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Pidemco Land partners Mitsubishi Estate in its first residential investment in Japan

Singapore, 30 August, 2000

Singapore, August 30 - Pidemco Land is pleased to announce that it has signed a partnership agreement with Tokyo-listed real estate group Mitsubishi Estate Co., Ltd. to explore joint investment and development opportunities in Tokyo, Japan and Singapore.

Under the comprehensive agreement, Pidemco Land and Mitsubishi Estate will review potential joint acquisition and/or development opportunities in residential and commercial properties on a non-exclusive basis.

Both companies will complement each other by pooling their expertise and know-how in the joint investments. Services which can be provided by both parties range from architectural design and project management, to leasing, sales and marketing and property management.

Pidemco Land President Mr Liew Mun Leong said: "We are pleased to partner Mitsubishi Estate, one of Japan's most established property groups in our pioneer residential project in Japan. This project dovetails with Pidemco Land's strategy to invest in key gateway cities like Tokyo. We look forward to working closely with Mitsubishi Estate to identify new opportunities to strengthen our overseas presence."

Mitsubishi Estate President Mr. Takeshi Fukuzawa said: "It is our pleasure to work with Pidemco Land. Through our mutual cooperation, we will develop our businesses based on a global perspective and contribute to the local communities."

In their first joint investment, the two companies have signed an agreement to develop a prime residential site in Shibuya-ward, Tokyo. Pidemco Land will take a 60 per cent stake in the project while Mitsubishi Estate will hold the remaining 40 per cent.

Located in Tomigaya, Shibuya-ward, one of Tokyo's most exclusive residential wards, the freehold site is under construction. The 3,355-square metre site is easily accessible by the Yoyogi Koen, Yoyogi Hachiman and Yoyogi-Uehara train stations.

A three-storey upmarket condominium with 62 units will be built on the site. The condominium will have two, three and four-bedroom unit types with unit sizes ranging from 660 sq ft to 1,000 sq ft. The units, which will be for sale, are expected to be completed by the second quarter of 2001.

Mitsubishi Estate is one of Japan's largest real estate developers with total assets of more than ¥2.28 trillion (S$36.9 billion). Established in 1937, it is currently listed on the Tokyo Stock Exchange with a market capitalisation of about ¥1.4 trillion (S$22.7 billion) as at August 29, 2000. The group's businesses include property leasing and management, residential development and sales, architectural design, real estate brokerage, and hotel and leisure operations. Mitsubishi Estate has overseas operations in the United States and in the United Kingdom.

Pidemco Land is a leading property developer, investor and manager of quality residential and commercial properties in Singapore. It has properties and investments in 24 cities in 12 countries in the Asia-Pacific region and the UK. The Group's portfolio includes serviced residences and shopping centres which are owned and/or managed by its Singapore-listed subsidiary Somerset Holdings.