The HarbourFront Pte Ltd has sealed the office leasing contract between its subsidiary HarbourFront Two Pte Ltd and ExxonMobil Asia Pacific Pte Ltd (“ExxonMobil”) on 12 Dec 2001 as the major tenant of one of the twin towers at The HarbourFront’s Office Park. With this deal, ExxonMobil will occupy about 50% of the office tower.

The Office Park development, comprising two 18-storey office buildings flanking the Cable Car Towers, is a joint venture project between The HarbourFront Pte Ltd and Keppel Group. The former holds 61 per cent stake in the project while the latter owns the other 39 per cent. Construction of the towers is ahead of schedule and expected to be completed in September 2002. The existing Cable Car Towers is likely to be ready in March 2003 after undergoing refurbishment.

Mr Jimmy Lee, Managing Director, The HarbourFront Pte Ltd, said “We are pleased that the development of The HarbourFront’s Office Park is progressing well and ahead of schedule. Its completion will tie in well with the completion of the proposed HarbourFront MRT (Mass Rapid Transit) Station.

The twin office towers mark the first step towards the transformation of this iconic prime waterfront land into a bustling, scenic and enchanting environment conducive for world-class business activities, networking, leisure and entertainment. We are extremely honoured that ExxonMobil has signed up as a major tenant in one of the twin towers.”

Said Mr Cliff Pearson, Regional Manager, Asia Pacific, Global Real Estate & Facilities of ExxonMobil, “Soon after the formation of ExxonMobil in November 1999, we started work on consolidating our leased office space in Singapore. The agreement with The HarbourFront will allow ExxonMobil to consolidate our present 5 major office lease locations into one. We are pleased with this initiative and it is part of our continuing efforts to operate an efficient and competitive business in Singapore.”

Three companies were formed as a result of the joint venture with Keppel Group. They are HarbourFront One Pte Ltd, HarbourFront Two Pte Ltd and HarbourFront Three Pte Ltd. HarbourFront One Pte Ltd owns the office tower which will house the headquarters of Keppel Corporation Limited. HarbourFront Two Pte Ltd owns the office tower to be anchored by ExxonMobil and the existing Cable Car Towers.

HarbourFront Three Pte Ltd owns the residential land east of King’s Dock of which provisional planning approval for a gross floor area (GFA) of 32,000m2 has been obtained.

The entire HarbourFront development is managed by The HarbourFront Pte Ltd, which is 80 percent owned by Temasek Holdings and 20 percent by PSA Corporation Limited. The multi-billion dollar business and lifestyle development is poised to become Singapore’s commercial and leisure icon of the future. This novel and unique waterfront development in the Maritime Square area houses some of Singapore’s best tourist attractions (Sentosa, Mount Faber and the Cable Car) and will have excellent access including MRT, integrated facilities catering for cruises, retail and entertainment businesses, as well as a hotel and an office park.

The new hub will tap into the more than six million international and regional visitors, and the local population from residential projects like Keppel’s Carribean at Keppel Bay and Sentosa Cove. When fully developed, The HarbourFront will have a gross floor area of about 448,000 square metres and is expected to attract 35 to 40 million visitors annually.