Disposal

Taylor Woodrow PLC
5 July 2001





                                                                  July 5, 2001

                 JOINT ANNOUNCEMENT BY TAYLOR WOODROW PLC AND

                            STOCKLAND TRUST GROUP


         SALE OF MAJORITY OF AUSTRALIAN ASSETS OF TAYLOR WOODROW PLC

United Kingdom based housing and property group Taylor Woodrow plc ('Taylor
Woodrow') and Australian based property group Stockland Corporation Limited
('Stockland') announced that terms have been agreed in relation to the sale of
Taylor Woodrow Holdings Pty Ltd ('TWHP') to Stockland. TWHP is the holding
company for Taylor Woodrow's residential development business in Australia.


The transaction will result in Stockland purchasing TWHP for A$85 million
cash, subject to an adjustment to reflect the movement in net assets between
31 December 2000 and 30 June 2001. The price reflects a small premium to
underlying net asset backing as at 31 December 2000. In addition, at
completion of the transaction, Stockland will have provided funds of
approximately A$22 million to subsidiaries of TWHP enabling them to repay
inter company loans to Taylor Woodrow. At completion, TWHP will have minimal
external debt.


Taylor Woodrow will continue to develop the joint venture at Harrington Park,
south of Sydney, which is the only project to be excluded from the sale.


Mr Keith Egerton, Group Chief Executive of Taylor Woodrow said 'The sale of
the majority of our Australian assets will allow Taylor Woodrow to focus on
our core housing operations in the UK and North American markets.'


In all, Stockland has acquired an interest in ten projects. One project is
located at Wollongong, New South Wales, near an existing Stockland project,
while the other projects are located in the Perth metropolitan area.

                                                                      Cont/...





2.

SALE OF MAJORITY OF AUSTRALIAN ASSETS OF TAYLOR WOODROW plc

July 5, 2001

Stockland's Managing Director, Mr Matthew Quinn, said 'This is a strategic
acquisition of one of the leading residential land developers in Western
Australia, where we previously did not have a significant presence. The
projects are at varying stages of the development cycle and will increase our
residential land stocks Australia wide by 3,500 lots to a total of 14,500
lots.


Several projects have a strong track record of sales over a number of years,
including Landsdale Gardens, Settlers Hills and Brookland Greens. All of the
projects are in areas of high population growth and many have recently won
Western Australian and national UDIA awards for high quality development. The
projects have potential upside, in particular, the Settlers Hills estate at
Rockingham, south of Perth, will benefit from its proximity to the Kwinana
Freeway extension which opened in June 2001. This project also includes a 30
hectare site, zoned for a future sub-regional shopping centre and mixed
business uses.


In summary, TWHP is a great fit for Stockland, providing exceptional synergies
with our existing businesses.'


Stockland's acquisition will be funded with debt and is expected to have a
positive impact on 2001/02 earnings.

                                   - ends -

For further information please contact

Tony McGarahan     Matthew Quinn

Group Director of Corporate Relations     Managing Director

Taylor Woodrow plc     Stockland Trust Group

Tel: [phone]     Tel: [phone]