Singapore, 19 July 2006 – Orchard Turn Holdings, the 50:50 joint venture company between CapitaLand Limited ("CapitaLand") and Sun Hung Kai Properties Limited ("Sun Hung Kai Properties"), has awarded Penta-Ocean Construction Co Ltd ("Penta-Ocean"), a leading construction company from Japan, a S$478 million contract for the design and construction of the Orchard Turn Development ("Orchard Turn"). Orchard Turn, a prestigious retail cum residential project strategically located at the gateway of core Orchard Road, is expected to drastically change the retail landscape along Singapore’s prime shopping street.

Ms Soon Su Lin, Chief Executive Officer of Orchard Turn Developments Pte Ltd, said, "We are pleased to award the S$478 million contract to Penta-Ocean for the construction of the signature mixed-used Orchard Turn development. Penta-Ocean has a strong track record in the construction of iconic projects which include The Esplanade – Theatres on the Bay, an artistic landmark along Singapore’s waterfront and VivoCity, the largest destination mall measuring over 1 million square feet slated to be opened by October 2006 in Singapore. We are confident that with the combined property development and management skillsets of CapitaLand and Sun Hung Kai Properties, coupled with the excellent construction capabilities of Penta-Ocean, we are on track to reveal an outstanding development, starting with the retail portion of Orchard Turn by December 2008, followed by the residential portion by end-2009."

Mr Akihiko Togo, General Manager of Penta Ocean Construction Co Ltd (Singapore Branch), said, "We are extremely delighted to be awarded this prestigious contract. The award is a strong testament of Penta-Ocean’s recognition as a fully integrated civil and building contractor with capabilities to undertake construction projects which are challenging, both technically and aesthetically. It also reflects the high confidence level of the two renowned developers in our ability deliver the iconic Orchard Turn project. We are excited by the opportunity to work on this landmark development in Singapore, which is expected to set the standards for world-class retail and luxurious residential living, and look forward to working closely with the Orchard Turn team."

Orchard Turn is a prime retail cum residential landmark development located at the gateway of Orchard Road in Singapore. Jointly owned by CapitaLand and Sun Hung Kai Properties, the iconic development is strategically situated above the Orchard Mass Rapid Transit Station and will enjoy underground connectivity to nearby buildings. When completed, Orchard Turn will boast over 1 million square feet of retail space and super luxury homes. With a more than 50-storey residential tower measuring over 218-metre, Orchard Turn will be the tallest building along Singapore’s premier shopping street, offering spectacular panoramic views. Along with its excellent frontage and high visibility along Orchard Road, the shopping mall is poised to become the shopping district’s "centre of gravity".

The architect of Orchard Turn is RSP Architect Planners and Engineers, while Benoy Ltd is the form architect and retail planning consultant. Other major consultants involved include Squire Mech Pte Ltd and Davis Langdon & Seah Singapore Pte Ltd.

About CapitaLand Group (www.capitaland.com)

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 in Asia Pacific, Europe and the Middle East.

The company's property and hospitality portfolio spans more than 70 cities in 18 countries. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop real estate financial products and services in Singapore and the region.

The listed subsidiaries and associates of CapitaLand include The Ascott Group, Raffles Holdings, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust and Australand, which is listed both in Singapore and Australia

About Sun Hung Kai Properties Limited (www.shkp.com)

Sun Hung Kai Properties Limited (SHKP) is one of Hong Kong’s largest property companies, and its core business is in developing all types of projects both for sale and investment. The company has created some of the most memorable icons on the Hong Kong skyline, including International Finance Centre – currently the tallest building in the territory – and it is now developing International Commerce Centre, which will take over as Hong Kong’s tallest when it is finished in a few year’s time.

The company has built a strong brand name over the decades, along with a reputation for premium quality and comprehensive customer care across the residential, office and retail markets. SHKP developments are known for first-class architecture and the highest standards of construction, materials, facilities and service. The company’s property development business is supplemented by complementary activities in sectors such as insurance, estate management, hotels and car parks.