City Developments Limited

City Developments Limited (CDL) is an international property and hotel conglomerate involved in real estate development and investment, hotel ownership and operations and provision of hospitality solutions. Operating in cities across Asia, Europe, North America and New Zealand/Australia, CDL has over 250 subsidiaries and associated companies. CDL is a commercial landlord in Singapore with almost four million square feet of lettable office, industrial, retail and residential space. It also owns a land bank with over 4.5 million square feet that has the potential of being developed into approximately nine million square feet of gross floor area. During the year ended December 31, 2007, the Company launched five new residential projects. In June 2008, the Company announced that Sunmaster Holdings Pte. Ltd., a wholly owned subsidiary of the Company, has incorporated a wholly owned subsidiary known as Asbury Holdings Pte. Ltd., with a principal activity of property ownership and sales.