GIC RE ACQUIRES A 70% INTEREST IN PRIME SHOPPING CENTRE IN JOHOR BAHRU

SINGAPORE, JOHOR BAHRU, 31st May 2004

GIC Real Estate Pte. Ltd. (GIC RE), through its affiliate, has acquired a 70% interest in Johor Bahru City Square, a prime shopping centre located in the Johor Bahru CBD. The acquisition is made through a joint-venture with Merit Properties Sdn. Bhd., which will take up the remaining 30% interest. Merit Properties Sdn. Bhd. is owned by Majlis Bandaraya Johor Bahru, Pelangi Bhd., Kuok Brothers Sdn. Bhd., and Lee Rubber (Selangor) Sdn. Bhd..

Johor Bahru City Square, which opened in February 1999, is a modern, 5 storey shopping centre with approximately 388,000 square feet of net lettable area. The building is fully leased.

Dr. Seek Ngee Huat, President of GIC RE said, “We are pleased to add this prime property to our portfolio in Malaysia. The attractions of this property are its prominent location in the centre of Johor Bahru, its excellent building quality and its long term income profile.”

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.