ST Property Investments, wholly-owned subsidiary of Singapore Technologies, acquired a 24.6% stake in DBS Land at a price of S$2.98 for each share in cash.
Acquired 32.5% stake in the Furama Hotel site in Hong Kong, with plans to redevelop into a prime office building. Increased stake to 35% in Oct.
Designed by an award-winning team, Woodsvale Executive Condominium was relaunched.
Established Net2room.com to provide broadband access to hospitality industry. Partners include The Ascott Group, a subsidiary.

Caltex House


Sold down stakes in Caltex House and Hitachi Tower, both located in Singapore’s Central Business District to 50% each.
The Ascott Group extends its presence in the Philippines, acquiring 60% stake in Somerset Millennium in Makati City, Metro Manila.
pFission was incorporated to spearhead investments in e-business and technology.



Launched final phase of The Floravale Executive Condominium in Jurong West.
Joint initiative launched to transform Technopark@Chai Chee into the first broadband-enabled industrial park in Singapore.
Raffles Holdings acquired 9% stake in Net2room.com.
New PREMAS subsidiary, PT. PREMAS International, started in Indonesia.
pFission formed consortium with leading property developers and agents to develop property vortal Propbuzz.com.



Luxury condominium project The Loft opened for sale to the public.
30% sold within a week.
To facilitate the e-initiatives for hotel operations, Raffles Holdings acquired 10% stake in BeXcom Southeast Asia, a B2B e-commerce solutions provider.

Palm Grove


Launched Palm Grove at Upper Serangoon Road. This resort-styled condominium was 70% sold within days of its launch.
eNabled Homes homepage


Announced merger plans between DBS Land and Pidemco Land to create the largest listed property company in Southeast Asia. Also announced concurrent merger plans between The Ascott and Somerset Holdings.
eNabled Homes formed between pFission, PREMAS and other partners to provide smart home features for condominiums.
Opened Somerset Millennium, located in the heart of Philippines’ financial centre.
Raffles International secured management contracts for two hotels in Raffles City from Dec 2001.
ESMACO launched Highly Innovative and Versatile Enterprise Solution (HIVES) with strategic partners to support property management services.
RESMA, subsidiary of ESMACO, was awarded a three-year management project by Ministry of Defence worth S$13 million.