Landmark Upgrade

Hongkong Land Hldgs Ld
25 February 2003



To: Business Editor                  For immediate release

HONGKONG LAND ANNOUNCES PLAN TO UPGRADE THE
LANDMARK COMPLEX

US$210 million scheme to rejuvenate the core of Central

25th  February 2003 - Hongkong Land Holdings Limited today
announced  its  intention  to  implement  a  comprehensive
scheme to enhance The Landmark complex, a critical part of
the  Group's  property portfolio in  Hong  Kong's  Central
district.  The scheme, which is planned to commence  later
this  year,  will upgrade the existing retail environment,
add  a unique luxury hotel, create a new office tower, and
improve overall access to and within the development.

'The Landmark scheme will constitute another milestone  in
our   ongoing   investments  to  rejuvenate  Central   and
demonstrates  Hongkong  Land's  commitment  to  its   core
business,  its  customers, and to the  Central  district,'
said  Nicholas Sallnow-Smith, Chief Executive of  Hongkong
Land.  'Since it was first developed in 1980, The Landmark
has  offered high quality grade A office accommodation and
unrivalled  luxury retail space.  The scheme  will  ensure
the  continued  success  of  this  world  class  mixed-use
development and increase the value of our portfolio.'

The  proposal  was  designed  following  extensive  market
studies  and  consultations with key commercial  customers
and  relevant Government bodies.  A General Building  Plan
has   been  submitted  to  the  Buildings  Department  and
Hongkong Land expects to be able to commence work  on  the
scheme in the second quarter of 2003.

The scheme comprises the following principal elements:
* Creation of larger format two-storey shops around the
  existing Atrium and along Pedder Street
* Addition of two more retail floors around the Atrium
* Flexibility to include a purpose-designed luxury
  department store
* Creation  of a double-lane vehicle drop-off  and  primary
  entrance on Queen's Road Central
* Conversion of the low-zone of Edinburgh Tower to a unique
  118-room luxury hotel to be managed by Mandarin Oriental
  Hotel Group
* Development of a new office tower at Landmark East

The majority of the work is planned for completion between 2004
and 2005, with the office tower expected to be completed in end
2006. The estimated cost for the overall development is in  the
region  of US$210 million.  More details will be released  when
these have been agreed with the Government.

The  Landmark  Scheme follows a number of  projects  in  recent
years that have reaffirmed Central as the retail and commercial
heart  of  Hong Kong, including the remodelling of the Landmark
Atrium  in  1995, renovation of the retail podium  of  Prince's
Building in 1998, development of Chater House in 1998, and  the
current  renovation of Alexandra House retail podium,  due  for
completion in November 2003.

Hongkong   Land   is  a  leading  property  and  infrastructure
investment, management and development group.  The Company owns
and manages some five million sq. ft of prime office and retail
space  in  the heart of Hong Kong's Central business  district.
It is active primarily in the Hong Kong SAR, Mainland China and
Singapore,  and  has a portfolio of property and infrastructure
interests in other Asian cities.  Hongkong Land has its primary
share  listing  in  London and the shares are  also  listed  in
Singapore and Bermuda.  The Company is a member of the  Jardine
Matheson Group.
                            - end -

For further information,
please contact:

Hongkong Land Limited                            (852) 2842 8222
Helen Chiu

Matheson & Co Limited                          (44) 20 7816 8135
Martin Henderson

Golin/Harris Forrest
C T Hew                                          (852) 2501 7963

Weber Shandwick Square Mile                    (44) 20 7067 0700
Richard Hews/ Christian San Jose

This and other Group announcements can be accessed through the
Internet at 'www.hkland.com'.



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