CNQC International Entered into a Sales and Purchase Agreement with Owners of Shunfu Ville in Singapore at a Consideration of Approximately HK$3.59 bn

[22 May 2016] CNQC International Holdings Limited (“CNQC International” or the “Company”, together with its subsidiaries, the “Group”, stock code “1240”), announced that its subsidiary in Singapore, Qingjian Realty (Marymount) Pte. Ltd (the “Qingjian”), has entered into a sales and purchase agreement (the “Agreement”) with approximately 81% owners of Shunfu Ville (the “Shunfu Ville”) for a collective sale at a consideration of approximately S$638 million (equivalent to approximately HK$3.59 billion).

According to the Agreement, the purchase price reflects a price of approximately S$747 (equivalent to HK$4,205) per square foot per plot ratio (PSF/PR) based on the potential gross floor area (GFA). Qingjian expects to pay about S$123 million (equivalent to approximately HK$674.4 million) in differential premium payable to the relevant authority for intensification of site, and to pay S$94 million (equivalent to approximately HK$528.3 million) to top up the lease to a fresh 99 years, subject to approval by authorities. Qingjian has gained the approval from 80% of the home owners of Shunfu Ville to lower their threshold to approximately S$638 million (equivalent to approximately HK$3.59 billion).

Shunfu Ville, a 358-unit residential development built in the late 1980s, is located in the popular Bishan-Thomson area, with a less than 200 metres Marymount MRT Station nearby. It comprises three 16-storey apartment blocks and three low-rise blocks of six-storey maisonettes, covering a land area of approximately 408,927 sq. ft. The land has about 70 years left on its lease and a plot ratio of 2.8.