CapitaLand has been awarded the Jellicoe site by the Urban Redevelopment Authority. The company plans to build a 43-storey condominium with approximately 500 homes on the site, including 16 art-deco conserved shophouses. The high-rise development will enjoy views of the Kallang Basin and the surrounding city.

CapitaLand President and CEO Mr Liew Mun Leong said: "The Jellicoe site will augment CapitaLand's current residential portfolio profile of mainly prime, freehold sites. Singapore is an important market for us, and we will continue to selectively acquire well-located sites. We are confident that Singapore's economy will recover in 2004, and the residential property market would have stabilised by then."

CapitaLand Residential Deputy CEO of Singapore Operations, Ms Patricia Chia, added: "We plan to build a high-rise condominium on this centrally located site. It will be a distinctive development with views of the Kallang waterfront and the surrounding city. The 16 art-deco conservation shophouses will lend a touch of character. We plan to have the development launch-ready by end 2004."

The 99-year leasehold Jellicoe site is centrally and conveniently located justminutes away from the city, and is near the Lavender MRT station. The 14,595 square metre site has a plot ratio of 4.2 and potential gross floor area of 61,300 square metres.

About CapitaLand LimitedCapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multi-national company has property andproperty-related services focused in select gateway cities in China, Australia and the UK. The company's hospitality businesses, in hotel and serviced residences, span more than 50 cities around the world.

Its business interests cover commercial and industrial buildings, residentialproperties, property funds, real estate financials and property services, besides hotels and serviced residences. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services.

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