GIC RE ACQUIRES JUSCO MALL IN SEREMBAM 2

SINGAPORE, 12th January 2005

GIC Real Estate Pte Ltd (GIC RE), through its affiliate, has signed an agreement to acquire a 100% interest in Swiss Advanced Technology Institute (M) Sdn. Bhd (‘SATI’) from developer RB Land Sdn. Bhd (‘RB Land’). The deal is valued at approximately RM 95 million. SATI is developing a three-storey shopping centre in the integrated township of Seremban 2, which will be leased to Aeon Co. (M) Bhd. to operate as a Jusco department store.

Seremban 2, RB Land’s flagship development, is a 3,800-acre township located 4km southwest of the existing Seremban town on the opposite side of the North-South highway. The successful township was launched in 1996 and is a 40 minutes drive from Kuala Lumpur. To date, more than 9,500 units of properties in Seremban 2 have been sold.

The proposed three-storey shopping centre will occupy 51,183 square metres of prime land in the Seremban 2 township and would have a gross floor area of approximately 62,700 square metres.

Announcing the transaction, Dr. Seek Ngee Huat, President of GIC RE said, “The shopping centre is centrally located within the Seremban 2 township and services not only the surrounding residential estates developed by RB Land but also greater Seremban. This acquisition is in line with our investment strategy to build up a portfolio of core retail assets in the Asia Pacific region.”

GIC RE has held a 30% strategic stake in RB Land Sdn. Bhd since 2002.

Dr Seek added, “We also welcome the opportunity to further develop and build upon our existing relationship with RoadBuilder, a well managed group of companies with good corporate governance, strong local knowledge and capabilities. This latest venture to invest in income producing real estate initiated by RB Land cements the strong ties that already exist between us. We look forward to co-investing substantially with RB Land not only in residential and retail but across all sectors of real estate in Malaysia in the future”.

According to Tan Sri Chua, Executive Vice Chairman of Road Builder Group, this deal clearly demonstrates the “win-win” situation of a strategic and synergistic partnership between RB Land and GIC RE. Elaborating further, Tan Sri Chua said, “This clearly represents a vote of confidence from our partner, GIC RE, in our ability to develop prime investment properties and our Seremban 2 development. With the government precinct quickly taking shape coupled with the new Jusco complex expected to be operational later this year, Seremban 2 has achieved its vision of “Town and Country in One City”. Therefore, I believe that Seremban 2 shall be the place to be, be it for quality living, ultimate leisure and lucrative investment.”

About GIC RE
Headquartered in Singapore, GIC RE is the real estate investment arm of Government of Singapore Investment Corporation (GIC), which manages the foreign reserves of Singapore. GIC RE’s mandate and mission is to astutely invest in all real estate-related assets, outside of Singapore, covering all property sectors and product types, to achieve superior risk-adjusted returns for its global portfolio.

GIC RE’s approach to investments is shaped by its focus on larger investments with longer-term horizons. In a business that is intrinsically local in nature, GIC RE places a lot of emphasis on establishing strategic alliances with strong local partners and managers. In return, it brings to the partnership its experience and knowledge garnered from its global investment activities. GIC RE’s multi-billion dollar portfolio spans over 30 countries, paralleled by few in the world.

Presently GIC RE has over 110 staff in Singapore, San Francisco, New York, Tokyo and London.