GIC RE APPOINTS SHANGRI-LA TO MANAGE THE ANA HOTEL IN SYDNEY

SINGAPORE, SYDNEY, 26 March 2003

GIC Real Estate Pte Ltd (GIC RE) appoints Hong Kong-based Shangri-La Hotels and Resorts (Shangri-La) to manage the ANA Harbour Grand Hotel (ANA Hotel).

Situated in the historic “Rocks” precinct within the CBD, the hotel boasts a unique harbourside location with a sweeping vista of the Sydney Harbour and its famous landmarks of the Opera House and the Harbour Bridge. GIC RE bought the ANA Hotel in August 2002.

Announcing the appointment, Dr Seek Ngee Huat, President of GIC RE said, “The decision to select Shangri-La was not an easy one as there were many reputable international operators who submitted very attractive proposals. However, we were most impressed with Shangri-La’s concept and strategies which complement our own vision for the hotel. We are confident that the appointment of Shangri-La as manager of the ANA Hotel will help to realise the hotel’s full potential and lift the profile of this premium asset.”

He added, “The actual date for the rebranding will be announced later depending on when certain legislative approvals are obtained. However, we expect the rebranding to occur sometime in early 3rd quarter 2003.”

GIC RE is also the owner of other substantial assets in the Sydney area. They include the Westin Sydney, the office tower at 175 Liverpool Street, the International Broadcasting Centre and a majority share of the Queen Victoria Building through Ipoh Ltd.

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.