ASCOTT ENTERS MACAU WITH ITS PREMIER ASCOTT BRAND

Ascott Paragon Macau is the first international serviced residence in
Macau

(Singapore, 18 April 2011) CapitaLand’s wholly-owned serviced residence
business unit, The Ascott Limited (Ascott), has clinched a contract from
China Overseas Property Limited to manage the first international brand of
serviced residence in Macau SAR. The premier serviced residence, slated to
open in 2014, is to be named Ascott Paragon Macau. It is not only Ascott’s
first entry into Macau but it also strengthens Ascott’s leadership position as
the largest international serviced residence owner-operator in China and in
the world. Globally, Ascott has more than 27,000 apartment units in over 70
cities across 20 countries. In China, Ascott has about 6,600 apartment units
in 36 properties across 16 cities.

Mr Lim Ming Yan, Ascott’s Chief Executive Officer, said: “Macau is an
important travel destination for mainland Chinese as well as global
travellers. With the high rate of growth in China, we expect more expatriates
and business travellers to Macau as more international companies such as
ING, HSBC and Deloitte set up offices in the city. At the same time,
Macau’s numerous lifestyle and entertainment spots, coupled with an
increasing number of events and trade fairs including Grand Prix Macau and
World Heritage Travel Expo, are expected to create strong and growing
demand for quality accommodation. As the first international serviced
residence brand in Macau, Ascott Paragon Macau will set the benchmark
and will be well positioned to cater to the demand for quality serviced
residences in the market.”

Ascott Paragon Macau will be strategically located within Dynasty District
in the heart of Macau. Dynasty District is an international business and retail
hub by the city’s waterfront. It is home to premier Grade-A office spaces,
major shopping malls, prestigious residences and numerous attractions. The
district is just five to ten minutes away from the Macau International Airport
and Ferry Terminal. It enjoys convenient accessibility to Guangzhou
through the Guangzhou-Zhuhai railway and to Hong Kong via the Hong
Kong-Zhuhai-Macau Bridge which is due for completion by 2016. The
luxurious serviced residence will be within walking distance to many places
of interest such as the Macau Cultural Centre, Ruins of St. Paul’s and
Handover Gifts Museum of Macau. It will also be close to a myriad of
dining, shopping and entertainment options.

When completed, Ascott Paragon Macau is expected to offer about 100 apartments from
studios to one-bedroom units to cater to the different lifestyle needs of leisure and business
travellers. The spacious apartments will come with a fully-equipped kitchen and elegant
furnishing. Residents can enjoy facilities including a swimming pool, gymnasium, business
centre and residents’ lounge.