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Kerzner, CapitaLand to Submit Singapore Proposal

20 January 2005

PARADISE ISLAND, The Bahamas -- (PRESS RELEASE) -- Kerzner International Limited (NYSE:KZL), a leading international developer and operator of destination resorts, casinos and luxury hotels, and CapitaLand (SGX:CAPL), one of the largest listed property companies in Asia, will submit a joint concept proposal to the Singapore Government (the "Government") for the development of an integrated entertainment resort complex at Sentosa Island in Singapore.

This joint proposal is in response to the Singapore Tourism Board's invitation to interested parties to submit concept proposals for the first integrated resort with gaming in Singapore.

Butch Kerzner, Chief Executive Officer of Kerzner commented: "We are very pleased to partner with CapitaLand on this proposal. This partnership combines our success in developing innovative destination resorts with CapitaLand's extensive experience and development expertise in the region. We believe that our resort model can be successfully applied at Sentosa Island and look forward to submitting our joint concept for this destination."

The Government has requested that interested companies submit concept proposals by the end of February.

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