Singapore, 15 Oct 2002 - CapitaLand, through its subsidiary CapitaLand China, released its latest Shanghai residential project -- Summit Residences -- to overwhelming response. One block, comprising 132 units, was released for preview mid last week at an average price of RMB 9,800 per square metre (S$2,130 psm). About 90 per cent of the units have been sold within the week.

Located next to the Lujiazui financial district in Shanghai close to Times Square Pudong, the 913-unit Summit Residences is the third phase of the Chrysanthemum Park development. Phase 1 with 1,109 units is fully sold. The 939-unit Phase 2 (called Summit Panorama) was launched in 2001 and is almost fully sold.

Chief Executive Officer of CapitaLand China Mr Lim Ming Yan said: We are very pleased with the strong response to Summit Residences. This is a premier condominium located right in the heart of Pudong district, and we have created an air of elegance for all units with high quality fittings. In view of the strong take-up rate, we intend to release new units soon.

Summit Residences is beautifully designed in eight blocks with lush landscaped gardens. Buyers choose from one to four bedroom unit types with sizes ranging from 807 sq ft (75 sq m) to 2,476 sq ft (230 sq m). For the first time in Shanghai, CapitaLand will provide full quality fittings for all units at Summit Residences. A comprehensive range of recreational facilities including a tennis court, spa pool, clubhouse with fully-equipped gym, childrens playroom and a caf cater to the wide-ranging needs of individual lifestyles.

Residents will enjoy the convenient proximity to Times Square Pudong and nearby amenities. Summit Residences is also a short drive to Yuan An Road tunnel, and the Nan Pu and Yang Pu bridges. When the new Fuxing East Road tunnel next to Summit Residences is completed, traveling to dining and entertainment hubs like Xin Tian Di or Fuxing Park will take about 15 minutes. Alternatively, residents may choose to travel by the Lujiazui and Dongchang Road MRT stations which are within walking distance. Summit Residences is expected to be completed by 2004.

CapitaLand Groups existing projects in China include the recently topped-out Raffles City Shanghai, comprising a grade A office tower and a retail podium. The Groups hospitality businesses include serviced residences in Beijing and Shanghai, and two hotels in Beijing and Dalian. Its property services arm, PREMAS, has also recently launched a joint venture with US property consultant Cushman & Wakefield to form Cushman & Wakefield PREMAS to provide real estate management, brokerage and consultancy services in China.

In addition, CapitaLand China has in its pipeline a prime 28,000 sqm site in Xuhui District in Shanghai which will be developed into a quality 800-unit condominium. It also owns a 108,011 sqm site in Changning District in Shanghai, where it will build 2,000 residential units. The recent acquisition of a site in Chaoyang District, Beijing will be the site of a 1,450-unit residential development.

About CapitaLand