Plot has potential to develop 2,000 units

Singapore, April 18, 2002 -- CapitaLand, through its subsidiary CapitaLand China, has acquired a 108,011 square metre residential site in Changning District, Shanghai, from Shanghai Xin Tian Di Real Estate Development Company. The site, with potential gross floor area of about 270,000 sqm, can build approximately 2,000 residential units. This will add to CapitaLands current development pipeline comprising about 1,700 units from Chrysanthemum Park Phase 3 in Pudong district and a site in Xuhui district. Located in a choice residential area, the site will enjoy a landscaped riverfront view and the convenience of a MRT station beside it. The site is expected to be developed into a quality residential condominium project over three to five years. The acquisition cost of the site is RMB 695 million (S$154 million). CapitaLand China, through its wholly owned subsidiary, Hua Sheng Holdings, will take a 97 per cent stake while Shanghai Xin Tian Di Real Estate Development Co. will take the remaining three per cent stake. CapitaLand President and Chief Executive Officer Mr Liew Mun Leong said, China is an important market for CapitaLand. We have now successfully set up our multi-sector businesses in China which includes commercial, residential, hospitality and property services. This prime site provides yet another exciting opportunity for us to tap the potential of the vast residential market in Shanghai. CapitaLand China Chief Executive Officer Mr Lim Ming Yan said, We are confident that Shanghais economy and residential property market will continue to perform well. Our new site allows us to bring to our customers a new lifestyle a lifestyle of quality and convenience. Changning district is already an established residential area with complete and sophisticated support facilities and amenities such as parks, shopping malls and international schools. The area is popular with both expatriates and Shanghainese. He added that, Since the first quarter of 2000, the housing price indices for both Shanghai and Changning have been on a steady upward trend. With the expected completion of the MRT extension in end 2004, we believe that the area will become even more popular with home buyers. The site has a standard land tenure of 70 years and will be handed over to CapitaLand by end 2002. It is located at the junction of Tianshan Road and Shuicheng Road. The north of the site faces a six hectare park along the bank of the famous Suzhou Creek. To the south of the site, the planned MRT Line 2 extension along Tianshan Road is expected to commence construction in June this year and be operational by end 2004. MRT Line 2 currently serves commuters travelling between Puxi and Pudong. The new extension will link the site to Hongqiao International Airport as well as the MRT transport network of Shanghai. The acquisition is not expected to have a material impact on the net tangible assets or earnings per share for CapitaLand for the current financial year ending December 31, 2002. None of the directors or substantial shareholders of CapitaLand has any interest, direct or indirect, in the above transaction. CapitaLand Chinas existing projects - Chrysanthemum Park Phase 1 is fully sold, while its Summit Panorama (Chrysanthemum Park Phase 2) has achieved close to 90 per cent sales and bookings since its launch in the second half of last year. Manhattan Heights, which was launched last year, has also achieved more than 90 per cent sales. For its development pipeline, in addition to Chrysanthemum Park Phase 3, CapitaLand China has a prime 28,000 sqm site in Xuhui District, Shanghai. The site is conveniently located near the Xujiahui shopping and commercial hub and will be developed into a quality condominium comprising about 800 apartments with a full range of facilities. Residents will be able to commute easily via the nearby MRT station. About CapitaLand CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multi-national company has property, hospitality and property-related products and services spanning more than 50 cities around the world. Its diversified business interests cover commercial and industrial buildings, residential, serviced residences, hotels, property funds, real estate financials and property services. The Company leverages on its significant asset base and its market knowledge to develop fee-based businesses. Given its scale, scope of services and geographic spread, the companys core assets are its people a strong international management team and a dedicated, professional staff. The Company believes in developing the best people to deliver the best products and services; in other words, building people who build for people.