For Immediate Release

April 27, 2001

Because of the strong interest in three and four bedroom units in Oscar by the Sea, Sun Hung Kai Properties announced that the developer decided to raise the price of large units in Phase 1 by 3% from May 14. In addition, since the new incentive financing packages launched last Friday drew such a good market response, the initial quota has now been filled and the no-interest, no-payment term has been reduced to two years. The other incentives remain unchanged.

Eric Chow, General Manager of the Sun Hung Kai Real Estate Agency, said the new incentive packages have been very popular with buyers. Over 100 units sold in less than a week, and of those, Phase 1 units were most popular. Only about 100 large flats now remain. As Phase 1 will be ready for handover this August and this configuration is very rare in the district, the developer decided to raise prices.

Show flats for Oscar by the Sea, on 10/F of Millennium City Phase 2 at 378 Kwun Tong Road, are open to the public from 10:00 am to 9:00 pm daily, with a free shuttle bus service for visitors.

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