Singapore, 19 January, 2004 CapitaLand Limited, through its wholly-owned subsidiary CapitaLand Residential, has entered into a conditional put and call option agreement with Ghim Li Property Pte Ltd (the 'vendor') to acquire a residential site in the Tanjong Rhu/East Coast area for S$51.9 million. The vendor is a wholly owned subsidiary of Ghim Li Holdings Co. Pte Ltd, a garment and textile company. CapitaLand expects to build approximately 150 to 200 homes on the 6,518 square metre site.The completion of the proposed purchase is dependent upon the vendorsatisfactorily fulfilling all conditions precedent in the put and call option. These conditions include the vendor converting the site from industrial use to residential use with a plot ratio of 2.8, and upgrading the remaining lease of about 60 years to a fresh 99-year tenure. The transaction is expected to be completed in the third quarter of 2004.Ms Patricia Chia, Deputy CEO of CapitaLand Residential Singapore, said, "We are pleased to add another well-located, leasehold site to our portfolio of properties. The proposed acquisition, together with the Jellicoe site, will give CapitaLand a more balanced portfolio of leasehold and freehold sites for development in the next few years. The East Coast area is traditionally popular with homebuyers. This site gives CapitaLand the opportunity to create a distinctive riverfront residential development. We intend to have the development launch-ready by 2005."Located at Kampong Kayu Road in Tanjong Rhu, the site is in a predominantly residential vicinity. Residents will enjoy the recreational facilities and amenities in the East Coast area. Schools in the vicinity include Dunman High School and Chung Cheng High School. From the site, it is a pleasant short walk to the proposed Circle Line MRT station at Stadium Boulevard/Old Airport Road, and a five-minute drive to the Central Business District.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.