Acquisition of New Subsidiary - Sinomax International Pte 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 Development Pte Ltd ("CPLCD"), entered into a conditional agreement to acquire 100% shareholding interest in Sinomax International Pte Ltd ("Sinomax"), a company incorporated in Singapore (the "Acquisition"). The consideration for the Acquisition is US$1.753 million and was arrived at after negotiations on a willing buyer and willing seller basis. It is intended that Sinomax will carry on the business of property development in the People's Republic of China.

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, directly or indirectly, in the Acquisition.

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 3/9/2004 to the SGX