For Immediate Release 29 November 2006

NEWS RELEASE

CapitaLand acquires 1st commercial site in City, Province Plans to build Raffles City Chengdu on the site

Singapore, 29 November 2006 – CapitaLand , through a special purpose vehicle, Calderdale Pte. Ltd., has secured a prime commercial site in Chengdu City, Sichuan Province, in a government land tender for RMB 869.67 million (S$173.94 million). The prominent site, which formerly housed the Sichuan Museum, is located in the heart of Chengdu’s bustling city centre. It is in an established commercial area with quality offices, high-end residences, trendy high-tech retail shops, and dining and entertainment hubs for both the local and international communities.

The site is situated just at the edge of the First Ring Road and enjoys a 150- to 200- metre direct frontage to the pedestrian way along the city’s Renmin Nan Road. It is across the road to a future subway interchange which will be serviced by the Metro . CapitaLand plans to build a Raffles City complex on the site, comprising a 78,000-square-metre Grade A office tower, an 83,000-square-metre retail mall, an 880-room five-star hotel or serviced residence, and three basement levels of retail and carpark spaces. An underpass will connect one of the basement levels of the development directly to the subway train system.

Mr Liew Mun Leong, President and CEO of CapitaLand Group, said: “The site is ideal for an integrated development with a ‘Raffles City’ brand, given its strategic location in a commercially mature environment and convenient linkway to a subway interchange. The proposed Chengdu development will be the latest addition to CapitaLand’s series of distinguished buildings across key gateway cities in Asia, bearing the ‘Raffles City’ brand. Today, both Raffles City Singapore and Raffles City Shanghai are well-known

1 local landmarks which have attracted international tenants and retailers with the well- designed office spaces and exciting retail experiences. We are also currently building a Raffles City Beijing targeted to be opened for the 2008 Olympic Games.”

Mr Lim Ming Yan, CEO of CapitaLand China, said: “Chengdu is a key gateway city which is rapidly rising in prominence as a commercial, business and tourist hub in southwest China. Business investments have surged in recent years leading to a strong and steady growth in local purchasing power. Together with a wealth of tourism resources, Chengdu will continue to enjoy strong demand for quality grade-A offices, well-designed retail malls and high-end serviced residences. We are confident that given the site’s excellent location, Raffles City Chengdu will be a new landmark in the city when it is completed in 2010, and a new destination for local consumers, tourists and business travelers.”

In May this year, CapitaLand China formed a joint venture company called Sichuan CapitaLand Zhixin with a leading Sichuan developer - Chengdu Zhixin Industrial Co., Ltd. The joint venture company will develop approximately 25,000 homes between now until 2014. The CapitaLand Group also opened its Jin Niu Mall in Chengdu in October this year. The mall is 65% owned by CapitaLand and 35% owned by Shenzhen International Trust & Investment Co., Ltd.

About the site The site is located along Chengdu’s main traffic thoroughfare of Renmin Nan Road and lies just outside the First Ring Road. It is across from the Chengdu Sports Stadium and a future subway interchange for Metro Line 1 and Metro Line 3 (planned). Metro Line 1 is currently under construction and will be completed by 2008. The site lies along an established belt of shopping malls. In the vicinity are foreign consulates, Chengdu’s Central Business Districts, high-end residential developments and various entertainment and dining hubs.

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Site area : 32,571.78 square metres Maximum plot ratio : 6.0 Maximum potential GFA : 195,431 square metres Estimated basement area : 71,820 square metres Tenure : 40 years (commercial) Height Restriction : 93 metres

1st Ring Road

Subject Site Embassy Road 2nd Ring Road Western Tower, American Consulate

Renmin Nan Road/ Expatriate/ High-end Tianfu Avenue Residential Enclave

To Airport Future Chengdu Government Office Region New Expo Centre

About Chengdu City Chengdu is the capital of Sichuan Province, the third most populous Chinese province and the strongest economy in Western China. Chengdu spans across a land area of 12,400 square kilometres and comprises of nine districts, four cities and six counties under its jurisdiction. It is the most important commercial, financial, logistics and transportation centre in Western China. The dominant industries in Chengdu

3 include electronics, IT, banking and financial, pharmaceutical and telecommunications. To date, there are 106 Fortune 500 companies with a presence in Chengdu.

In 2005, Chengdu recorded GDP growth of 13.2%, much of it being driven by the fast growth in the secondary and tertiary sectors. Industrial production and tourism contributed to 31.9% and 18.2% of GDP respectively in 2005. Its per capita urban disposable income grew by 9.3% YoY in 2005 to RMB11,359 (US$1,438) and is above the national average level.

Chengdu has a population of 10.6 million (3.51 million households), of which 4.65 million (1.6 million households) reside in the city centre. As the most developed city in Western China, Chengdu attracts many immigrants from other locations in the region.

About CapitaLand Group (www.capitaland.com) CapitaLand is one of the largest listed real estate 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 80 cities in nearly 20 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. ______Issued by: CapitaLand Limited (Co. Regn: 198900036N) Date: 29 November 2006

Singapore Media Contact Analyst Contact Nicole Neo, Corporate Communications Harold Woo, Investor Relations DID: (65) 68233218 DID : (65) 68233210 Email : [email protected] Email : [email protected]

China Francis Li, Corporate Communications DID: (86-21) 33114633 ext 8300 Email: [email protected]

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