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GIC REAL ESTATE ACQUIRES SITE IN PUDONG'S LUJIAZUI FOR DEVELOPMENT OF AN INTERNATIONAL CLASS A OFFICE BUILDING

SHANGHAI AND SINGAPORE, 25 February, 2002

Acquisition expands company's investment portfolio in People's Republic of China

GIC Real Estate (GIC RE), through Reco Ruby Pte Ltd, has successfully acquired a site for US$42 million in Lujiazui District, the vibrant modern financial and business zone of Pudong, Shanghai. GIC RE propose to develop a 70,000 sq.m international Class A office building on the site. With this acquisition, it has significantly expanded its investment portfolio in China, which includes The Exchange in Beijing and Tianjin Exchange.

The site, located at the prime intersection of Yin Cheng Bei Road and Dong Yuan Road, is within 10 minutes walking distance from the MTR station and 5 minutes walk to the promenade of River Huang Pu.

"We believe in the long-term future of China. The economy has been growing continuously for the past decade, and is expected to maintain its robust performance into the future. The city of Shanghai has been in the forefront of much of this progress, and has demonstrated great promise to becoming one of the leading commercial centers of the world. Given our confidence in Shanghai, we are extremely pleased with this acquisition which we see as an exciting opportunity to be part of Shanghai's development plans to be a world class economic hub." said Dr Seek Ngee Huat, President of GIC RE.

Dr Seek added, "We feel that the timing is good, as China's accession to the World Trade Organisation will open up many new opportunities and attract an increasing number of multinationals and foreign investors to Shanghai and Pudong, which some have called the 'Manhattan of the East'. We are optimistic about the demand for Class A Office Space, particularly in the Lujiazui development zone, which is a name that represents Shanghai's financial center. With its excellent location and the bold vision of a world class office building, we are confident that the development, when completed, will offer a highly competitive, first class office accommodation in Lujiazui."

Mr Kang Hui Jun, Chairman of the Board of Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd said, "We could not have found a more perfect match than GIC Real Estate as purchaser of and developer for this site. A major criterion in selecting GIC Real Estate was its commitment to develop a modern state of the art office building reflecting the forefront of architectural excellence and advanced building technology. We were also encouraged by GIC Real Estate's reputation as a global real estate investor."

About GIC Real Estate
GIC Real Estate Pte Ltd (GIC RE) is a pre-eminent global real estate investment manager. The firm manages a multi-billion dollar portfolio of direct and indirect property investments worldwide. GIC RE is the real estate investment arm of GIC, a fund management company established in 1981 to manage the foreign reserves of Singapore by investing globally. Reflecting its global orientation, GIC RE operates out of offices in key financial centres around the world and is headquartered in Singapore.