Tender for 99-year lease of land parcel at Choa Chu Kang

Fraser and Neave, Limited announces that its wholly-owned subsidiary, Centrepoint Properties Ltd, has been successful in its tender for the 99-year lease of the land parcel at Choa Chu Kang, at a tender price of S$108,300,000, for a proposed Executive Condominium development.

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

No director or substantial shareholder has a direct or indirect interest in this transaction.

Submitted by Anthony Cheong Fook Seng, Company Secretary on 30/10/2002 to the SGX