Singapore Aircraft Leasing Enterprise (SALE) has signed an agreement with Qantas Airways for the lease of three new Airbus A320s. Due for delivery in June and July 2004, the aircraft will be operated by the carrier`s new low cost unit Jetstar and will be the first A320s to join the airline`s fleet.

Currently in production at Airbus, the new A320s will be configured to Jetstar`s specification and will offer accommodation for 177 passengers in a single class layout. The aircraft will be powered by V2500 engines from the International Aero Engines consortium (IAE). All three aircraft are from SALE`s direct orders with Airbus.

SALE has offered a professional and flexible service which will allow Jetstar to commence its A320 operations in July this year to coincide with the Australian peak season, said Alan Joyce, Chief Executive Officer of Jetstar.

This has been achieved while maintaining a consistent configuration and specification between the leased and purchased fleets.

Robert Martin, Managing Director of SALE, said that the company was pleased to be able to play a role in the launch of Jetstar and to work with the Qantas Group for the first time.

The low cost segment is a key area of growth in the Asia-Pacific region and will serve to stimulate additional traffic on shorter point-to-point services, he said. Jetstar will offer a formidable product, combining attractive pricing and a new aircraft fleet.

The addition of Jetstar to our customer base reflects our ability to offer straightforward, efficient leasing structures suited to carriers operating within the fast-growing low fares segment.

SALE is one of the world`s leading aircraft leasing companies. Offering true global coverage, the company currently has 51 aircraft in service with 28 airlines worldwide and offices in Singapore, London, Washington D.C. and San Diego, California. Altogether the company has placed 51 firm orders with Airbus for the A320 Family, of which 21 are still to be delivered, between now and 2007. With the Jetstar deal, all SALE`s new aircraft for 2004 have now been placed with airlines.

SALE has been particularly successful within the low cost carrier segment, with Jetstar joining a customer list already including Air Asia (Malaysia), America West (USA), easyJet (UK), Frontier Airlines (USA), jetBlue Airways (USA), Valuair (Singapore) and volareweb.com (Italy).