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Completion of sales of property

23 March 2004

Further to our announcement on 21 November 2003 that our wholly-owned subsidiary, Times Properties Private Limited had accepted a tender from Belgravia Properties Pte Ltd for the Times House property located at the junction of Kim Seng Road and River Valley Road (being the whole of Lots 99361K, 99360A, 99358K, 321N, 631A and 831C of Town Subdivision 21) (the"Property"), we are pleased to announce that the conditions for the sale of the Property were satisfied and completed on 22 March 2004.

None of the directors of SPH has any interest, direct or indirect, in this transaction.