Swire Properties has won the bid for a residential site on 269 Queen's Road East in Wan Chai for HKD1.96 billion, outbidding other developers including CK Asset, Sun Hung Kai Properties, Sino Group, Henderson Land Development, Wheelock Properties, and Kerry Properties. With a site area of approximately 13,200 sq ft (1,227 sqm), this parcel of land can generate a gross floor area of approximately 116,200 sq ft and is one of the few residential sites on Hong Kong Island to be included in the Government's Land Sale Programme this year. The site has a minimum size requirement of about 280 sq ft per unit with a market valuation ranging from HKD1.7 billion to HKD2.1 billion, or from HKD14,000 to HKD18,000 per sq ft, according to media reports.

Tim Blackburn, Chief Executive of Swire Properties, said the Company is delighted to have won the land tender despite fierce competition. He added that the plot, which is at a prime location, has enormous potential, and will play to Swire Properties' strengths – especially when it comes to creating premium, high-quality residential developments. This latest venture will build on the Company's success story in Wan Chai where the EIGHT STAR STREET residential project continues to be well-received.