Hongkong Land, Gammon Skanska and Schindler Lifts Scoop Jardine Matheson Group Pride in Performance Award

HONG KONG, 2nd June 2003 -- A project team that directed the design and construction of Hongkong Land's HK$ 1.9 billion property, Chater House, has taken the Premier Award in Jardine Matheson Group's prestigious 'Pride in Performance' Awards programme.

The three key players that were responsible for the development were the property owner and manager, Hongkong Land; the main contractor, Gammon Skanska; and the lift and escalator supplier, Schindler Lifts.

The success of the project was attributed largely to an innovative management technique enshrined within a 'Partnership Charter'. It was the first time that such a practice had been employed in the private sector of Hong Kong's construction industry.

The judges' report said, "This is a prime example of three Jardine Matheson companies working together as a team to ensure success and create competitive advantages¡KThey have created a building that exceeded world standards and will be a symbol of market leadership for years to come."

Commenting on the Award, Hongkong Land's Executive Director responsible for the development, Jim Robinson, said, "Chater House's design, development and construction spanned one of the most turbulent times in Asia's recent economic history, from 1997 to mid-2002. Our Company recognised that our original design for Chater House was no longer the best product for changing market conditions, so we re-designed the building in 1998, agreed on an even earlier completion deadline, and set out to make savings of 15% while maintaining world-class standards. This could only have been achieved through extraordinary co-operation by all parties."

A Partnership Charter requires each main player, and their sub-contractors, to commit to common performance objectives within a spirit of co-operation. It requires a common bond between the team members that bridge the historical industry divide between 'owner' and 'contractor'. "The creation of the Partnership Charter between owners and contractors transformed the mindset of the staff and recast old roles into a new innovative relationship that nurtured many industry 'firsts'", Mr Robinson added.

Key innovations included: Gammon Skanska's introduction of new safety features and its use of systemised formwork; Hongkong Land's 'shell and core' concept enabling anchor tenant JPMorgan to design its office fit-out to meet its needs, and flagship retailer Armani to introduce a completely new store concept; and Schindler's 'jump lift' construction and machineroom-less lift technologies.

Chater House was completed within the reduced budget, and received a further 11 external awards for excellence.

Despite the difficult market conditions, on opening, the building's retail space was 100% leased, and its office space was over 50% leased (over 75% to-date). The success of this innovative project was also instrumental in Gammon Skanska and Jardine Schindler securing a number of new contracts.

The Jardine Matheson Group's 'Pride in Performance' Awards programme has been designed to recognise individual business units within the Group that embody Jardines' core values of The Right People, Energy, Enterprise and Performance. The judges look for benefits that have a sustained value, and provide a real boost to the performance of the businesses.

For further information, please contact:
Hongkong Land
Helen Chiu		Tel: 2842 8222
Golin/Harris Forrest
Sue So		Tel: 2501 7966

Notes to Editor

About Hongkong Land
Hongkong Land is a leading property and infrastructure investment, management and development group. The Company owns and manages some five 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 has its primary share listing in London and the shares are also listed in Singapore and Bermuda. The Company is a member of the Jardine Matheson Group.

Chater House project team by Hongkong Land, Gammon Skanska and Schindler Lifts Scoop Jardine Matheson Group Pride in Performance Award