Completion of successful sale of nine properties in excess of S$175 million

04 August, 2010

Mr Tam Chee Chong of Deloitte & Touche LLP, Liquidator of Associated Development Pte Ltd, Chow Cho Poon (Private) Limited and Lee Tung Company (Private) Limited is pleased to announce the successful sale of nine properties (mentioned below) in these three companies for a total aggregate value in excess of S$175 million.

(1) Nos. 13, 14 & 15 Lorong Telok, Singapore
(2) No. 17 North Canal Road, Singapore
(3) Nos. 19, 20 & 21 North Canal Road, Singapore
(4) No. 290 Jalan Besar, Singapore
(5) Nos. 490 TO 500 (Even Nos.) Upper Serangoon Road, Singapore
(6) Nos. 524 TO 530 (Even Nos.) Upper Serangoon Road, Singapore
(7) Nos. 377 TO 383 (Odd Nos.) Jalan Besar, Singapore
(8) Nos. 296 TO 308 (Even Nos.) Lavender Street, Singapore
(9) No. 140 Robinson Road, Chow House, Singapore

In a decision by the High Court of Singapore in 2007, the above mentioned three solvent family companies were wound up and Mr Tam was appointed as the liquidator to realise the assets of these companies and distribute the proceeds among the shareholders. DTZ was appointed by Mr Tam to sell the nine properties by public tender.

The tenders were launched in May 2010 and overwhelming responses from both local and foreign interested parties were received for all the properties. Tenders were closed over a period of two weeks in July 2010.

Chow House, located along Robinson Road, the jewel in the portfolio attracted nine bidders. It was eventually awarded to the highest bidder at slightly above S$100 million. Chow House is an existing six-storey intermediate office building located along Robinson Road, within the heart of the Central Business District of Singapore.

It enjoys freehold tenure, has a total site area of 844 sq m (9,084 sq ft) and under the Master Plan 2008, the site is zoned ‘Commercial’ at plot ratio 11.2+. An Outline Permission for a new erection of residential development with commercial at first storey at plot ratio 11.2 has also been granted for the site.