Leighton Asia Wins Php 5.3 billion (A$212 million) Building Project in the Philippines

Issue Date:  24 November 1998
Issued By:  Leighton Asia Limited

Leighton Contractors (Philippines) Inc., a subsidiary of Leighton Asia Limited, yesterday was awarded a Php 5.3 billion (A$212 million) contract to design and construct a major retail, carpark and hotel development in Makati City, Metro Manila for the Rockwell Land Corporation (RLC). RLC has the option to reconsider the hotel component of the project, worth approximately half the total value of the contract, by May 1999.

The Rockwell Project involves the design and construction of a four level, 65,000 square metres retail complex containing shops, restaurants and cinemas, as well as three levels of parking for 2,000 cars. It also includes the design and construction of a 34 storey, 407 room hotel containing a five storey podium, food and beverage outlets, a pool deck, a ballroom and porte-cochere.

Leighton will take possession of the site on 24 November and construction will commence on 4 January next year. The project is scheduled for completion in December 2001.

Managing Director of Leighton Asia, Mr John Faulkner, said the project underlines the potential of the Philippines market.

"This is a significant contract for us - our largest to date in the Philippines - and confirms our view that despite the current economic situation, the Philippines construction market still offers selected opportunities for companies such as ours," Mr Faulkner said.

"There are a number of prospects in both the private and public sectors, particularly in the civil engineering and resources sectors. We are currently undertaking the detailed engineering design work for the North Luzon Expressway and we are confident that this will lead to further construction work in the future," he said.

"In 1997/98 - the first full year of operation - the Philippines operation was the second largest contributor, after Hong Kong, to Leighton Asia's overall revenue and we expect this to continue next year."

Leighton Contractors (Philippines) Inc. was established in 1996 and since then has undertaken a number of civil engineering, building and contract mining projects throughout the country.

Leighton Asia Limited, a division of Australia's largest project development and contracting group, Leighton Holdings Limited, has been successfully operating in Asia since 1975. It has become one of the region's largest broad-based construction and mining contractors.

With its head office in Hong Kong, Leighton Asia also operates in Malaysia, Thailand, Vietnam, Lao PDR and China and has around 2,500 employees throughout the region.

ENDS.

For further information, please contact:

In Hong Kong
Chris Gordon
Corporate Communications Manager
Leighton Asia Limited
Phone: (852) 2823 1111

In Australia
Matt Sullivan
Manager, Investor and Media Relations
Leighton Holdings Limited
Phone: (02) 9925 6628