3 Church Street office building - Settlement agreement reached and building to be ready by end 2005

Singapore,  04 February, 2004 



The joint owners of the 30-storey office building at 3 Church Street -- Chinese Chamber Realty Pte Ltd, Church Street Properties Private Limited, a wholly-owned subsidiary of Oversea-Chinese Banking Corporation Limited, and China Square Holdings Pte Ltd, an indirect wholly-owned subsidiary of CapitaLand Limited -- have reached an agreement with Samsung Corporation, the main contractor, on the building settlement issue at 3 Church Street.

Samsung Corporation had earlier put in additional piles to arrest thesettlement in accordance with experts' recommendations. Under theaforementioned agreement, Samsung Corporation will now proceed with the full rectification of the building to its original specifications as a Grade A office building and consistent with its prime China Square and Raffles Place location. The rectification works will take about two years and 3 Church Street is expected to be ready by end 2005.

The additional rectification works would ensure that the building meets allsafety requirements, and were based on the recommendations of theconsultants to the Church Street project, as well as those of the independent experts acting for the joint owners and Samsung Corporation.

Spokesperson for the joint owners of 3 Church Street, Mr Soong Hee Sang,Deputy CEO of CapitaLand Commercial said: "The joint owners of 3 ChurchStreet are glad that the rectification works have been agreed with Samsung Corporation. Following extensive studies and consultations with the project consultants and our specially appointed independent experts, we have been assured that the rectifications to be carried out by Samsung Corporation will ensure that we will be delivered a Grade A building as originally specified. The joint owners are particularly pleased that Samsung has agreed to be a tenant of this building when the rectification works are completed."