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NEWS RELEASES

Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 15-Oct-2003

Chelsea Property Group Sets Release Date

ROSELAND, N.J.--(BUSINESS WIRE)--Oct. 15, 2003--Chelsea Property Group, Inc. (NYSE:CPG) announced today that it expects to issue its third quarter 2003 operating results on Tuesday, November 4, 2003, after the close of the market. The Company's third quarter conference call with investors and analysts will be held on Wednesday, November 5, 2003 at 2:00 p.m. eastern time. The call may be accessed by dialing 800-299-7635 (U.S. callers) or 617-786-2901 (international callers) and referencing reservation No. 23089250. A replay of the call will be available through November 12, 2003 by dialing 888-286-8010 (U.S. callers) or 617-801-6888 (international callers) and referencing reservation No. 90236656.

The call will also be available in listen-only mode at the Company's website, www.cpgi.com. A link to the call will be located in the Investor Information section, and the replay will be available for 45 days. Those interested in listening via the Internet should test their audio software in advance of the call to ensure access.

Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that owns Premium Outlet(R) and other shopping centers in 31 states and Japan. The Company's leading properties include Woodbury Common Premium Outlets, near New York City; Orlando Premium Outlets in Orlando, Florida; Las Vegas Premium Outlets, in Las Vegas, Nevada; and Gotemba Premium Outlets, near Tokyo, Japan.

CONTACT: Chelsea Property Group, Inc.
Michael J. Clarke, 973-228-6111

SOURCE: Chelsea Property Group, Inc.






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