INGENIA COMMUNITIES GROUP — Major Shareholding Notification 2006

Nov 1, 2006

Facsimile

To	Company Announcements Platform
Company	Australian Stock Exchange
	Facsimile No 1900 999 279
From	Janice Schouteten	Legal & Compliance Department
Date	2 November, 2006	No of Pages: 4 (inc cover)

I attach Form 604 - Notice of change of interests of substantial holder. A copy of this notice has been faxed to the company.

Yours sincerely,

D. эМ

Janice Schouteten Legal & Compliance

Important: The contents of this facsimile (including attachments) may be privileged and confidential. Any unauthorised use of the contents is expressly
prohibited. If you have received the cocument in error, please advise

Goldman Sachs JBWere Pty Ltd
ABN 21 008 797 897 Level 48 Governor Phillip Tower 1 Farrer Place 1 Farrer Place
Sydney NSW 2000
Telephone 02 9321 8777
Facsimile 02 9320 1401
Ausdoc No. DX 39813
101 Collins VIC www.gsjbwere.com

		Corporations Act 2001 Section 671B
		Notice of initial substantial holder
To Company Name/Scheme		ING Real Estate Community Living Fund
ACN/ARSN		107 459 576
	1. Details of substantial holder (1)
Name		Goldman Sachs JBWere Group Holdings Pty Ltd (ACN 006 163 524). Goldman Sachs JBWere Pty Ltd (ACN 006 797 897) and their subsidiaries (Goldman Sachs JBWere Group)
ACN (if applicable)
	The holder became a substantial holder on	31 October 2006

Class of securities (4) .	Number of securities	Persons' votes	Voting power(6)
Fully paid ordinary shares	18,368,880	18,368,880	5.93%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial
holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of Change	Holder of Relevant Interest	Nature of Change	Consideration	Number of ordinary fully paid voting shares
31/07/2006	Goldman Sachs JBWere Asset Management Pty Ltd ("GSJBWAM")	GSJBWIM acquired a further relevant interest when it was appointed as investment manager for a new client nor folio.	\$6,040,373	4,756,199

4. Details of relevant interests

The nature of the relevant interest the substantial holder had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Goldman Sachs JBWere Group excluding Goldman Sachs JBWere Investment Management Pty Ltd (GSJBWIM) and Goldman Sachs JBWere Managed Funds Limited (GSJBWMF)	By virtue of the operation of the Corporations Act, the Goldman Sachs JBWere Group (excluding GSJBWIM and GSJBWMF) have a relevant interest in the holdings detailed below.	18,368,880 fully paid ordinary units
GSJBWIM	GSJBWIM has a relevant interest in $10,234,170$ fully paid units in its capacity as investment manager for a range of client portfolios.	10,234,170 fully paid ordinary units
	It has a further relevant interest in	3.378.511 fully paid

3,378,511 fully paid units by virtue of the operation of the Corporations Act.	ordinary units
GSAM has a relevant interest in 4,756,199 fully paid units in its capacity as investment manager for a range of client portfolios.	4,756,199 fully paid ordinary units
GSJBWMF has a relevant interest in 3,374,461 fully paid units in its capacity as responsible entity for the Goldman Sachs JBWere range of managed funds. It has a further relevant interest in	3,374,461 fully paid ordinary units 10,238,220 fully paid ordinary units
	10,238,220 fully paid units by virtue of the operation of the Corporations Act.

1. Details of present registered holders
   The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Class and number of securities
GSJBWIM	Invia Custodian Pty Ltd Various clients		932,875 fully paid ordinary units
GSJBWIM	State Street Australia Limited	Various clients	3,107,089 fully paid ordinary units
GSJBWIM	Asgard Capital Management Ltd	Various clients	72.051 fully paid ordinary units
GSJBWIM	National Nominees Limited	Various clients	4,892,919 fully paid ordinary units
GSJBWIM	IAG Nominees Ptv Limited	Various clients	1,229,236 fully paid ordinary units
GSJBWMF	RBC Dexia Investor Services Australia Nominees Pty Limited	N/A	3,374,461 fully paid ordinary units
GSJBSWAM (NZ)	Portfolio Custodian Limited	N/A	4,050 fully paid ordinary units
GSAM	N/A	Various clients	4,756,199 full paid ordinary units

1. Consideration
   The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the
   four months prior to the day that the substantial holder became a substantial holder is as follows:

	------	.
Holderi relevant - .	-acquisition Date . or. .	(9) onsideration.	number 55هاب and
interest	_		untes OT SECI

$\frac{1}{4}$

--	---	---	174,748
GSJBWIM	31/10/06	\$221,929.96
--- GSJBWMF ---	---- - 11 31/19/06 --	\$147,271.74	115,962

7. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN (if applicable) ᅲ	--------- Nature of association
--	--- ---- ---
__

8. Addresses

The addresses of persons named in this form are as follows:

$\blacksquare$

Address
All care of Level 17, 101 Collins Street, Melbourne Victoria 3000
PO Box 887, Auckland, NZ
Level 4, 333 Collins Street, Melbourne Victoria 3000
Level 7, State Street Centre, 338 Pitt Street, Sydney NSW 2000
PO Box 7817, Cloisters Square, WA 5850
Level 5, 271 Collins Street, Melbourne Vic 3000
388 George St Sydney NSW
PO Box 887, Auckland, NZ