News

Singapore, 18 December 2002 - Ascendas-MGM Funds Management Limited, the manager of Ascendas Real Estate Investment Trust ("A-REIT") confirms that it continues to lease space in its portfolio at rental rates that meet its previously issued forecasts.

These projections are based on conservative forecasts and assumptions stated in A-REIT's Prospectus and the rental rates are in line with the newly posted rental rates of JTC Corporation.

"We constantly monitor the market conditions and have done so for the past 12 months," said Goh Kok Huat, Chief Executive Officer of Ascendas-MGM Funds Management Limited. "We already have 94% of our leases committed for the first forecast period ending 31 March 2003 and have secured 67% of our leases in the second forecast period ending 31 March 2004. We are confident of delivering a distribution yield of 8% to our Unitholders as forecast in A-REIT's Prospectus."

Visit the A-REIT website at www.a-reit.com.sg for more details.


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A-REIT has a diversified portfolio of eight properties comprising business park (including science park), light industrial and built-to-suit properties in Singapore, valued at approximately S$607.2 million (as at 1 August 2002). These properties house a tenant base of more than 300 international and local companies operating in a range of industries and activities, including research and development, life sciences, information technology, engineering and light manufacturing. Tenants include Bioprocessing Technology Centre, Federal Express, Honeywell, Institute of Microelectronics, Lilly Systems Biology, Teradyne and Venture Corporation, just to name a few. The rental income from the tenants contributes to the stable distributions to be delivered by A-REIT.

A-REIT is managed by Ascendas-MGM Funds Management Limited, a joint venture between Singapore-based Ascendas Investment Pte Ltd, a related company of Ascendas Land (Singapore) Pte Ltd, and Australian-based Macquarie Goodman Industrial Management Pty Limited.

For more information, please contact:

Media Contact

Singapore

Ho Mei Peng
Investor Relations, Ascendas-MGM Funds Management Limited
Tel: +65 6774 9152,
Mobile: +65 9668 8290,
Email: meipeng.ho@ascendas-mgm.com

Australia

Jayne Gerrie
Communications, Macquarie Goodman Management Limited
Tel: +612 9230 7400,
Mobile: +61 4090 77200,
Email: jgerrie@macquariegoodman.com.au

This website is qualified in its entirety by, and should be read in conjunction with, the full text of the Prospectus. Investing in A-REIT involves risks. Prospective investors should read the Prospectus in its entirety and, in particular, the section headed "Risk Factors". Words and expressions not defined herein have the same meaning as in the main body of the Prospectus, unless the context requires otherwise.

The information included on this website is not for publication or distribution, directly or indirectly, and does not constitute an offer to sell or the solicitation of an offer to buy Units in any jurisdiction where such activity is prohibited or to any person to whom it is unlawful to make such offer or solicitation. Without limiting the generality of the foregoing, neither the information herein nor any copy thereof may be published or distributed, directly or indirectly, in or into the United States and this information does not constitute an offer of Units for sale into the United States. The Units are being offered and sold outside the United States in reliance on Regulation S under the US Securities Act of 1933, as amended (the "Securities Act".) The Units mentioned herein have not been and will not be registered under the Securities Act and, subject to certain exceptions, may not be offered or sold within the United States. There will be no public offer of the Units mentioned herein in the United States. Any failure to comply with this restriction may constitute a violation of United States securities laws.