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City Developments Withdraws Singapore Bid

16 January 2006

SINGAPORE – As reported by Reuters: "City Developments Ltd., Southeast Asia's second-largest property group, said on Monday it has withdrawn from a joint bid with Las Vegas Sands Corp. to build Singapore's first casino resort.

"The announcement comes just one month after CityDev said it would tie up with Sands to build one of two of the city-state's planned casino projects, leaving the U.S. player without a local partner.

"CityDev said it chose to pull out as some requirements associated with the bid were raised after it had made the December 15 announcement to take up a 15 percent equity interest in the project.

"…Singapore is hoping the new casinos will lure more tourists, create jobs and boost economic growth…"

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