JOINT PRESS RELEASE
GIC REAL ESTATE AND WUTHELAM HOLDINGS INVEST IN HDBCORP INTERNATIONAL FOR TOWNSHIP PROJECTS IN CHINA

SINGAPORE, 24 January 2005
Issued jointly by: GIC Real Estate, HDBCorp and
Wuthelam Holdings

GIC Real Estate Pte Ltd (GIC RE) and Wuthelam Holdings Pte Ltd (Wuthelam) have signed an agreement with HDB Corporation Pte Ltd (HDBCorp) to invest in its wholly owned subsidiary HDBCorp International Pte Ltd (HCI) to jointly develop township projects in major cities in China. With a share structure of 40:30:30 among GIC RE, HDBCorp, and Wuthelam, the Joint Venture is prepared to initially invest US$75 million in township developments in China in the next few years. The Joint Venture will leverage on HDBCorp’s extensive experience in township planning and development in Singapore, GIC RE’s global expertise for real estate investment, and Wuthelam’s long standing presence in China. HCI currently has a joint-venture township project with Keppel Land in Chengdu, the capital of Sichuan Province.

Commenting on the joint venture with GIC RE and Wuthelam, HDBCorp’s Group CEO Mr. Tan Thai Hong stated, “China has enjoyed buoyant economic growth for many years and the country's middle-income population will continue to grow and form an enormous market that cannot be ignored. Since the housing reform in 1999, growing aspirations and rising affluence of this middle-income population has continued to fuel and sustain the demand for quality and affordable housing. We believe that there are huge opportunities for our township development business in China.

Different Chinese cities present different types of opportunities and challenges for residential township development. Having built several new towns in Singapore, the challenge is for the HDBCorp to adapt to different market conditions to fulfill the housing needs in different parts of China. Our target market segment is the middle-income housing market and the pricing will be around 6 to 10 times the average annual household income in each city.

The investment in HDBCorp International by GIC RE and Wuthelam is a long term one that will see the company grow and build a niche market to become an established player in China.”

Dr Seek Ngee Huat, President of GIC RE said, "GIC RE has been investing in China's residential sector since 1996. Our experience has been positive and we continue to see the enormous breath and depth of housing demand in China. This joint venture is part of GIC RE's strategic efforts to build a portfolio of residential properties in Asia Pacific.

The partnership with HDBCorp Pte Ltd (HDBCorp) and Wuthelam is aimed at developing quality middle-income housing for sale in major Chinese cities. Our outlook of township development segment in China is positive, due to a strong stable demand expected over the next few years. We are optimistic that these quality township developments will meet the lifestyle needs and preferences of China's middle income families."

Dr Seek added, "We welcome the opportunity to collaborate with HDBCorp and Wuthelam and look forward to leveraging on HDBCorp’s and Wuthelam’s experience and expertise. In return, GIC RE will bring to the partnership our global investment experience and knowledge."

Summing it up, Mr Goh Hup Jin, Chairman of Wuthelam, commented, “The China urban mass housing demand is estimated to be at least 4.5 million units a year for the next 2 decades. With HDBCorp's experience and expertise acquired over the past 4 decades for the renowned public housing programme in Singapore, I have high hope that the joint venture could carve out a sizable market share in China within a decade."

About HDBCorp
HDB Corporation (HDBCorp) is an established provider of integrated urban planning and development services. The Singapore-based company plays a prominent role in furnishing the nation with a premium public housing programme. HDBCorp has also successfully exported its expertise in township development to various countries across Asia.

About GIC RE
Headquartered in Singapore, GIC Real Estate Pte Ltd (GIC RE) is a pre-eminent global real estate investment manager. The company manages a multi-billion dollar portfolio of direct and indirect property investments worldwide. GIC RE is the real estate investment arm of Government of Singapore Investment Corporation (GIC) which manages the foreign reserves of Singapore.

About Wuthelam
The Wuthelam group is a diversified conglomerate who believes in amongst others that they should nurture the powerful entrepreneurship spirit instilled by its founder and philanthropist Mr. Goh Cheng Liang in seeking out new markets, unsatisfied customer needs, and in innovative solutions to satisfy them.