Singapore, 7 April 2004 -T.C.C. Capital Land Limited ("TCC Capital Land"), a joint venture company of CapitaLand Limited ("CapitaLand") and T.C.C. Land in Thailand, has acquired a prime freehold residential site in the heart of Bangkok's central business district for 812 million baht (S$35.3 million). TCC Capital Land plans to develop a luxurious 220-unit condominium on the approximately 6,400 square metre site, targeting the high-end homebuyer market. The project is expected to be launched in the fourth quarter of this year.TCC Capital Land purchased the site from Best Fortune Property and Loan Fund, managed by ING Funds (Thailand) Co., Ltd. The site for the proposed residential development is located at the prestigious address of Wireless Road, Bangkok's "embassy row" and adjacent to the 5-star Hotel Athenee. Homebuyers for the property will enjoy convenient access via Wireless Road and Soi Ruam Rudee and the Phloen Chit mass rapid transit station, which is 5 minutes' walk away.Said Khun Charoen, Chairman of T.C.C. Group and TCC Capital Land, "We are pleased that the joint venture company has identified its first residential development in Bangkok at the prestigious address of Wireless Road. The joint venture will facilitate investments and development in residential and other properties in Thailand. It will continue to tap into our knowledge and experience of the Thai property market while CapitaLand brings its international experience and real estate expertise. Together, we are confident of offering a choice condominium for homebuyers both in Thailand and abroad. TCC Capital Land aims to be a significant real estate player leveraging on growth prospects for its business in the real estate sector in Thailand."Mr Liew Mun Leong, Vice Chairman of TCC Capital Land and President & CEO of CapitaLand, said, "We are pleased to have acquired our first residential site in Bangkok, the gateway city to Thailand and to the Indo-China market. Within a year, we have been able to deliver our strategic goal of developing yet another gateway city to increase our overseas earnings. The joint venture provides CapitaLand with the opportunity to tap into TCC Group's extensive landbank and local knowledge. It will also allow us to deepen our presence in the real estate market in Thailand, which is one of the fastest growing economies in Southeast Asia. The joint venture is a progression of CapitaLand's multi-local strategy, similar to what we have done in China."CapitaLand has recently been steadily growing its presence in Thailand. Raffles Holdings, which established its presence in Thailand since 1999 through its management contract of Merchant Court Hotel at Le Concorde, recently launched Nai Lert Park Bangkok and has a luxury Raffles resort in Phuket under development. The Ascott Group currently operates over 700 serviced residence units in Bangkok. Premas Thailand, a joint venture company of Premas International, provides integrated total real estate management services, managing more than 2 million square feet of property in Bangkok. Since 2000, CapitaLand has also invested in Thailand through IP Property Fund Asia.TCC Capital Land will continue to look out for other good opportunities in the bouyant residential, office and retail sectors in Thailand. The outlook for the overall economy and the real estate property market is positive with Thailand's GDP forecast to grow 7.7 to 8.1 per cent in 2004 after expanding 6.7 per cent last year.About TCC Capital Land

TCC Capital Land, a joint venture company formed in September 2003 by CapitaLand and T.C.C. Land, will invest, develop and manage properties in the residential, office and retail sectors in Thailand. CapitaLand holds a 40 per cent stake in the joint venture company, while the remaining 60 per cent stake is held by T.C.C. Land.About T.C.C. Land

T.C.C. Land is the property arm of the T.C.C. group of companies, one of Thailand's largest business conglomerates with a large portfolio of landbank and commercial properties, and also owns hospitality, conventions and leisure related properties in Thailand. T.C.C. Group's portfolio of properties includes prime developments like North Park with the prestigious Rajpruek Golf and Sports Club; Empire Tower which is the single largest commercial building in Thailand; and Pantip Plaza, the highly successful IT mall in Bangkok. The Group also manages 13 hotels through its Imperial Hotel chain.About CapitaLand

CapitaLand 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. 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. The listed subsidiaries and associates of CapitaLand Limited include Raffles Holdings, The Ascott Group, Australand Property Group (which is listed both in Singapore and Australia) and CapitaMall Trust.For more information on CapitaLand, please visit www.capitaland.com.sg