09:41     PCPD<00432> - Announcement (3)                                      

                                                    cable for                 
                                                    Phase R1A of              
                                                    the                       
                                                    residential               
                                                    portion of the            
                                                    Cyberport                 
                                                    project                   
                    Consideration   :               HK$36,112                 
    (4)             Date of         :               30 December               
                    agreement                       2004                      
                    Parties         :                (i) CPML; and            
                                                     (ii) Unihub              
                    Purpose         :               The                       
                                                    enhancement of            
                                                    CPML's cost               
                                                    management                
                                                    system by                 
                                                    Unihub                    
                    Consideration   :               HK$139,200                
    (5)             Date of         :               11 April 2005             
                    commencement                                              
                    of                                                        
                    work                                                      
                    Parties         :                (i) CPL; and             
                                                    (ii) PCCW-HKT             
                                                    Network                   
                                                    Services                  
                                                    Limited                   
                                                    (`PNSL'), a               
                                                    wholly-owned              
                                                    subsidiary of             
                                                    PCCW                      
                    Purpose         :               Alteration and            
                                                    addition works            
                                                    for the                   
                                                    re-wiring of              
                                                    telephone                 
                                                    cable for                 
                                                    Phase R1B of              
                                                    the                       
                                                    residential               
                                                    portion of the            
                                                    Cyberport                 
                                                    project                   
                    Consideration   :               HK$51,790                 
                                                                              
    With respect to the transactions referred to in (1) and (2) above,        
    the contracts were awarded to Unihub and PTSL respectively through an     
    open tender process. The bases of selection included pricing,             
    compliance with specifications and track record.                          
                                                                              
    With respect to the transactions referred to in (3) and (5) above,        
    the contracts were awarded to PBSL and PNSL as they were the              
    contractors for the base building block wiring for Phase R1A and          
    Phase R1B respectively. It was more cost efficient for them to handle     
    the alteration and addition works for those two phases, particularly      
    because the works had to be done urgently and the value of the works      
    was small.                                                                
                                                                              
    With respect to the transaction referred to in (4) above, the             
    contract was awarded to Unihub as it was the original contractor for      
    the design and build of, and thus had full knowledge of, the relevant     
    cost management system, so it was desirable for it to handle the          
    enhancement of the system under a tight timetable.                        
                                                                              
    All the above transactions had been entered into in the usual and         
    ordinary course of business of the Company and the Company is of the      
    view that the terms of the transactions are fair and reasonable and       
    in the interests of the shareholders of the Company as a whole.           
                                                                              
    GENERAL                                                                   
                                                                              
    The Group is principally engaged in the development of premium            
    properties in Asia and the investment in premium-grade buildings in       
    Asia or substantial parts thereof.                                        
                                                                              
    PCCW is the largest telecommunications provider in Hong Kong and one      
    of Asia's leading integrated communications companies. PCCW provides      
    key services in the areas of: integrated telecommunications;              
    broadband solutions; connectivity; narrowband and interactive             
    broadband (Internet services); information technology solutions and       
    services and infrastructure.                                              
                                                                              
    DEFINITIONS                                                               
                                                                              
    In this announcement, the following expressions have the meanings         
    set out below unless the context requires otherwise:                      
                                                                              
    `Company'                      Pacific Century Premium                    
                                   Developments Limited                       
    `CPL'                          Cyber-Port Limited, a                      
                                   wholly-owned subsidiary of                 
                                   the Company                                
    `CPML'                         Cyber-Port Management