Annual Report 2014

Transforming Urban Areas

The attributable underlying profit from the Property Division increased by 15% to HK$5,841 million. The increase in underlying profit principally reflects higher income from retail and office investment properties in Hong Kong and Mainland China and higher trading profits from the sale of luxury residential properties in Hong Kong. There were positive rental reversions at the investment property portfolio in Hong Kong and there was higher rental income from investment properties in Mainland China. The Property Division's net investment property valuation gain in 2014, before deferred tax in Mainland China, was HK$3,134 million, compared to a net gain in 2013 of HK$6,946 million.

2014 Movement in Underlying Profit
Higher profits from property investment, reflecting positive rental reversions in Hong Kong and higher rental income in Mainland China.
Higher profits from property trading in Hong Kong principally because of more units sold.
Better performances from hotels in Hong Kong and reduced losses from hotels in Mainland China.
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2014 Performance Highlights
Gross Rental Income
(Hong Kong)
Gross Rental Income
(Mainland China)
Operating Profit from
Property Trading
+HK$145 million
Projects Under Development
Shopping Mall
1,078,660 sf
527,307 sf
Office Towers
1,851,408 sf
  • Total Gross Floor Area: 3,457,375 sf
  • Scheduled to open in phases from 2016
  • Adjacent to an existing metro station and two planned additional metro stations and close to the Yan’an Expressway
  • Swire Properties group accounts for its 50% interest
  • Work on the basement and above ground construction of the two office towers, one of the hotels and the shopping mall is in progress.
1,134,000 sf
Shopping Mall
490,000 sfwith ground-level parking spaces
260,000 sf
EAST, Miami (Hotel and Serviced Apartment)
327,000 sf352 guest rooms and serviced apartments
Future Residential Development (Phase II)
520,000 sf
Future Development (Phase II)
1,300,000 sf
  • 80 storey mixed-use tower comprising retail, office, hotel and residential space
  • Incorporating 700 Brickell Avenue site acquired in July 2013
  • Total Gross Floor Area: 2,211,000 sf (Phase I) and 1,820,000 sf (Phase II)
  • Scheduled to be completed in 2015 (Phase I) and 2019 (Phase II)
  • Swire Properties group owns 100% of the office, hotel and residential portions and 86.5% of the retail portion of Phase I
  • Swire Properties group owns 100% of Phase II