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News Release

Hong Kong

Hang Seng Sai Wan Ho Building, No. 171 Shaukiwan Road For Sale by Public Tender

The tender will close on 22 October 2012

HONG KONG, 21 AUGUST 2012 – According to the sole agent Jones Lang LaSalle, the site of Hang Seng Sai Wan Ho Building, No. 171 Shaukiwan Road is now up for sale by public tender.  The tender will close at noon on Monday, 22 October 2012.  The property is to be sold partly with the existing tenancies and partly with vacant possession, while the G/F portion which is now occupied by Hang Seng Bank is to be sold under the sale and leaseback arrangement.  Stable rental income is ensured.

Hang Seng Sai Wan Ho Building is located on the north of Shaukiwan Road, near its junction with Hoi An Street. Close to the Taikoo Place commercial cluster, Sai Wan Ho is one of the traditional residential districts in Island East. With several high-end residential projects completed in recent years, including Grand Promenade, Les Saisons, Scenic Horizon and Grand Garden, Sai Wan Ho has become a more energetic and dynamic area. Shaukiwan Road is one of the major thoroughfares in Sai Wan Ho, with endless pedestrian flow throughout day and night while enjoying excellent accessibility.  Sai Wan Ho MTR Station is in the proximity and it takes only 5 minutes and 15 minutes to drive to Taikoo Place and Central District, respectively.

Completed in 1976, Hang Seng Sai Wan Ho Building is a 22-storey composite commercial/residential building, with 16 floors designated for domestic use and 6 floors for commercial use.  Commanding an open view, the entire building comprises a total gross floor area of approximately 65,596 sq ft and a site area of approximately 6,300 sq ft.

Jones Lang LaSalle’s Managing Director and Head of Capital Markets Hong Kong Joseph Tsang comments, “Located in one of Hong Kong Island’s popular urban residential districts while stretching a site area of approximately 6,300 sq ft, which is rarely seen in urban areas on Hong Kong side, Hang Seng Sai Wan Ho Building demonstrates a huge redevelopment potential. Upon redevelopment, some of the units on the higher floors will enjoy harbour views.  At the same time, it is also ideal for long-term investment purpose.  We expect it to attract the attention from developers and investors alike.”