Acquisition of New Subsidiary, Supreme Asia Investment Ltd

The Company announces, pursuant to rule 704(15)(c) of the Listing Manual of the Singapore Exchange Securities Trading Ltd, that its wholly-owned subsidiary, Centrepoint Properties Limited has through, CPL (China) Pte Ltd ("CPL China") has completed the acquisition of a 100% shareholding interest in Supreme Asia Investment Ltd ("SAI"), a company incorporated in the British Virgin Islands (the "Acquisition").

The consideration for the Acquisition is US$8,444,246 and was arrived at after negotiations on a willing buyer and willing seller basis.

SAI owns a 95% shareholding interest in a PRC limited liability company (the "Developer") which owns land in Shanghai, PRC that will be developed for sale. CPL (China) has agreed to inject new registered capital of RMB190 million (approximately, US$23 million) into the Developer. The costs of clearing the land and the development will be funded through further shareholders’ loans and external borrowings.

The Acquisition is not expected to have a material effect on the net tangible assets per share or earnings per share of the Company or the Group for the current financial year.

None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the Acquisition.

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 12/11/2003 to the SGX