CNQC Wins Tender Offer for Goodluck Garden Project, Enhancing its Property Development Business in Singapore

(9 March 2018 - Hong Kong) CNQC International Holdings Limited ("CNQC International," "the Company," together with its subsidiaries, collectively "the Group”, stock code: 1240.HK), a leading property developer and contractor in Singapore, is pleased to announce the tender submitted by its wholly-owned subsidiaries, Qingjian Realty (Changi) Investment Pte. Ltd and Bohai Investments (Punggol Central) Pte. Ltd (collectively, the ‘‘Purchasers’’), for the purchase of the Goodluck Garden project at a total consideration of S$610 million (approximately HK$3.64  billion) has been accepted. The new project will enrich the Group’s property portfolio. and solidify its leading status in Singapore.

Goodluck Garden, situated at 32, 34, 36, 38, 40, 42, 44, and 46 Toh Tuck Road, Singapore, is a strata development consisting of two commercial lots, 208 residential lots, and a common property, with a total land area of approximately 360,130 sq. ft. the tender has been duly accepted by over 80% of the total owners of Goodluck Garden. the site will be redeveloped into residential apartments with an expected plot ratio of approximately 1.4.

The Chief Executive Officer of CNQC, Mr. Wang Congyuan, said: “Singapore is one of top markets for investment value in Asia, and condominium sales and development in recent quarters reflect investors’ optimism. With a deep understanding of the market, CNQC is entering the Goodluck Garden project at the right time. In addition to its location along a private section of Toh Tuck Road, Goodluck Garden also comes with excellent geographical features and completed facilities. The Group is confident in the outlook of the project, including the site’s land value appreciation and future ROI for the Group.

 “In the Singapore real estate market CNQC has always been a step ahead, keeping an eye on opportunities and trends, and strategically developing property projects. Our strong business record and reputation in Singapore has contributed to our distinguished image in Southeast Asia, allowing us to work more closely with Belt and Road countries. Currently, CNQC is planning and executing projects in Malaysia, Indonesia, Vietnam, and other countries in the region, developing prime projects and localizing them to benefit local stakeholders and economies. As we continue to grow, we will continue to focus on providing sustainable turnover to our partners and shareholders.”

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