Swire Properties, the developer of Taikoo Place, has received a notice of the sale of PCCW Tower by Pacific Century Premium Developments and is reviewing its position, according to a spokeswoman. Swire has first-refusal rights in the PCCW Tower sale. On Monday, PCCW unit Pacific Century Premium Developments agreed to sell the 620,000 square foot building in Taikoo Place to a closed-end property fund managed by Prudential Financial's regional property investment arm. Macquarie Securities analyst Eva Lee believed Swire might not exercise the option due to its large land bank in Quarry Bay. She said the deal indicated the attractiveness of office buildings in Taikoo Place, which in turn lifted sentiment on Swire's land bank. Shares of its parent Swire Pacific yesterday rose 4.1 per cent to $63. Pacific Century Premium Developments shares fell 1.8 per cent to $2.725. The stock has jumped 21 per cent so far this month. Ms Lee said investors dumped the shares partly due to uncertainties about the outlook for the firm and how the capital would be used. However, she said it was an efficient way for Pacific Century Premium Developments to generate capital for the redevelopment of its telephone exchanges into mass and upmarket residential projects. Meanwhile, Bank of East Asia, the city's fourth-largest lender, has put up for sale seven properties that will be left vacant when the bank moves back-office operations to Millennium City in Kwun Tong at the end of the year. The bank has appointed Jones Lang LaSalle as the auction's arranger. The first property in line is a six-storey building on Argyle Street in Mongkok, with an area of 6,722 sqft. The deadline for tenders is December 15. BEA's senior management could not be reached for comment yesterday.