Redevelopment of Specialist Shopping Centre and Hotel Phoenix Site into a Hotel-cum-Retail Mall

SINGAPORE, 16 July 2010 – United Engineers Limited (“UEL”) unveiled plans for an iconic retail, hotel and office landmark across from 277 Orchard Road to 218 Orchard Road, that will be linked by a glass overhead bridge – the first of its kind along Orchard Road – and an underground pass with retail shops (“the Project”).

“This development, designed by internationally-renowned architectural firm Tange Associates, will dramatically change the shopping landscape of Orchard Road – visually and in terms of shopping experience. Its unique architecture that straddles both sides of Orchard Road, and with the glass overhead bridge, will offer a new postcard view of Orchard Road. With the glass overhead bridge, the Orchard Road Christmas Light-up will also have new decorative possibilities. We strive to create a new focal point in Orchard Road that will be buzzing with activity and excitement,” said Mr Jackson Yap, Group Managing Director and Chief Executive Officer of UEL.

In the groundbreaking ceremony held today, it was announced that the 277 Orchard Road site (the former Specialists’ Centre/Hotel Phoenix site), which occupies an area of about 6,800 sq m, will be developed into a 21-storey* building with two basement floors comprising a hotel of about 5oo rooms*, 20,800 sq m* retail space and a multi- storey carpark (“277 Orchard”). Its total gross floor area is approximately 50,000 sq m*. UEL, through its wholly-owned subsidiary, UE Orchard Pte Ltd, is the developer of 277 Orchard. 277 Orchard is owned by Oversea-Chinese Banking Corporation Limited (“OCBC Bank”).