Date [eg 14 July 2006] ASX Announcement Bid for major mixed use development site in Singapore 1 April 2015

Today Lend Lease announced that, in joint venture with one of its major global investment partners, it was the highest bidder for Paya Lebar Central, a large scale mixed use urban regeneration development site in Singapore, offered for sale under the Government Land Sales programme.
Lend Lease will own 30% of the joint venture, with the balance owned by its investment partner.
The joint venture will pay S$1,672 million (approximately A$1,599 million1) for the site. The site has capacity for circa 165,000 sqm of development including office, retail and residential / serviced apartment use. The site has direct connections to the Paya Lebar Mass Rapid Transit (MRT) Interchange that serves both the Circle and East-West lines.
The development will be funded by a combination of non-recourse, project level debt and equity.
The award of the site is subject to the issue of the tender acceptance letter by the Urban
Redevelopment Authority, who manages the Government land sales process.
Lend Lease Group CEO and Managing Director Steve McCann said, "This is a great opportunity for continued success in the region, leveraging Lend Lease's global capabilities to develop large scale urban regeneration projects in major cities around the world. It further cements Lend Lease's position in the Singapore market and leverages its leading integrated property capabilities encompassing development, construction, investment management and asset and property management platforms."
"This transaction demonstrates a collaborative approach between Lend Lease and its investment partners to secure key asset creation opportunities through participation in large urban regeneration projects in gateway cities," said Mr McCann.

ENDS

For further information, please contact: Investors: Media:
Suzanne Evans Natalie Campbell
Tel: 02 9236 6464 Tel: 02 9236 6865
Mobile: 0407 165 254 Mobile: 0410 838 914

1Approximate Australian dollar values based on exchange rate of AUD:SGD 1.0456

Lend Lease Corporation Limited ABN 32 000 226 228; and Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595

Level 4, 30 The Bond Telephone +61 2 9236 6111

30 Hickson Road Facsimile +61 2 9252 2192

Millers Point NSW 2000 www.lendlease.com

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