Overview : Year in Brief Capital Tower, Singapore  
Profile     Corporate Directory      Letter to Shareholders     Board of Directors
Year in Brief     Corporate Office     Group Structure     Council of CEOs
January

• Official launch of Eureka Office Fund, the first Singapore-dollar denominated wholesale property fund.

• Relaunch of Raffles The Plaza and Swissôtel The Stamford with a world-record breaking ribbon-cutting ceremony, which had 3,238 participants cutting a ribbon measuring 5,776 metres.

February

• Announcement of joint venture between PREMAS International and Cushman & Wakefield to form Cushman & Wakefield PREMAS, the first truly integrated real estate services business in China.

• Placement of 36.365 million new ordinary shares at A$1.65 per share, raised A$60 million.

March

• Clinched contract, by Raffles International, to manage two deluxe hotels in Turkey in the cities of Izmir (353 rooms) and Bursa (174 rooms).

• Secured a 15-year headlease by Ascott, for the 80-unit St Marks property in London, for corporate leasing.

• Issue of S$380 million principal amount of CapitaLand convertible bonds due 2007.

April

• Won Building and Construction Authority's Construction Excellence Awards 2002 for Capital Tower and Woodsvale.

• Launch of The Waterina, a freehold condominium along Guillemard Road. It was the second best-seller in Q2, in terms of units sold.

• Acquired majority stake in a 108,011 square-metre residential site in Changning district, Shanghai. About 2,000 units can be built on the site.

• Won three awards, by Raffles International, at the World Gourmet Summit.

• Divestment of 95% stake in PT Amethyst Wahyu for US$25 million (S$45.7 million) and 51% stake in PT Pakuwon Amethyst for US$1.8 million (S$3.3 million).

• Divestment of stake in Suzhou Taihu Chungten Real Estate Development Co., Ltd for RMB 26.4 million (S$6.3 million).

• Joint venture formed between Ascott and Mitsubishi Estate Co Ltd, one of Japan's largest developers, to own, manage and develop serviced residences in Japan.

May

• Launch of The Shelford condominium with an "Education Matters" scheme, which offered a rebate to homebuyers with children studying in selected neighbouring schools.

• Divestment of Ascott's freehold site in York Road, London, for S$11.6 million profit, in line with Ascott's strategy to focus on its core serviced residence business.

• Acquisition of majority stake in Plot 9-1 at Luwan, a choice 4,998 square-metre site in Shanghai, for the proposed development of a prime, Grade A 20-storey office tower by 2005.

June

• Sale of Ascott's stake in Somerset Grand Shanghai serviced residence and a plot of land in Shanghai as part of the restructuring of core assets for higher capital productivity.

• Divestment of Costa Sands, East Coast & Costa Sands, Pasir Ris, by Ascott, for S$10.9 million.

• Raffles Hotel Singapore listed in the Superior Deluxe Category of the Official Hotels Guide 2002.

July

• Successful Initial Public Offering of CapitaMall Trust, Singapore's first listed real estate trust (REIT). The IPO was five times subscribed.

• Unveiling of design for landmark AIG Tower in Hong Kong, by AIG, CapitaLand and Lai Sun Development Company.

• Announcement of joint venture to form Beijing Cushman & Wakefield PREMAS.

August


• Divestment of Cuppage Terrace by Ascott for S$19 million.

• Investment in hospitality management school by Raffles International.

• Strategic alliance signed between Raffles International and Hotel Okura Co.

September

• Launch of the freehold, 211-unit Belmond Green located along Balmoral Road.

• Launch of Casabella, a freehold development comprising apartments, townhouses and strata semi-detached units, all sharing common recreational facilities.

• Delisting of Hind Hotels International Limited from the Singapore Exchange, following the acquisition of all issued ordinary shares.

• Acquisition of a 62% stake in a prime residential site in Chaoyang district, Beijing. The site can accommodate 1,450 units.

• New management contract secured for the 116-unit Olympia Suites serviced residence in Makati City, the Philippines, making Ascott the largest serviced residence chain in Manila.

• Agreement made to divest CapitaLand's entire 65% stake in Premier Health Corporation (M) Sdn Bhd for approximately S$5.7 million.

• Topping-out ceremony for the US$350 million Raffles City Shanghai, a prime Grade A office tower with a retail podium, located opposite the historic People's Square in Shanghai.

• CapitaLand and Raffles Holdings won the SIAS "Most Transparent Company Awards" for the property and hotel categories respectively. Ascott was runner-up in the hotel category.

October

• First quarterly results briefing held by CapitaMall Trust Management Ltd, where a "5% increase in net distributable income" for CMT unitholders was announced.

• Successful launch of the 913-unit Summit Residences (Chrysanthemum Park Phase 3) where the 436 units released were almost fully sold.

• Meeting of the CapitaLand International Advisory Panel (IAP) to discuss the business strategies and plans of the Group.

November

• Exercised call option to buy issued shares of Robinson Point Pte Ltd at an expected purchase price of S$193 million.


December

• Official launch of Glentrees, a 176-unit, 999-year leasehold condominium at Mount Sinai Lane. Its creative architectural design provided for generous gardens in each home.

• Completion of transaction to securitise the sales receivables from The Waterina condominium, raising approximately S$198 million.

• Exercised call option to buy issued shares of 268 Orchard Road at an expected purchase price of S$184 million.

• Entered into a conditional put and call option agreement to acquire prime suburban IMM Building.

• Agreement entered by Ascott to acquire a 50% interest in the pan-European serviced residence chain Citadines, making Ascott a major serviced residence provider across the Asia Pacific and Europe.

• Ascott was first runner-up in the 29th Singapore Annual Report Award Competition for the mainboard category. CapitaLand won a Commendation Award.

Raffles the Plaza and Swissotel
The Stamford
The Waterina
Joint venture signing: Ascott and Mitsubishi Estate Co Ltd
Launch of Cushman & Wakefield PREMAS
AIG Tower design
CapitaMall Trust's first trading day
Raffles City ShangHai
Citadines Paris Louvre
Summit Residences