Singapore, 5 April 2004 -- CapitaLand has launched a US$155.6 million (S$262 million equivalent) rated Residential Mortgage Backed Securities (RMBS) issue backed by the sales receivables from two of CapitaLand Residential's condominium projects. The RMBS will be issued as US-dollar denominated Notes by Arwen Investment Corporation Ltd to fund the acquisition of the sales receivables from the condominium projects - The Imperial and The Botanic on Lloyd.The US$ proceeds will be swapped into Singapore dollars. With the RMBS, CapitaLand Residential will enjoy optimal long term Singapore dollar funding, as well as a prudent interest rate structure which will provide 100% fixed-rate interest hedging. Over 80% of the transaction is provisionally rated AAA, which will enable the CapitaLand to achieve a very low cost of funding. The RMBS issue is scheduled to close in end-April 2004. The over S$260 million RMBS will be CapitaLand's largest RMBS to date, as the earlier RMBS was S$198 million.The Imperial is a 187-unit freehold condominium project located along River Valley Road, while The Botanic on Lloyd is a 66-unit freehold boutique development at Lloyd Road. Both projects offer progressive payment and full deferred payment schemes to buyers. Currently, The Imperial has achieved sales of about 85% while The Botanic on Lloyd is approximately 65% sold.Bayerische Hypo- und Vereinsbank AG is the Lead Manager for the RMBS issue. This transaction is the third RMBS by CapitaLand.Details on the RMBSThe Notes are issued via the special purpose company, Arwen Investment Corporation Ltd, in three classes and have been rated by three international rating agencies. The Notes are distributed internationally. The respective provisional ratings by Fitch, Inc., Moody's Investors Services, and Standard and Poor's Rating Services are as follows.Class: A1 Indicative Size: US$126 million Rating: AAA/Aaa/AAA Class: A2 Indicative Size: US$17.8 million Rating: AA+/Aa1/AA Class: A3 Indicative Size: US$11.8 million Rating: A+/A1/AAll the Notes carry quarterly coupon payments and have an expected maturity in October 2006. Applications have been made to list the Notes on the Singapore Exchange Securities Trading Limited ("SGX-ST") and 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.