CapitaLand and Hwa Hong Corporation will officially launch the 545-unit RiverGate residential development (汇锦园) this Saturday, 21 May 2005. The freehold development, located along the Singapore River at Martin Road, is priced at an average of S$1,080 per square foot.

To-date, about 65% of the 210 units released for preview sales have been sold. The purchasers include Ferrell Premier Real Estate Investment Fund, high net-worth investors, and local and foreign homebuyers. Ferrell Premier Real Estate Investment Fund, an international fund managed by Ferrell Asset Management Limited, had earlier bought 80 units for a total of S$146 million.

Ms Patricia Chia, CEO of CapitaLand Residential Singapore, said: “We are very pleased with the current strong response to RiverGate. Our feedback from these investors and homebuyers is that this is a rare freehold riverfront home along the historic Singapore River. Its location is excellent, within minutes from Orchard Road and Singapore’s central business district. They are also attracted by the RiverGate’s cutting-edge design features. An additional 160 new units will be released this weekend, and we are expecting high buyer interest.”

Mr Ong Choo Eng, Group Managing Director of Hwa Hong Corporation said: “RiverGate is a stunning development that appeals to both discerning investors and homebuyers as it offers a rare opportunity to own a home in a landmark project. The development is also well-positioned to offer attractive upside potential.”

RiverGate is the first residential project in Singapore to be accorded landmark status by the Urban Redevelopment Authority. The ‘landmark’ status is accorded only to buildings that are strategically located and that have demonstrated cutting-edge architectural design. RiverGate has been recognised for its bold architectural design featuring verdant multi-storey sky gardens, and lush green vista that seamlessly integrates with the Singapore River promenade.

The development is located in Robertson Quay, a neighbourhood with a bustling mix of apartments, offices, dining and entertainment facilities. It has three blocks of 43 storeys, each standing majestically amid the urban landscape. The buildings in the vicinity are primarily 10 storeys in height. The majority of RiverGate’s apartments will enjoy views of the river, while the higher floors enjoy good views of the business district. Buyers have a choice of two- to four-bedroom unit types and there will be 12 penthouses. The unit sizes are from 1,000 sq ft to 4,000 sq ft.

RiverGate offers a range of leisure and fitness facilities, including swimming pools, tennis courts, gymnasium, basketball court, Jacuzzi, and clubhouse. It is also within minutes from the trendy dining and shopping amenities in the Orchard Road area. Temporary Occupation Permit for RiverGate is expected to be obtained in 2009.

CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multinational company's core businesses in property, hospitality and real estate financial services are focused in gateway cities inAsia, Australia and Europe. The company's property and hospitality portfolio spans more than 80 cities in 28 countries. 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. The listed subsidiaries and associates of CapitaLand include Raffles Holdings, The Ascott Group, CapitaMall Trust, CapitaCommercial Trust and Australand Property Group, which is listed both in Singapore and Australia. Please visit www.capitaland.com for more details.

About Hwa Hong Corporation Limited

Hwa Hong Corporation Limited (“Hwa Hong”) was incorporated on 29 December 1952 and admitted to the Official List of the Singapore Exchange Limited on 26 July 1979. The principal activity of Hwa Hong is that of an investment holding company and the group is primarily engaged in real estate investment and development, general insurance, manufacturing and trading. Hwa Hong’s key geographical markets are in South East Asia, United Kingdom, Australiaand the People’s Republic of China.

Issued by: CapitaLand Limited (Co. Regn: 198900036N)

Hwa Hong Corporation Limited (Co. Regn: 195200130C)