Mr. Jolyon Culbertson, Director & General Manager of Swire Properties attend  Media Interview after Eye-dotting Ceremony at Pacific Place.

Overall comments on the company’s projects:

Have no change for all current projects with no additional project.

We will be more advanced for the existing projecgts. 

Office and Retails Portfolio

1) Overall Performance in Retail Portfolio

Retail is much more specific to locations. all our shopping centres are extremely well located.

We have satisfactory performance in X mas & CNY, not a lot of change from previous years.

Quite a healthy business all round.

2) Occupancy Rate

Retail: all our shopping centres are full. Expected retail occupancy would remain 100%

Office buildings: Almost full, only brand new One Island East (OIE) got 3 floors remaining to let. The occupancy rate for OIE is 95%

3) Leasing Situations

Office Tenants

No financial institution has terminated the rental contract, All contracts in last year were continuing as they were. No body needs to move out.

2009 Rental Income:

Office building rentals is expected to be mild softening during the year. Less expansion is going on, so no more demand for new space as of last year.

Reduce in rental income, yet renal cycle is a period of 3-5 years, so rental may vary. We are now expecting the positive reversion coming through this year. Indeed, the current rental is higher than 4 years ago.

We expect confidence returning in Q4 2009 as we are expecting some new demand.

4)  On Pacific Place Project

The renovation programme has planned 2 years ago, and has been stared last year, and is continuing as planned.

The expected expenditure on the project would not change much, but would be varied according to the market as it is a timely exercise.

information from  Swire Properties Limited