Stmt.re Marina Boulevard Site

Hong Kong Land Hldgs Ld
13 March 2001



                HONGKONG LAND HOLDINGS LIMITED
   CONSORTIUM TENDERS FOR MARINA BOULEVARD SITE IN SINGAPORE



Hongkong  Land is participating in a consortium of  developers
to  tender  for  the Marina Boulevard site in Singapore.   The
site, located in the new down town area known as Marina South,
is  11,366.9  m2  and  it  is  a white  site  for  commercial,
residential  and/or hotel development.  The site  was  offered
for  tender by the Urban Redevelopment Authority (URA) on 21st
November 2000.  The tender submission period closed at 12 noon
on  13th March 2001 and the URA announced the level of tenders
at  5  pm  on the same day through news wire services and  its
official  website www.URA.gov.sg.  The URA will  announce  the
award  of  the tender in due course.  Further details  of  the
consortium  tender are set out in the attached  press  release
issued on behalf of the consortium.



For further information, please contact:

Hongkong Land Limited
Nicholas Sallnow-Smith                         (852) 2842 8401

Matheson & Co. Limited                       (44) 20 7816 8135
Martin Henderson

Golin/Harris Forrest
Adrian Overholser                              (852) 2501 7937

Golin/Harris Ludgate                         (44) 20 7324 8888
Richard Hews

This and other Group announcements can be accessed through the
Internet at 'www.hkland.com'.

Joint Press Release by:
Keppel Land, Hongkong Land and Cheung Kong Holdings
______________________________________________________________
Singapore, 13th March 2001


Consortium tenders for Marina Boulevard site

A   consortium  comprising  three  major  regional  developers
announce their submission of a tender for the Marina Boulevard
site.   The  three members of the consortium are  Keppel  Land
Limited   (Keppel   Land),  Hongkong  Land  Holdings   Limited
(Hongkong  Land), and Cheung Kong (Holdings)  Limited  (Cheung
Kong).
     
The  consortium is formed through three subsidiary  companies,
consisting  of Boulevard Development Pte Ltd of  Keppel  Land,
Freyland Pte Ltd of Hongkong Land and Comina Investment Ltd of
Cheung  Kong.  All three parties hold an equal  share  in  the
joint venture.

Commenting  on  the tender offer, Mr. Nicholas  Sallnow-Smith,
Chief Executive of Hongkong Land said, 'All three partners are
confident  about the investment environment in  Singapore  and
this  new  white site at Marina South offers us an opportunity
to  expand  our investments here.'  Mr. Sallnow-Smith  further
indicated  that  the consortium is well equipped  with  local,
regional  and  global expertise and experience  in  developing
internationally-renowned properties  which  will  be  used  to
create   a  world-class  landmark  in  the  new  Downtown   of
Singapore.

Mr.  Justin Chiu, Executive Director of Cheung Kong,  said  of
this  joint  venture,  'We maintain  that  we  are  constantly
seeking  to  increase  our interests  in  Singapore  and  this
region,  be  it  through  residential or  commercial  property
development. This joint venture is an ideal opportunity to  do
so whilst working with some of the most experienced players in
the region.'

Keppel  Land's managing director Mr Kevin Wong said,  'We  are
happy  to  be working with our partners who have a  wealth  of
international experience.  We are confident that our  partners
and Keppel Land can add much value to this landmark project.'

This  site  presents many interesting opportunities that  will
allow  the  partners to set a precedent in various aspects  of
property  development  in  Singapore.   The  foremost  is,  of
course, the district cooling plant that will be a first of its
kind  in Downtown Singapore.  This alone has major design  and
cost  implications.   Then, the tunnel  linking  the  site  to
Raffles    Place   will   involve   significant   construction
considerations.  Finally, building above the MRT will  add  to
the  challenge of the undertaking.  All these together  within
the  confines of one project, will be a first for the  private
sector to undertake.

Under  the  District  Cooling Act which  was  introduced  last
month,  this  joint  venture  project  will  have  to  provide
infrastructural  requirements for centralised air-conditioning
systems to support the Marina South area.  Although subsequent
construction  projects in Marina South  will  see  savings  in
building   costs,   capital  investment  in   air-conditioning
equipment  and operational expenditure, this first project  is
expected  to  bear  the  brunt of  research,  development  and
construction  costs  that  come with  a  'prototype'  project.
Furthermore, the requirements of providing a tunnel connecting
Raffles Place and Marina South, a hub car-park for public  use
and  building  over the MRT tunnels will add substantially  to
its development cost.

All  three  partners already boast an impressive portfolio  of
developments  that  spans the globe.   Each  partner  provides
quality  developments  in choice locations  that  are  on  the
cutting  edge  of the industry.  This alliance capitalises  on
the  partners'  joint strength to develop  a  site  that  will
showcase advances in design, construction and technology.