Mapletree Investments Pte Ltd (“Mapletree”), a wholly-owned subsidiary of Temasek Holdings, will undergo an organisational restructuring which will take effect from 4 June 2003. The exercise will better position Mapletree for the key tasks ahead, particularly the work related to the Business and Financial Centre (BFC) in the New Downtown at Marina South and the major development along the HarbourFront belt.

Mr Khoo Teng Chye will relinquish his role as President and CEO of Mapletree and will join Temasek Holdings as Managing Director of Special Projects. There, he will focus on the BFC project. The consultancy work for the BFC will become a separate business from Mapletree’s other commercial and development projects.

Mrs Lim Hwee Hua, Managing Director of Strategic Relations at Temasek Holdings and a board member of both Mapletree and its subsidiary The HarbourFront Pte Ltd since their business inception, will assume the additional position of CEO at Mapletree in the interim. Mrs Lim will oversee the management of the day-to-day operations at Mapletree while the Board searches for a new CEO for Mapletree.

Commenting on the organisational change, Mr Khoo Teng Chye said, “The restructuring will enable me to commit fully to the BFC project from Temasek to work towards a successful outcome. I have enjoyed working with and have had good support from the Mapletree team and together we believe we have added value to the assets under our charge, especially the HarbourFront. I am sure the team will continue to lend their full support to Hwee Hua.”

Mapletree Investments was formed in December 2000 to take ownership of the non-port properties from PSA Corporation. It owns and manages an asset base of some S$3 billion, comprising primarily waterfront office, retail and warehousing properties. One of the major projects which Mapletree is currently involved in is the development of a world-class retail and entertainment centre next to HarbourFront Centre (formerly World Trade Centre).

In August 2002, Mapletree was appointed by the Urban Redevelopment Authority of Singapore (URA) as its consultant to review the master plan of the New Downtown around the Marina Bay, as well as market the site as Singapore’s next generation Business and Financial District to potential developers and investors.