Zhuhai is a major city in the rapidly developing Pearl Delta region of Southern China. The city is adjacent to Macau and an hour by ferry from Hong Kong.

The Phase-I launch comprises of 300 apartments and 61 houses that are part of the development being built on a sprawling and exclusive 170,000 sq m prime land property situated on the seafront and is a seven-minute drive from the Zhuhai town centre. TOP for Phase-I is slated for the fourth quarter of 2002.

The Phase-I List Prices per sq ft, at the exchange rate of S$1.00 to RMB5.00, are approximately S$100, S$150 and S$300 for the apartments, attached houses and detached houses respectively.

The List Prices are competitive and comparable to similar property developments in the Pearl Delta region.

The total sales revenue expected from the Phase-I launch based on the target selling prices is more than S$35 million.

When fully completed, the resort-oriented lifestyle estate offers a total of 1,500 apartments, 111 houses, a 200 guest-room hotel, an approximately 4,500 sq m shopping mall and a clubhouse.

The total saleable floor area for the apartments and houses is approximately 165,300 sq m. The 200 guest-room hotel, shopping mall and clubhouse comprise another 23,000 sq m of floor area.

IPC Chairman and CEO Patrick Ngiam said: "The property offers a resort-oriented lifestyle environment for the discerning upper and upper middle class investor who values and is accustom to comfort, convenience, serenity and security.

"The TOP for Phase-I is targeted for Q4 this year. The subsequent phases of the development is subject to market acceptance during the Phase-I launch, although it is the Group's plan to target completion for the entire project by the middle of 2004."

The design of the property project is collaboration between the Zhuhai Planning & Design Institute and AW Design in Singapore. Centaline Property Consultants in Hong Kong is the appointed marketing agent for the Hong Kong markets while Dehenham Tie Leung International Property Advisers DTZ (HK) has been appointed the property management consultant.

The property development project is part of the IPC Group's strategic plan on the orderly divestment of its non-core assets for optimal returns.

The Group's internal financial resources fund the development of the property. The successful development and sales of the project will yield positive cash flow and profit to the Group in the current year financials.

About IPC

Listed on the main board of the Singapore Exchange (SGX), IPC Corporation Ltd (IPC) is an established Asian IT vendor in Thin Computing, e-Services & e-Platform solutions and Infocomm Product and Broadband Systems Integration, with a marketing and sales distribution network in more than 50 countries worldwide.

Three Core Business Units
IPC drives three core business units:
· Thin Computing
· e-Services & e-Platform
· Infocomm Product and Broadband Systems Integration

*For more information, please visit our website at www.ipc.com.sg

Thin Computing

ThinSoft (Holdings) Inc. (ThinSoft), a subsidiary of IPC Corporation Ltd, has developed a premium suite of cost effective thin computing solutions that significantly reduce the Total Cost of Ownership (TCO). ThinSoft offers two flagship product series "BeTwin" and "WinConnect" for Windows and Linux respectively. Windows and Linux represent the world's two most dominating operating systems. These solutions address the pervasive computing needs of individuals and organisations in the characteristically dynamic computing and communications environment. The competitive efficiency of the solution is attributed to its ability to link multiple users to a single host computer with uncompromised computing power as well as concurrent Internet usage.

*For more information, please visit our website at www.thinsoftinc.com
ThinSoft (Stock code: 8096) is listed on the GEM board of the Stock Exchange of Hong Kong

e-Services & e-Platform

e-IPC, a wholly owned subsidiary of IPC, is a leading Internet infrastructure provider of e-Services & e-Platform for B2B and B2C transactions. e-IPC's value proposition is the full service provision of On-line Exchange (OLX) and On-line Applications (OLA). Since 1996, e-IPC has been operating a premier network in China offering OLX and OLA e-Services to major enterprises in the retail industry in Shanghai.

OLX
OLX enables and facilitates the entire fulfillment cycle in the supply chain from credit check to inquiry to ordering to electronic processing and payment.

OLA
OLA is an on-line access platform to mission critical software applications to fulfill administrative and operational requirements such as data warehousing, data mining and data analysis, enterprise resource planning and customer relationship management.

For more information, please visit our website at www.e-ipc.com.cn

Infocomm Product and Broadband Systems Integration
Essex Electronics (S) Pte Ltd (Essex) is a wholly owned subsidiary of IPC and is a premier provider of Infocomm products and solutions as well as the provision of Broadband Systems Integration services. Essex offers a suite of Digital Enhanced Cordless Telecommunications wireless communications range of terminals and in-premise Wireless Local Loop solutions as well as Integrated Services Digital Network terminals.

In the area of Broadband Systems Integration, IPC successfully developed and launched EaziSurf, an in-premise broadband solution for the Multi-Dwelling Unit (MDU) market. EaziSurf is a wired and wireless in-premise hardware and software broadband solution for the bandwidth demanding provision of seamless multimedia communications in MDU sites such as hotels and residential condominiums.

*For more information please visit our website www.essex.com.sg

For enquiries, please contact:

Mr Bernard Ngiam
Executive Director/Company Secretary
IPC Corporation Ltd
23 Tai Seng Drive, Singapore 535224
Tel: (65) 6744-2688 Fax: (65) 6289 7308
Email: bernard.ngiam@ipc.com.sg

Submitted by Bernard Ngiam, Executive Director/Company Secretary on 12/04/2002 to the SGX