CapitaLand to oversee Ophir-Rochor site development

Its subsidiary CapitaLand Commercial Project Services has been appointed by the joint venture between Khazanah and Temasek.

Temasek, which has an interest of approximately 40.92%, is the controlling shareholder of CapitaLand.

CapitaLand explained, “Although the Appointment is an interested person transaction under Chapter 9 of the Listing Manual of the Singapore Exchange Securities Trading Limited, the aggregate value of all transactions (including the Appointment) entered into with Temasek and/or its associates as at the date of this announcement for the current financial year ending 31 December 2011, is less than 3% of the CapitaLand Group’s latest audited net tangible assets as at 31 December 2010.”

The appointment is said to be not expected to have any material impact on CapitaLand’s net tangible assets or earnings per share for the financial year ending 31 December 2011.