CapitaLand Limited (CapitaLand) wishes to inform that it, together with its joint venture partners, American International Group, Inc. (AIG) and Lai Sun Development Company Limited (Lai Sun), today unveiled at a ceremony in Hong Kong, the design for a commercial building to be named AIG Tower. This project is being constructed on the site of the former Furama Hotel in Hong Kong.

The three companies earlier formed a strategic partnership, under the name Bayshore Development Group (Bayshore), for the project, with AIG and CapitaLand each having a 35% share and Lai Sun a 30% share. The attached press release issued today in Hong Kong is for information.

The total cost for developing AIG Tower, including land cost and finance cost, is estimated to be about HK$4 billion. Bayshore has already secured a HK$1.38 billion loan from the Bank of China.