"2004 was a watershed year that stabilised the Singapore residential market. The economic recovery and strong affordability augur well for the residential market. We will continue to build distinctive homes of lasting value for discerning buyers."

The Singapore residential market saw buyer sentiments strengthen on the back of the country's strong economic recovery, especially in the second half of the year. CRL launched two projects towards the end of the year, Varsity Park Condominium and the first phase of Citylights condominium. They were both very well received.

In Singapore, CRL has also been selectively looking for good development sites. It signed an agreement to subscribe to a 90% stake in Ghim Li Property in November. Upon completion, this agreement will give CRL the right to develop the leasehold site in Tanjong Rhu into a riverfront condominium development. During the year, The Loft condominium won both international and local acclaim for design excellence.