Frequently Asked Questions (FAQ)
Rock Productions Pte Ltd (“Rock”) – Co. Regn: 199804091D

1.       What is Rock?

Rock is a Singapore-incorporated and resident company. Rock owns and manages the Rock Auditorium, a premier performance and lecture venue, at Suntec City Mall, the adjoining Rock Gifts & Book Centre, as well as Marine Cove, the beach-front recreational and gastronomical establishment in the heart of East Coast Park.

2.       Who owns Rock?

Subsequent to an increase in paid-up share capital on 27 September 2007, its registered shareholders are Pastor Joseph Prince, Pastor Joshua Lee Chin Kiat, Matthew Kang Teck Wah (jointly holding 102,999,999 shares) and Jeannie Yeo-Yap Ai Pang (holding 1 share).

Under the declarations of trust, the four shareholders of Rock acknowledge that their shares are held in trust for and on behalf of New Creation Church (NCC). In other words, Rock is beneficially held by NCC.

3.       Are the registered shareholders of Rock entitled to dividend payments?

The registered shareholders have never received any dividend payments from Rock since its incorporation on 21 August 1998. Due to its setup, any future payment of dividends by Rock will be legally paid to NCC.

4.       Who are the directors of Rock?

The directors of Rock are Pastor Joseph Prince, Jeannie Yeo-Yap Ai Pang, Pastor Joshua Lee Chin Kiat, Matthew Kang Teck Wah and Yong Chee Ram. None of the directors are on Rock’s payroll. Professionally, Matthew Kang Teck Wah is a director with a financial planning firm, while Yong Chee Ram is a banker with a global financial institution. Both are serving as directors on a voluntary basis.

5.       Do the directors of Rock draw any remuneration or directors’ fees
          from Rock?

All the five directors do not draw any remuneration or directors’ fees from Rock.

6 .      What is Rock’s latest project?

On 7 September 2007, Rock was awarded the tender to build, lease and operate an integrated civic, cultural, retail and entertainment hub (Integrated Hub) at Vista Xchange, one-north on a 60-year lease term by JTC Corporation (JTC).

The Integrated Hub will be divided into two zones — a Civic and Cultural Zone, and a Retail and Entertainment Zone. Upon the award of the tender by JTC to Rock, CapitaLand Limited (CapitaLand) through its indirect, wholly-owned subsidiary, One Trustee Pte. Ltd., entered into a Sale and Purchase (S&P) Agreement with Rock to acquire the Retail and Entertainment Zone of the Integrated Hub. One Trustee Pte. Ltd. is holding the benefit of the S&P Agreement in trust for CapitaLand Retail Singapore Investments Two Pte. Ltd., a wholly-owned subsidiary of CapitaLand Retail Limited (CapitaLand Retail).

The Integrated Hub will be developed at a total cost of $660 million. Rock’s commitment will amount to approximately $280 million. CapitaLand Retail’s investment will amount to approximately $380 million. CapitaLand will also project-manage the entire development of the Integrated Hub, which is expected to be completed by 2011.

Please click here to read the joint press release issued by Rock and CapitaLand on 9 September 2007.

7 .      What are the objectives of Rock’s investment in the Civic and Cultural
          Zone of the Integrated Hub @ one-north?

The Civic and Cultural Zone of the Integrated Hub @ one-north will be a world-class venue for staging large-scale performances, shows and events. Our extensive research indicates an overwhelming need for a sizeable performance venue, away from the city and well-equipped with state-of-the-art facilities for concert (Western and Asian) and larger scale family productions in Singapore. The proposed 5,000-seat high-tech theatre, backed by the expertise of Artec Consultants Inc and IMG Artists, is expected to fulfill the needs of and attract these target performing arts and cultural groups. Rock believes the Integrated Hub will soon become the distinctive social gathering destination at one-north, and will significantly add to the vibrancy of the precinct, as well as Singapore’s rapidly evolving retail and cultural landscape.

Currently, the 16,000-strong NCC is using the Rock Auditorium at Suntec City Mall, which seats 1,400 people, and other meeting/function rooms, including those at Suntec Singapore International Convention & Exhibition Centre, for its meetings. NCC has been looking for a larger venue as its congregation has been getting bigger. The new theatre will be ideal for NCC’s needs.

8 .      What will the commercial arrangement between Rock and NCC be?

NCC will be the theatre’s anchor tenant for its church meetings every Sunday, and possibly, on one weekday night.

There will be an agreement in place that ensures that the theatre will be leased to NCC on a long-term lease basis, and that NCC is guaranteed the use of the theatre and related facilities during the 60-year lease of this project.

Should you have any further questions, please drop us an email at info@newcreation.org.sg or you may approach Matthew Kang and Yong Chee Ram personally.

The above information is correct as of 25 November 2007.