Hongkong Land Unveils New Look of 11 Chater Road

HONG KONG, 5th March 2001 -- Hongkong Land, Central's leading landlord and property developer, today released architects' (computer-generated) visual concepts and details of the 11 Chater Road redevelopment. The building, comprising a 23-level office tower above a 3-level retail podium and a 3-level carpark basement, is targeted to meet the sophisticated demands of banking and financial tenants, and leading international retailers.

The 438,500 net sq.ft. (498,000 sq.ft. gfa) office tower features highly efficient large column-free floorplates and a comprehensive infrastructure of the latest telecommunications and M&E facilities. New and upgraded pedestrian bridges will join the building to other Hongkong Land properties and key landmarks in Central. The retail podium offers an additional 45,000 net sq.ft. (81,000 sq.ft. gfa) of prime retail space right in the heart of Hong Kong's leading shopping destination.

Commenting on the Company's latest property development, Hongkong Land's Executive Director Raymond Chow, who is responsible for the Company's Hong Kong commercial portfolio, said: "The design of 11 Chater Road meets today's need for very efficient space with maximum flexibility in services. The project completion is on schedule for mid-2002 and will help to satisfy the increasing demands for world-class office and retail accommodation in Central.

"We will be offering the market a high quality, state-of-the-art building equipped with the best possible facilities and property management services. This is the third generation of buildings on this site and underlines our Company's commitment to Hong Kong's Central business district."

Mr Chow also said that the property, depending on the size of tenancy, would be leased on a 'shell and core' basis, a first for Hong Kong. This new handover concept will enable tenants to specify precisely their requirements before floor and ceiling are fitted, allowing for a more cost-effective and time-efficient fit-out.

11 Chater Road is Hongkong Land's latest development in Hong Kong, costing some US$300 million including construction costs, professional fees and interests. The project is on budget.

The building's location, its links to other main buildings and landmarks in the district, as well as access to all modes of transport, including both MTR and Airport Express stations, will make it a much sought-after address for top companies.

"Response to the development has been very positive and its superior quality, combined with the scarcity of new Grade A prime space supply in Central, has resulted in very active leasing discussions," he said.

Diversity and back-up for key systems are also key features of the building. These encompass first-class wireless and fixed-network infrastructure with broadband Internet access, as well as advanced power, air-conditioning and security systems.

The building is designed by leading US architects, Kohn Pedersen Fox Associates PC in association with LPT Architects Limited, and is constructed by Asia's leading construction company Gammon Building Construction Limited.

The site of 11 Chater Road was reclaimed from the sea in 1904/05 and has been owned by Hongkong Land since 1946.

For further information, please contact:
Hongkong Land
Helen Chiu
Tel: 2842 8222
Weber Shandwick Worldwide
Martin Spurrier
Tel: 2543 6449

Notes to Editor

Hongkong Land
Hongkong Land is a leading property and infrastructure investment, management and development group. The Company owns and manages some 5 million sq.ft. of prime office and retail space in the heart of Hong Kong's Central business district. It is active primarily in the Hong Kong SAR, Mainland China and Singapore, and has a portfolio of property and infrastructure interests in other Asian cities. Hongkong Land employs some 600 people, has its primary share listing in London, and at end of 2000, reported shareholders' funds in excess of US$6 billion.