MEDIA RELEASE

Asia’s Premier Oceanfront Haven, SENTOSA COVE,
to Launch Sale of Luxury Estates

SINGAPORE, 27 June 2006 – SENTOSA COVE’s highly anticipated sale of boutique villa sites in its southern residential precinct will be launched on 25 August 2006. Originally conceived to emulate the romance and magic of renowned waterfront resorts in the French Riviera, Caribbean and the Mediterranean, Sentosa Cove is an oceanfront enclave of 2,500 well-appointed residences expected to be completed by 2010 – one that will truly transform dream homes into a reality.

Sentosa Cove will be marketed internationally by Ken Jacobs, exclusive affiliate of Christie’s Great Estates. Through Christie’s Great Estates’ network – a recognized leader in global luxury real estate – 12 oceanfront, waterway and fairway villa land parcels will be auctioned on 25 August 2006, Friday. The auction is a first for Ken Jacobs, exclusive affiliate of Christie’s Great Estates in Singapore. It has also been lauded as Singapore’s the first major attraction in the local real estate social agenda in 2006.

“Ken Jacobs, through his affiliation with Christie’s Great Estates, has the international reach to successfully market this unique opportunity in Singapore,” says Kay Coughlin, president and CEO of Christie’s Great Estates. “It is exciting to be part of this unique project in such a vibrant and beautiful part of the world.”

“Christie’s Great Estates markets only the most luxurious and sought after properties around the globe. With its excellent attributes, Sentosa Cove in Singapore will appeal to an international market for what it offers, in terms of quality of lifestyle supported by the importance of Singapore as a strategic regional commercial centre,” Ken Jacobs said.

Mr Jacobs also believed that the discerning client base of Christie’s Great Estate would recognize the desirability of Sentosa Cove. As an authority of high value residential property marketing, Christie’s Great Estates accesses millions of international readers through the magazine, website, brochures PR and advertising.

Colliers International in Singapore will also be working through its network of offices world-wide to market the residential enclave and land parcels. The auction will be jointly conducted by Colliers and Christie’s Great Estates.

Since September 2004, when villa land parcels at Sentosa Cove were made available to overseas buyers, the estate has been positioned as an ‘international resort community’. Lauded as Singapore’s most luxurious estate and one of Asia’s finest, Sentosa Cove is the republic’s only residential district with an adjoining leisure boating marina with berths for mega yachts. Enhancing this lifestyle is the marina village, with its full offering of upscale quayside retail, eateries and restaurants overlooking the marina dotted with yachts and leisure crafts.

Sentosa Cove, is arguably the most coveted and ambitious residential development in recent years and is currently the only oceanfront residence available in Singapore. It is mere minutes away from the heart of the city and international air links.

Situated on Sentosa, Singapore’s premier island resort, known to all visitors for its pristine beaches, lush greenery and exciting attractions, Sentosa Cove’s residents can enjoy these full resort facilities within their neighbourhood, as well as twin 18-hole championship golf courses and of course, mooring their private yachts at their very own backyards.

Ms Grace Ng, Executive Director and a veteran auctioneer from Colliers International says, “Colliers International is proud to be associated with Sentosa Cove, which truly is one of the most remarkable residential estates in the region. The attributes of Sentosa Cove and the vast expertise of Colliers International will no doubt make this residential enclave one of the most sought-after in the world.”

“In view of the exclusivity and unique lifestyle offered by Sentosa Cove as well as the growing demand for high end properties in Singapore, we expect to receive overwhelming response from both local and foreign buyers alike for this prestigious launch,” added Ms Ng.

In fact, Sentosa Cove remains the only property in Singapore that allows international ownership of residential land. Coupled with its attributes, it is fast becoming one of the most sought-after global addresses in the world.

Sentosa Cove will be have access to the Christie’s Great Estates’ extensive network of 650 real estate offices and nearly 20,000 sales associates in more than 25 countries. Its worldwide marketing efforts in the coming months will culminate in August at an exclusive auction conducted by Mr Graeme Hennessy, award winning auctioneer, who was appointed by Ken Jacobs, Exclusive Affiliate of Christie’s Great Estates.

Sentosa Cove’s southern residential precinct will accommodate 972 homes, comprising 156 villa land parcels and four condominium developments – a third of Sentosa Cove’s 2,500 homes. All homes will enjoy sweeping vistas of the ocean and beyond, with a pristine beach and a gamut of leisure activities at its backyard.

“With more than 80 per cent of Sentosa Cove’s northern residential precinct under development, it is timely to release the eagerly awaited sites in the southern precinct. Demand for luxury homes have escalated, fueled by strong economic fundamentals not only in Singapore but within the region,” Margaret Goh, General Manager of Sentosa Cove, said.

“Sentosa Cove will truly be a showcase of the best that Singapore will offer in terms of luxury real estate,” Ms Goh added.

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Editor’s/Background Note:

For the first time in Singapore, there will be a truly unique waterfront residential district totally unsurpassed and unrivalled, both in terms of location, quality, setting and prestige.

As Asia’s ultimate lifestyle address – one that blends a tapestry of exclusive residential, retail, resort and marina amenities – Sentosa Cove offers 117 hectares of an integrated oceanfront tropic lifestyle resort, a first and currently, the only, for the region.

With a total of 2,500 homes with a targeted completion by 2010, the development’s key components – The Marina, Marina Village, Bungalows and Condominiums – seek to articulate a sense of vitality and originality, where dream homes become a reality. In fact, Sentosa Cove, which occupies a fifth of Singapore’s island resort of Sentosa, is arguably the most coveted residential and commercial development in recent years and is currently the ONLY oceanfront residence available in Singapore.

With the azure sea as its neighbour coupled with the sounds of its lapping waves, Sentosa Cove also boasts to be the first and only residential development with an attached mega-yacht marina complete with boating facilities, where home owners can berth their yachts at their very own backyards.

The recent decision by the local government to allow foreign ownership of its prestigious waterfront residential landed properties means Sentosa Cove is now poised to be the targeted destination for globally famous icons from the world of business, entertainment, arts and sports – a move that now place Sentosa Cove on the international real estate map as a truly sought-after global haven of an exclusive, tropical resort lifestyle.

The strength of the Singapore brand has undeniable appeal for would-be buyers of a Sentosa Cove property. Its geographical location at the heart of Southeast Asia and at the crossroads to the world is further enhanced by a world-class infrastructure in air, sea and telecommunications, stable financial reputation, comprehensive transportation, a strong government and a conducive environment for varied businesses and industries to thrive. This is coupled by a highly skilled labour force, excellent healthcare and educational facilities.

More recently, Singapore has promoted itself as the financial and business centre of South-East Asia, developing a sophisticated financial system with high levels of offshore banking, an active Asian Dollar market and mature futures and stock exchanges. Various tax incentives have been introduced for the financial sector; the more recent ones being aimed at promoting specific sectors like fund management, debt securities market, unit trusts and venture capital.

Political stability, efficient government and low crime rates make Singapore an attractive option for living and doing business in the republic, so much so that international human resource company Mercer recently ranked Singapore as the most attractive Asian city for expatriates to live and work in.