Project, from agreement (which was completed in December 2022), Shanghai Lujiazui Group Co., Ltd and Shanghai Qiantan the Group’s interest in Taikoo Li Chengdu increased from International Commercial Area Investment Group Co., Ltd 50% to 65%. Under the second agreement (which was (“Lujiazui Group”), respectively. The consideration was completed in February 2023), the Group’s interest in the RMB6,594 million for the Shanghai Yangjing Mixed-use property management of Taikoo Li Chengdu increased to Project and RMB3,116 million for the Shanghai New Bund 100%. Under the third agreement (which was completed in Mixed-use Project. The two sites will be developed into February 2023), the Group’s interest in the investment large-scale, mixed-use projects, including retail, office and properties of Taikoo Li Chengdu increased to 100%. premium residential components. The Yangjing and The consideration was RMB1,000 million under the first New Bund projects have an expected gross floor area of agreement, RMB59 million under the second agreement approximately 4,200,000 and 4,100,000 square feet and RMB4,491 million under the third agreement. respectively. The transactions were completed in November 2023. 33