The split will be effected by paying a stock dividend of one new share for each share of common stock outstanding. The stock dividend is payable May 28, 2002 to shareholders of record on May 14, 2002.

David Bloom, Chairman and Chief Executive Officer, said, "As part of our ongoing effort to enhance shareholder value, this split is intended to increase our float while making the market price of our stock more affordable to a broader group of investors."

Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that wholly or partially owns 58 Premium Outlet(TM) and other shopping centers - containing 13.0 million square feet of GLA - in 28 states and Japan. The Company's leading properties include Woodbury Common Premium Outlets, near New York City; Orlando Premium Outlets, in Orlando, Florida; Wrentham Village Premium Outlets, near Boston; and Gotemba Premium Outlets, near Tokyo, Japan. Please see www.cpgi.com for more information.

CONTACT:          Chelsea Property Group, Inc., Roseland
                  Leslie T. Chao
                  Michael J. Clarke
                  973/228-6111

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