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SPH’s Announcement to SGX on the sale of Sky@eleven units

Announcement Pursuant To Singapore Exchange Listing Manual

The Directors of Singapore Press Holdings Limited (“SPH”) are pleased to announce that options to purchase all the 273 units of Sky@eleven, a luxury condominium in District 11, developed by its wholly-owned subsidiary, Times Development Pte Ltd have been issued within 30 hours after the soft launch on the evening of 28 January.

Located at Thomson Lane, off Thomson Road, Sky@eleven consists of spacious 4-bedroom units and penthouses, offering unparalleled views of the MacRitchie Reservoir and the city skyline. Proximity to MRT stations and premium schools are additional advantages. Each unit comes with luxurious finishes and top-notch fittings.

Based on the average transacted price of $975 per square foot for the units in Sky@eleven, the total revenue is estimated to exceed $650 million. The costs of developing the project, namely the construction costs, cannot be ascertained at this point pending the finalisation of the tender process, which is expected to be completed by end February 2007.

The book value of the land on which Sky@eleven will be built is carried in the books at $11 million.The land is valued at $280 million based on a valuation dated 17 November 2006 by Knight Frank. The valuation report is available for inspection during normal business hours at 1000, Toa Payoh North, Singapore 318994 until 3 months later.

The financial impact cannot be ascertained at this point in time as it is dependent upon a number of factors such as total construction costs, whether all options which have been issued for the project are exercised and actual completion date for the project.

The units in Sky@eleven are sold subject to the terms of the Sale and Purchase Agreement prescribed under the Housing Developers Rules, with such variations as approved by the Controller of Housing.

Each of the relative figures to be computed under the bases set out in Rules 1006(b), (c) and (d) of the listing manual are not applicable to this project.

The Directors are of the view that given the upbeat sentiments in the property market, developing the land is expected to maximise shareholders’ value, as compared to an outright sale of the land.

Mr Sum Soon Lim, who is a Director of SPH, is the Chairman of Times Development Pte Ltd.

Some of the Directors of SPH and their associates have been issued options for the purchase of units in Sky@eleven and announcements will be made when these options are exercised.

Save as disclosed, none of the Directors of SPH has any interest, direct or indirect, in the matter.


Issued by: Singapore Press Holdings Limited
Date: 30 January 2007

 

Press Release: 100% of Sky@eleven units sold out within 30 hours
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