Singapore, 23 April 2004 - CapitaLand's recently launched US$155.6 million (S$262 million equivalent) rated Residential Mortgage Backed Securities ("RMBS") issue has successfully closed with a subscription rate of two times for the Notes. The RMBS issue is backed by the sales receivables from two residential condominium projects by CapitaLand Residential - The Imperial and The Botanic On Lloyd. There is strong demand from a broad range of investors in Europe and U.S., including financial institutions, asset management firms, assetbacked security funds and insurance institutions. Bayerische Hypo-und Vereinsbank AG, Singapore Branch, is the lead manager and underwriter for the RMBS issue.The Notes were issued via special purpose company Arwen Investment Corporation Limited in three classes, and rated by international rating agencies -- Fitch, Moody's and Standard & Poor's. The Notes were distributed internationally with indicative ratings as follows:

Class: A1 Size: US$126 million Rating: AAA/Aaa/AAA

Class: A2 Size: US$17.8 million Rating: AA+/Aa1/AA

Class: A3 Size: US$11.8 million Rating: A+/A1/A

All the Notes carry quarterly coupon payments and have an expected maturity in October 2006. In-principle approval has been granted by the Singapore Exchange Securities Trading Limited ("SGX-ST") to list the Notes on the official list of the SGX-ST. Application has been made to list the Notes on the Luxembourg Stock Exchange.About CapitaLand LimitedCapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multinational company's core businesses in property, hospitality, property services and real estate financial services are focused in gateway cities in Asia, Australia and Europe. In these countries, CapitaLand is in partnership with reputable local players and has established a management team that understands the market, business practices and socioeconomic factors.The company's hospitality businesses, in hotels and serviced residences, span more than 60 cities around the world. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services in Singapore and the region.Kindly visit www.capitaland.com for more details.