Swire Properties

Swire Properties
太古地產

One Island East houses Swire Properties' head office on the 64/F.[1]
Traded as	SEHK: 1972
Industry	Property
Founded	1972
Headquarters	Hong Kong
Key people	John Slosar, Chairman Guy Bradley, Chief Executive Michelle Low, Finance Director
Number of employees	4,500
Parent	Public listed Swire Pacific
Website	Swire Properties

Swire Properties Limited (Chinese: 太古地產, SEHK: 1972) is a property developer, owner and operator of mixed-use, principally commercial properties in Hong Kong and Mainland China. Founded and headquartered in Hong Kong in 1972, Swire Properties is listed on the Stock Exchange of Hong Kong and, with its subsidiaries, employs around 4,500 people. The company is a subsidiary of publicly listed Swire Pacific.

Business scope

Swire Properties operates business in three main areas:

1. property investment – property investment, namely the development, leasing and management of commercial, retail and residential properties as a long term investment
2. property trading – property trading, that is the development and construction of properties, principally luxury residential apartments, for sale
3. hotel investment and operations

History

Laying the foundations

Swire Properties was established in Hong Kong in 1972, with interests held by B&S Industries Limited and The Taikoo Dockyard and Engineering Company of Hong Kong Limited, which was renamed as Swire Pacific Limited in 1974. In 1975, Taikoo Shing, built on the former Taikoo Dockyard, became the first major development by Swire Properties. Tung Ting Mansion, the first block of Taikoo Shing, was offered for sale in January 1976.

In the following year, Taikoo Sugar Refinery Compound was renamed to the Taikoo Trading Estate (which is now known as Taikoo Place).

Swire Properties was briefly listed for the first time on the Stock Exchange of Hong Kong in 1977. Its shares were also traded on the London Stock Exchange.

Expansion into the US

In 1976, Swire Properties decided to invest in US by acquiring interests in Berkeley Hambro Inc, a developer headquartered in Tampa, Florida. Two years later, Swire Properties acquired interests in a joint venture with a Florida Cheezem Development Corporation Limited, to develop a 33.6-acre site on Claughton Island, Miami. Claughton Island was later renamed Brickell Key.

Pacific Place, Festival Walk and Citygate development

In 1985 to 1986, Swire Properties purchased the former Victoria Barracks in Admiralty and land surrounding it. The land was later redeveloped into Pacific Place, which was a hub consisting of a shopping mall, two office towers, serviced apartments and three five-star hotels. Pacific Place was fully completed in 1991. An office tower extension, Pacific Place Three, was completed in 2004. In 1999, StarCrest, a residential project adjacent to the Pacific Place hub, was completed, marking the revitalization of the entire Star Street area in Wan Chai.

In 1998, Festival Walk was completed, which offered retail space spanning seven levels, an office tower and a public transportation terminus. In 2011, Swire Properties sold its 100% interest in Festival Walk to Mapletree, a Singapore-based developer for HK$18.8 billion. The property transaction was the most expensive ever conducted in Hong Kong’s history.^[2][3]

In 1999, Swire Properties completed Citygate in Tung Chung, Lantau, as well as Tung Chung Crescent and Seaview Crescent, two residential projects providing in total almost 3,700 units. In 2006, the retail mall of Citygate was renamed Citygate Outlets, Hong Kong’s first outlet shopping mall.

Expansion into the mainland

In 2007, Swire Properties acquired the Beijing Sanlitun project, which comprises a low-rise mixed commercial scheme comprising retail development and a 99-room hotel. The southern portion of Sanlitun Village was also opened the following year. The northern portion of Sanlitun Village was opened in 2010, marking the official launch of the entire Sanlitun Village development. It was later renamed Taikoo Li Sanlitun.

In 2011, TaiKoo Hui was opened in Guangzhou, and INDIGO was opened in Beijing. Sino-Ocean Taikoo Li Chengdu was officially launched in 2015.^[4]

Public listing

In 2010, Swire Properties attempted to split from Swire Pacific and undergo an IPO, but in the end postponed due to adverse economic situation.^[5]

In 2012, Swire Properties was successfully listed by way of introduction on the Main Board of the Stock Exchange of Hong Kong. Its stock code is 1972 and its shares began trading on 18 January.

Hong Kong portfolio

Swire Properties’ investment portfolio comprises office and retail properties, serviced apartments, hotels and luxury residential projects.

Commercial projects

Swire Properties' investment portfolio in Hong Kong totals over 15.9 million sq ft (over 1.47 million sqm) of gross floor area.^[6]Taikoo Place,^[7] Cityplaza,^[8] Pacific Place^[9] and Citygate Outlets^[10] are the company's key holdings.

Taikoo Place

Taikoo Place is a decentralised office area with a hub of 10 inter-connected Grade-A office towers with a total gross floor area of over 6.64 million sq ft (approximately 617,000 sqm). Tong Chong Street, located at Taikoo Place, offers an open-air plaza for hosting cultural and entertainment events, streetside performances and charitable fundraising. A 20,000-sq ft multi-purpose venue, ArtisTree, was opened in 2008 for large-scale cultural events and exhibitions. A co-working space and tech startup accelerator blueprint was launched in 2014 to foster entrepreneurship in Hong Kong.^[11]

List of office buildings in Taikoo Place

• Warwick House (1979)
• Cornwall House (1984)
• Devon House (1993)
• Dorset House (1994)
• PCCW Tower (1994)
• Lincoln House (1998)
• Oxford House (1999)
• Cambridge House (2003)
• One Island East (2008)
• Berkshire House (2014)

Cityplaza

Cityplaza features Hong Kong Island’s biggest shopping mall by gross floor area, as well as three Grade-A office towers with a total GFA of 3.27 million sq ft (approximately 304,000 sqm). The lifestyle business hotel run by Swire Hotels, EAST, was opened in 2010. Cityplaza sits atop Tai Koo MTR station.

Pacific Place

Pacific Place is a mixed-use development comprising a shopping mall, three office towers, serviced apartments and four hotels in Admiralty. The Mall, Pacific Place offers over 711,000 sq ft (over 66,000 sqm) GFA of retail space, and houses approximately 140 retail and catering outlets. Pacific Place is directly connected to Admiralty MTR station.

Citygate

Citygate is located in Tung Chung near the Hong Kong International Airport on Lantau Island. Citygate Outlets consists of six levels of shops, a majority of which are outlets selling clothing and sportswear. The rest of Citygate complex is made up of a nine-storey office building (ONE Citygate) with a total GFA of approximately 161,000 sq ft,(approximately 15,000 sqm) and Novotel Citygate Hong Kong, a 440-room hotel managed by Novotel.

Residential projects

List of residential projects by Swire Properties

Mainland China portfolio

The company has an attributable portfolio amounting to over 9.4 million sq ft (over 870,000 sqm), including five mixed-use developments in Beijing, Guangzhou, Chengdu and Shanghai.

Taikoo Li Sanlitun, Beijing

Situated in the Chaoyang District of Beijing, Taikoo Li Sanlitun is Swire properties' first retail development in Mainland China. Featuring an open-plan lane-driven design, the development comprises two neighbouring retail sites and a hotel, The Opposite House. In total, the project has a GFA of approximately 1.47 million sq ft (over 136,000 sqm) and is home to over 220 retail outlets.

INDIGO, Beijing

Situated in Chaoyang District of Beijing, INDIGO is a retail-led mixed-use project with a total GFA of over 1.89 million sq ft (approximately 176,000 sqm). It consists of a shopping mall, a Grade-A office tower (ONE INDIGO), as well as a 369-room business hotel, EAST, Beijing. The development officially opened in 2012 and is linked to the Beijing Subway Line 14.

TaiKoo Hui, Guangzhou

TaiKoo Hui is Swire Properties' largest investment property in Mainland China with a total GFA of approximately 3.84 million sq ft (approximately 357,000 sqm). Situated in Tianhe Central Business District of Guangzhou, TaiKoo Hui is located at a transportation hub with direct access to Guangzhou’s metro system. TaiKoo Hui comprises a shopping mall, two Grade-A office towers, the Mandarin Oriental Guangzhou with serviced apartments and a cultural centre.

Daci Temple Project

The Daci Temple project, in the Jinjiang District of Chengdu near the Chunxi Road shopping district, is a large-scale retail-led development of over 2.86 million sq ft (over 265,000 sqm). It consists of an open-plan, lane-driven mall retail complex Sino-Ocean Taikoo Li Chengdu, a boutique hotel The Temple House with 100 guest rooms and 42 serviced apartments, and a Grade-A office tower Pinnacle One. The complex is accessible from the Chunxi Road interchange station of Metro Lines 2 and 3.

HKRI Taikoo Hui, Shanghai

HKRI Taikoo Hui is a large-scale retail-led mixed-use development. It is located on Nanjing West Road in the Jingan District of Puxi, Shanghai. The development comprises a retail mall, two offices towers and three hotels/serviced apartments of approximately 3.46 million sq ft (over 321,000 sqm). HKRI Taikoo Hui is scheduled to open in phases from 2016.

Dalian Project

CITIC Real Estate, Dalian Port Real Estate and Swire Properties jointly announced today that the three parties have signed a Framework Agreement signifying their intention to jointly develop a target project in Dalian Port.^[12]

The sites for the target project are at Renmin Road, the core business area of Zhongshan District in the city of Dalian, Liaoning Province, with direct connection to Dalian Metro Line 2. They are expected to be developed into a mixed-use development comprising a retail complex and apartments, with a gross floor area of 295,000 sqm.

Shanghai Qiantan Project

Swire Properties entered into a Framework Agreement with Shanghai Newbund Industrial Development Co., Ltd. (上海前灘實業發展有限公司) signifying their intention to jointly develop a retail project with an expected total gross floor area of approximately 1.33 million sq ft(124,000 sqm) in Qiantan, Pudong New District in Shanghai.^[13]

United States portfolio

Swire Properties Inc., established in Miami since 1979, is one of South Florida’s international developers of urban office, hotel and condo real estate.^[14]

Brickell Key Development

Swire Properties has invested US$1 billion in a master‐planned development of Brickell Key in Miami, Florida. This island mixed-use community includes two office buildings, commercial retail, eight condominium towers and the Mandarin Oriental, Miami.

Brickell City Centre

Brickell City Centre is an urban mixed-use development in the Brickell financial district in Miami, Florida. Phase I of the development consists of a shopping centre, EAST Miami hotel and serviced apartments, two office buildings and two residential towers. Phase II of the development is planned to consist of an 80-storey mixed-use tower comprising retail, office, hotel and residential space. The GFA of both phases totals 6.352 million sq ft (approximately 590,000 sqm).

As the largest private-sector project currently under construction in Miami, Brickell City Centre has commenced construction work on Phase I in 2012 with completion scheduled by the end of 2015. A second phase of construction will begin in the first quarter of 2016.

List of projects in Brickell Key by Swire Properties

• Brickell Key One (1982)
• Courvoisier Centre I (1986)
• Courvoisier Centre II (1990)
• One Tequesta Point (1995)
• Courvoisier Courts (1997)
• Two Tequesta Point (1998)
• Mandarin Oriental, Miami (2000)
• Three Tequesta Point (2001)
• Courts Brickell Key (2003)
• Jade Residences (2004)
• Carbonell (2005)
• ASIA (2008)

Singapore portfolio

In December 2012, Swire Properties agreed to acquire eight residential units at Hampton Court, 2 Draycott Park in Singapore as investment properties.^[15]

Swire Hotels

Swire Properties formed Swire Hotels in 2008 to create and manage urban hotels in Hong Kong, Mainland China and the United States.

List of hotel portfolio by Swire Properties

Swire Restaurants

Swire Restaurants owns and manages restaurants in Hong Kong. Plat du Jour is a French bistro in Quarry Bay. Ground PUBLIC is a café at One Island East and 625 King's Road, and PUBLIC is a restaurant at One Island East. The Continental is an all-day Grand Café at Pacific Place.

Sustainability and CSR

Environment

Swire Properties aims to reduce its environmental impact by reducing or preventing pollution and waste. Swire properties intends to reduce its annual energy consumption by 52 million kWh by 2020 from its 2008 amount.

Swire Properties currently has 24 HK-BEAM, BEAM Plus and 5 LEED Platinum and Gold-certified projects in its portfolio. The company has increased its total gross floor area in Hong Kong by 16.7% while achieving a simultaneous 13.1% energy reduction since 2001.^[16]

Community Ambassador Programme

In May 2001, around 40 Swire Properties employees established a volunteering programme in an effort to make a difference in the community. Since then, the Programme has grown to include over 1,000 employers, tenants and their family members who have participated in over 400 activities and contributed a cumulative 45,000 service hours.^[17]

References

External links

• Swire Properties
• Swire Properties in Miami
• Swire Pacific
• Swire Group
• Swire Hotels