Centrepoint Properties expands property development into China with the groundbreak of new Shanghai project

SINGAPORE - 31 October 2002 - Centrepoint Properties Limited (CPL), the property arm of Fraser and Neave Limited (F&N), through Shanghai Sian Jin Property Development Co., Ltd, its 95:5 joint venture development company with Shanghai Jin Di City Construction & Development Co Ltd owned by the Jingan District Government, officially breaks ground for the construction of its maiden residential development in China in Jingan District, Shanghai today.

The ceremony marks the commencement of structural works for the development and was officiated by Mr Jiang Ya Xin, Shanghai Jingan District Chief and Dr Han Cheng Fong, Managing Director of F&N. It was witnessed by more than 100 guests, including key government officials and local and overseas business partners.

The development, to be named "Jingan Four Seasons", sits on a 70-year leasehold land parcel with an approximate area of 13,800 square metres and allowable plot ratio of 5. Located in Shanghai's downtown atop the existing "First Shimen Lu" underground Mass Rapid Transit station along the main Nanjing West Road, "Jingan Four Seasons" offers convenient proximity to the city's business hub as well as recreational and entertainment facilities including international hotels such as Portman Ritz Carlton and JC Mandarin, Shanghai Exhibition Centre and premier shopping malls such as Plaza 66, CITIC Square and Westgate Mall.

According to CPL, approval has been obtained for a mixed development comprising four towers ranging from 27-32 storeys of about 480 units of luxury residential apartments and a 2-storey retail podium of over 10,000 square metres of net retail space. The design of "Jingan Four Seasons" is undertaken by Singapore's P&T Consultants Pte Ltd, part of the award-winning Palmer and Turner Group.

At "Jingan Four Seasons", buyers will have a choice of one to four bedroom unit types with sizes ranging from 70 square metres to more than 300 square metres, which are fully fitted with quality finishes. A comprehensive range of recreational facilities, including swimming pool, jacuzzi and clubhouse with fully equipped gym, caters to the wide-ranging needs of individual lifestyles. CPL disclosed that "Jingan Four Seasons" would be launched in the second half of 2003 with the residential apartments marketed under the Centrepoint Homes brand. When completed in 2005, "Jingan Four Seasons" is set to be a prominent landmark in Shanghai's skyline.

Speaking at the groundbreaking ceremony, Dr Han Cheng Fong, Managing Director of F&N said, "This marks a very special and important milestone for CPL as this is the first venture into the China property market. CPL is very fortunate to have been given this opportunity to develop this property in Jingan District, a well-governed and very prosperous district with an attractive living environment. Given its expertise in developing and managing high quality residential homes and shopping centres, CPL is confident that "Jingan Four Seasons" will be another successful overseas development added to its portfolio when completed."

The Shanghai residential market is one of the fastest growing in China with the largest volume of transactions recorded last year. Supported by healthy economic growth and pro-home ownership policies, Shanghai is expected to continue to see strong demand for well-designed quality residential accommodation in prime city locations.

In addition to "Jingan Four Seasons", CPL recently acquired an interest in a land parcel in Luwan District, Shanghai which will yield about 72 residential units, 120 serviced apartments, a clubhouse facility and 6,000 square metres of retail space, subject to finalisation of design details. CPL will continue to source for more investments in Shanghai and Beijing to participate in the future growth of these Chinese cities.

The expansion into China is in line with F&N's strategic thrust to strengthen and expand its development property business, a key component of its property arm, in overseas markets so as to broaden its earnings base and capture opportunities outside of Singapore.