Acquisition of Boon Lay Site by CPL

Centrepoint Properties Ltd announces that it has been awarded Land Parcel A at Boon Lay Way/Corporation Road at a tender price of $106,000,889.00 for a proposed condominium housing development.

The acquisition will be financed out of borrowings and proceeds from the sale of residential properties of the group. It is not expected to affect the group's net tangible assets or earnings per share in the current financial year.

No director of substantial shareholder of Centrepoint Properties Ltd has a direct or indirect interest in this transaction.

I A MacLean
Director/Company Secretary

Submitted by I A MacLean, Director/Company Secretary on 26/7/2001 to the SGX