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SingHaiyi Shareholders Approve Rights Issue and Placement To Raise Up to S$226.5 Million and Plans to Invest in U.S.

Real Estate
Rights issue and share placement to raise up to S$226.5 million and enlarge share capital base up to 28 billion shares Plans investment in distressed and non-distressed U.S. real estate Non-Executive Chairman Mr Neil Bush says U.S. real estate market is under-estimated
SINGAPORE, 28 June 2013 Shareholders of SingHaiyi Group Ltd. (SingHaiyi or the Company) approved today a rights issue and share placement to raise up to S$226.5 million, along with plans by the SGX Catalist-listed developer to invest in U.S. real estate. The Extraordinary General Meeting (EGM) was chaired by newly appointed Non-Executive Chairman, Mr Neil Bush (Mr Bush), the son and brother of two former U.S. Presidents. The shareholders approved a rights issue of up to 12.92 billion new ordinary shares at 1.5 Singapore cents per share to raise up to S$193.5 million, and the placement of 2.2 billion new ordinary shares at the same price, to raise a further S$32.95 million, to Acquire Wealth Limited, a British Virgin Islands-domiciled company controlled by Mr Gordon Tang (Mr Tang) (70%) and New Palace Developments Limited (New Palace) (30%). Haiyi Holdings Pte. Ltd. (Haiyi), which is controlled by Mr Tang, is currently the majority shareholder of SingHaiyi. The ultimate shareholders of New Palace are Mr Bush and his wife. Mr Bush was appointed Non-Executive Chairman of SingHaiyi on 22 April 2013. The combined capital raising will enlarge the issued share capital base of the Company to up to28 billion shares from approximately 12.87 billion shares currently and increase the Companys Net Tangible Asset (NTA) to S$382.8 million from S$156.3 million. The corporate exercise is the Companys largest since the subscription of S$94.4 million worth of Cumulative Non-Redeemable Convertible Non-Voting Perpetual Preference Shares (CCPS) in the Company by Haiyi in August 2012. After Haiyi converted all 80 units of CCPS and completed a mandatory unconditional cash offer, the Companys name was changed to SingHaiyi from SingXpress Land Ltd with effect from 14 March 2013. Mr Bush said, The approval from shareholders today marks a major new chapter in the growth and transformation of SingHaiyi. Not only has the Companys asset base increased significantly, it is now poised to extend its investment banking approach beyond Singapore to property development in the United States.

While we remain committed to real estate development in Singapore, with four ongoing public and private residential projects with an estimated combined gross development value of over S$900 million, we believe that the real estate market in the United States is under-estimated with its economy at the beginning of a recovery phase. This situation presents good real estate investment opportunities, for both distressed and non-distressed U.S. real estate assets, Mr Bush said. At the EGM, shareholders also approved a resolution to grant up to 700 million share options in aggregate to Mr Chan Heng Fai (an Executive Director and Deputy Managing Director), Mr Chan Tung Moe and Mr Chan Tong Wan at an exercise price of 1.5 Singapore cents per share. The latter two are also Executive Directors of the Company. SingHaiyi recorded net profit attributable to shareholders of S$4.3 million for the financial year ended 31 March 2013 (FY2013). Subsequent to the financial year end, SingHaiyi launched its latest project, CosmoLoft (formerly known as Waldorf Mansions), a 17-storey tower comprising 56 units of freehold, designer lofts at 235 Balestier Road that is expected to be completed in 2016. Other ongoing projects include the fully sold Charlton Residences, which is due to be completed by December 2014. The Group is also building a 447-unit Pasir Ris One project which is due for completion in 2015, and has an effective 24.5% stake in the Citylife@Tampines project, which was fully sold out in March 2013. This project is expected to be completed in 2016.

###End of Release### Issued on behalf of the Company by WeR1 Consultants Pte Ltd: Media & Investor Contact Information WeR1 Consultants Pte Ltd 38A Circular Road Singapore 049394 Tel: (65) 6737 4844, Fax: (65) 6737 4944 Sally Zhang, sallyzhang@wer1.net Lai Kwok Kin, laikkin@wer1.net

About SingHaiyi Group Ltd.


SingHaiyi Group Ltd (SingHaiyi or the Group), formerly known as SingXpress Land Ltd (SingXpress Land), is a SGX -Catalist listed company specialising in property development, real estate investment, property trading and real estate management services. It is currently building four residential property development projects in Singapore. In May 2013, SingHaiyi launched CosmoLoft (formerly known as Waldorf Mansions), a 17storey tower comprising 56 units of freehold, designer lofts at 235 Balestier Road. Prior to this, SingHaiyi launched Pasir Ris One, a Design, Build and Sell Scheme housing project in Pasir Ris, and is a joint developer of CityLife@Tampines, an Executive Condominium in Tampines. In March 2012, SingHaiyi sold out all 21 units of Charlton Residences (previously known as

Foh Pin Mansion) in less than four months after it was launched. PasirRis One was launched in May 2012, as at the time of writing, sales contracts of more than 50% of all 447 units. CityLife@Tampines was launched in November 2012 and sold out all 514 units in March 2013. In March 2013, SingHaiyi changed its name from SingXpress Land, marking a new chapter with the entry of Haiyi Holdings Pte. Ltd., controlled by Mr Gordon Tang, as the new majority shareholder. While building up its track record of property development in Singapore, SingHaiyi is also seeking real estate opportunities in new markets including the United States.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, SAC Capital Private Limited, for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the Exchange). The Company's Sponsor has not independently verified the contents of this announcement. This announcement has not been examined or approved by the Exchange and the Exchange assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement. The contact person for the Sponsor is Mr. Ong Hwee Li (Telephone: 65-6221 5590) at1 Robinson Road, #21-02 AIA Tower, Singapore 048542.

2 2,650
2 2,650 280

2013 6 28 2 2,650 129.2 1.5 1 9,350 22 Acquire Wealth Limited 3,295 Acquire Wealth New Palace Developments Limited (New Palace) 70% 30%Acquire Wealth New Palace 2013 4 22 128.7 280 1 5630 3 8,280 9,440 Cumulative Non-Redeemable Convertible Non-Voting Perpetual Preference Shares CCPS 80 CCPS 2013 3 14 9 1.5 7 2013 3 31 2013 430

2013 CosmoLoft 17 235 56 2016 Charlton Residences 2014 12 447 Pasir Ris One 2015 CityLife@Tampines 2013 3 24.5% 2016

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WeR1 Consultants Pte Ltd / WeR1 Consultants Pte Ltd 38A Circular Road Singapore 049394 Tel: (65) 6737 4844, Fax: (65) 6737 4944 Sally Zhang, sallyzhang@wer1.net Lai Kwok Kin, laikkin@wer1.net

2013 5 CosmoLoft 235 Balestier Road Pasir Ris One CityLife@Tampines 2012 3 Charlton Residences 2012 5 Pasir Ris One 50% 447 CityLife@Tampines 2012 11 2013 3 514 2013 3

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