MEDIA RELEASE

Sentosa Cove's Seaview Collection Closes on an Exciting Note–
New Benchmark for Condominium Land Parcel

SINGAPORE , 7 March 2007 – Sentosa Cove's Seaview Collection – its first tender for 2007 that gave developers one of the few remaining opportunities to develop a seafront condominium in Sentosa Cove – closed with five bids at 3pm yesterday.

The highest bid of $1,361.33psf/ppr – which equates to $459,833,133 for the 157,108.1sqf site – went to a joint venture between Ho Bee Investment Ltd and IOI Land Singapore P/L. IOI Land Singapore P/L whose holding company, IOI Properties Bhd, is one of the largest property development and investment groups in Malaysia and is listed on the Bursa Securities Malaysia Berhad with a market capitalization of approximately RM3-billion.

All five bids exceeded $1,000psf, surpassing the benchmark for the Waterfront Collection – the first condominium parcel in the Southern Precinct – which was awarded to Ho Bee Investments at $919psf just last December.

The Seaview Collection is the second of a total of four condominium sites at Sentosa Cove's Southern Precinct, and is one of the last two condominium sites that offers unobstructed 360-degree views of the sea, Southern Islands and beyond. With a plot ratio of 2.15, developers can build a condominium of eight storeys high, yielding a total of 200 units.

This provisional result is currently pending approvals and Sentosa Cove is expected to award the site officially to the highest bidder in the following weeks.

~ END ~