Hongkong Land Commences HK$170 Million Refurbishment of Prince's Building Retail Podium

HONG KONG, 21st April 1998 -- Hongkong Land Limited announced today the commencement of a HK$170 million (US$22 million) refurbishment programme of the 140,000 sq ft Prince's Building retail podium. Hongkong Land's latest investment will maximise the potential of this prime retail site in the heart of Central and is part of the company's strategy to enhance the environment and image of Hong Kong's leading business and commercial district.

The refurbishment starts immediately and is scheduled for completion by May 1999. The ground, mezzanine and first floors are included in the overall scheme while the second and third floors will be virtually unaffected. The refurbishment works will not involve any of the office floors in Prince's Building, which begin on the fourth floor.

Externally, the main feature of the refurbishment will be the creation of attractive, new double-storey shop units at street level. The existing concrete canopy on Chater Road, Ice House Street and Des Voeux Road Central will be removed and replaced by a metal-and-glass canopy at the first floor level. The present external finishes of the podium will then be replaced with new high quality stonework.

Internally, major refurbishment and reprofiling of the shopping arcades at the three lower floors will create a more contemporary and attractive shopping environment. The work will involve new designs for shopfronts, new finishes for floors, walls and ceilings and specialist architectural lighting. New directional signage and retail directories will also be installed to complement the improved ground-floor access.

Hongkong Land's Managing Director, Percy Weatherall, said: "Our policy is to provide retail tenants with the best possible space. Our investment in Prince's Building will complement the newly refurbished Landmark Atrium and create a dynamic new retail environment, making Central even more attractive to local shoppers, to overseas visitors and to our office tenants."

He added this project is an integral part of the Hongkong Land 2000 programme, a comprehensive three-year investment initiative in Hongkong Land's buildings, facilities and services to ensure they continue to deliver the highest standards. It seeks to bring added value to the Company's tenants by enhancing the appeal of Central.

The refurbishment scheme will be implemented in phases to minimise disturbance to tenants and shoppers. Access to the upper retail floors will be maintained throughout the refurbishment via the escalators at the Chater Road entrance and the lift lobbies to all floors of the building will continue their normal operation. The refurbishment will be managed by Hongkong Land. During the refurbishment programme, a number of shops on the ground floor, and the whole of the second and third floors will remain open.

Three of Hongkong Land's major properties - The Landmark, Prince's Building and Alexandra House - hold one of the highest concentrations of top retail names in the world with approximately 400 tenants occupying some 584,000 sq ft of space. Hongkong Land continues to invest in these leading retail sites to ensure their continued success. The main phase of the HK$170 million (US$ 22 million) refurbishment of the 217,000 sq ft Landmark Atrium was completed in April 1997.

Hongkong Land owns and manages some 5 million sq ft of prime office and retail space in the heart of Hong Kong's Central business district. The Group also manages a portfolio of property and infrastructure investments in Asia and is currently active in the Hong Kong SAR, Mainland China, Singapore, the Philippines, Vietnam and Indonesia.

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Issued on behalf of Hongkong Land Limited by Ludgate Asia. For further information, please contact:

Hongkong Land
Ian Hawksworth
Norman Leung
Tel: 2842 8288 (Office)
Tel: 2842 8149 (Office)
Ludgate Asia
Stuart Ridsdale
Jennifer Tin
Tel: 2543 2240 (Office)
Tel: 2542 6115 (Office)