COMPLETION OF EN BLOC PURCHASE OF TOHO GARDEN CONDOMINIUM AT YIO CHU KANG ROAD

GuocoLand Limited (“GLL”) refers to its announcement of 20 October 2007 in relation to the conditional en bloc purchase of the freehold property at 212A, 214A and 216A Yio Chu Kang Road, Toho Garden Condominium, Singapore (the “Property”). GLL is pleased to announce that its downstream wholly-owned subsidiary, GLL Ventures Pte. Ltd. has today completed the acquisition of the Property for a total purchase consideration of S$62.5 million (the “Acquisition”).

The Acquisition was financed by internal resources, bank borrowings and also from part of the net proceeds from the Company’s Rights Issue which closed in July 2007.

The Acquisition will not have any material effect on the net tangible assets per share or earnings per share of the GLL Group for the current financial year ending 30 June 2008.

 

Dated this 26th day of March 2008