For Immediate Release

November 5, 2004

Sun Hung Kai Properties (SHKP) announced that its East Kowloon retail flagship mall in Millennium City Phase 5 will be called APM. The developer intends to forge an exciting new APM brand and use innovative sales and marketing to exploit the opportunities arising from the transformation of East Kowloon to a commercial hub. The name APM is a combination of am and pm, or day and night, reflecting the new focus on late-night shopping and 'omni-lifestyle magazine' concept of the mall.

SHKP held a 'Play More...Sleep Less' party to celebrate East Kowloon entering a new era, hosted by Victor Lui, Executive Director of the Sun Hung Kai Real Estate Agency, and Jimmy Wong Chin-wah, Managing Director of Kai Shing Management Services.

Mr Lui said, "Sun Hung Kai Properties' vision for East Kowloon is based on its years of property development experience. East Kowloon has great development potential, with its extensive infrastructure, making it a prime area for investment. Millennium City has transformed East Kowloon into a business centre. With the completion of Phase 5, the entire project has over three million square feet of gross floor area. APM is the latest manifestation of SHKP's commitment to enhancing the value of its investment portfolio and upgrading service to grow with tenants."

Millennium City Phase 5 has around 700,000 square feet of prime office space and a regional shopping mall around 600,000 square feet. APM breaks the mold of ordinary shopping malls with its omni-lifestyle magazine concept. The mall's design, tenant mix and promotions will all be coordinated like the editorial layout of an elegant lifestyle magazine, reflecting market trends with various products and displays in a three-dimensional environment that appeals to different lifestyles. The mall will evolve as the market changes, rejecting static concepts to offer the latest in shopping, dining and life. Customers will discover something new and exciting every time they visit.

Visitors will be drawn by a diverse range of retailers, with trendy shops, fashion brands, special cuisine and entertainment. Over half of the 150 outlets are devoted to entertainment or food and beverages, creating a 'Play More...Sleep Less' culture. The innovative APM concept means extended shopping and entertainment hours. Retail shops will stay open until midnight, restaurants to 2:00 am and entertainment spots will never close.

Mr Wong said that APM will have an eclectic mix of 24-hour premium entertainment choices for visitors. The mall will also offer shoppers first-class service by SHKP member Kai Shing Management Services. APM has a prime location and extensive transport connections, with direct access to the Kwun Tong MTR station, a transport exchange and over 300 parking spaces to draw shoppers. All this, plus the existing 24-hour transport network, creates a strong customer base with a catchment area from East Kowloon to Hong Kong East.

World-renowned Benoy were selected to design APM. Glass walls were used to admit sunlight and create a spacious transparent feel, offering a stunning 270-degree view to shoppers and forming a new architectural icon in East Kowloon.

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