SWIRE PROPERTIES ANNUAL REPORT 2023 Hong Kong 269 Queen’s Road East, Wan Chai EIGHT STAR STREET, Wan Chai In June 2022, the Group acquired (via a government EIGHT STAR STREET at 8 Star Street, Wan Chai is a land tender) a plot of land at 269 Queen’s Road East in residential building (with retail outlets on the lowest two Wan Chai. The plot of land will be developed primarily levels) of approximately 34,000 square feet. The for residential use with an aggregate GFA of occupation permit was obtained in May 2022. 34 out of approximately 116,000 square feet. Site formation works 37 units had been sold at 8th March 2024. Sales of 33 and foundation works have commenced since July 2023 units had been recognised at 31st December 2023, 6 of and are in progress. The development is under design them in 2023. Sale of 1 unit is expected to be recognised stage and expected to be completed in 2026. in 2024. 983-987A King’s Road and 16-94 Pan Hoi Street LA MONTAGNE, Wong Chuk Hang In 2018, a joint venture company in which the Group (formerly known as Wong Chuk Hang Station holds a 50% interest submitted a compulsory sale Package Four Property Development) application in respect of this site in Quarry Bay. In A joint venture formed by the Group, Kerry Properties August 2023, the Lands Tribunal granted the compulsory Limited and Sino Land Company Limited is undertaking a sale order for the site. In October 2023, the joint venture residential development in Wong Chuk Hang in Hong company obtained full ownership of the sites. In Kong. The development will comprise two residential accordance with applicable town planning controls, it is towers (Phases 4A and 4B) with an aggregate GFA of expected that the site can be redeveloped for residential approximately 638,000 square feet and about 800 and retail uses with a GFA of approximately 440,000 residential units. Superstructure works are in progress. square feet. Pre-sales of Phase 4A started in July 2023. 52 out of Hong Kong Residential Market Outlook 432 units had been pre-sold at 8th March 2024, all of In Hong Kong, residential market sentiment remains soft them in 2023. Sales of these units are expected to be in light of economic uncertainties and high interest rate recognised in 2025. The development is expected to be environment, despite the cancellation of stamp duty completed and handed over to the purchasers in 2024 measures issued by the HKSAR Government. It is and 2025 respectively. The Group has a 25% interest in anticipated that the market confidence and sentiment the joint venture. might take some time to be rebuilt after the end of Chai Wan Inland Lot No. 178 interest rate hikes. Demand remains resilient in the In 2021, a project company held as to 80% by the Group medium to long term, supported by local demand and and as to 20% by China Motor Bus Company, Limited limited supply. completed a land exchange with the HKSAR Government in respect of a plot of land in Chai Wan. The plot of land is being redeveloped into a residential complex (with retail outlet) with an aggregate GFA of approximately 694,000 square feet. Superstructure works are in progress at the Phase 1 site, while substructure works are underway at the Phase 2 site. The development is expected to be completed from 2025. 57