(Hong Kong, 2 May, 2002) Shui On Building Contractors Limited (SOBC), a wholly owned subsidiary of Shui On Construction & Materials Limited ("SOCAM", stock code: 983), has been awarded a HK$793 million construction contract by the Hong Kong Housing Authority for the Redevelopment of Shek Pai Wan Estate Phase I.

The project includes the construction of three 41-storey NH1 Blocks (Options 1, 2 & 3), a 36-storey NH Annex 5 Block, a 10-storey Small Households Development Block, and a four-storey commercial/carpark podium, as well as all associated underground drainage and external works. It is scheduled to be completed by December 2004.

SOBC, a leading building contractor in public housing construction in Hong Kong, has been selected by the Hong Kong Housing Authority as one of only six Premier League contractors. Recently, the company has also been included in the Works Bureau's List of Approved Specialist Contractors for Public Works under the category of "Repair and Restoration of Historic Buildings". Being the first ISO 9002 certified construction company in Hong Kong, the company has also obtained ISO 14001 environmental management system certification and OHSAS 18001 occupational health and safety certification.