MASNET:Increase In Shareholding In Subsidiary

KEPPEL LAND LIMITED

The Board of Directors of Keppel Land Limited (“the Company”) is pleased to announce that on 20 July 2006, the Company has entered into a sale and purchase agreement with Capitalfield Holdings Limited to acquire 23,335,116 ordinary shares (“the Sale Shares”) in the capital of Dragon Land Limited (“Dragon Land”) for a total consideration of US$3,266,916.24 (US$0.14 per Sale Share) (“the Acquisition”).

The consideration was arrived at on a willing buyer, willing seller basis and will be satisfied wholly by internal cash resources of the Company.

The Sale Shares comprise 4.594% of the total issued and paid-up share capital of Dragon Land. After the completion of the Acquisition today, the Company owns or controls 71.369% in the issued and paid-up share capital of Dragon Land.

The Acquisition is not expected to have any material impact on the earnings per share and net tangible assets per share of the Company for the current financial year.

Save for their shareholdings in the Company, none of the directors or substantial shareholders of the Company has any interest, direct or indirect, in this Acquisition.



By order of the Board
KEPPEL LAND LIMITED


Choo Chin Teck
Company Secretary

Date: 20 July 2006