Allgreen buys River Valley Rd property for $133m

ALLGREEN PROPERTIES LIMITED
(COMPANY REGISTRATION NO. 198601009N)


ACQUISITION OF PROPERTY

The Board of Directors of Allgreen Properties Limited ("Allgreen") is pleased to
announce that Allgreen has on 4 May 2007 entered into a Share Subscription and Joint
Venture Agreement (the "JVA") with Asiawide Holdings Pte Ltd ("AHPL") to
participate in a joint venture company known as Asiawide Resources Pte Ltd ("ARPL")
that will acquire and develop a site situated at Land Lots 585K, 584A, 583T, 683W,
586N and 587X of TS24 at River Valley Road (the "Property") pursuant to an option
granted to it on 22 March 2007 (the "Option") by EC Investment Holding Pte Ltd (the
"Vendor").

Pursuant to the JVA, Allgreen and AHPL will participate in the equity of ARPL in the
proportion of 92% : 8% respectively.

The Property together with the adjoining State Land Lot to be alienated will be acquired
at a cash consideration of S$133,123,360 subject to terms and conditions to be satisfied
under the Option.

The Property is located along River Valley Road, within close proximity to the Orchard
Road shopping belt and the business financial hub at Raffles Place and has an aggregate
land area of 6,723.6 sqm (including the State Land Lot). Subject to requisite approvals
from the authorities, the Property can be developed into a residential project comprising
approximately 145 units of an average size of 110 sqm each.

ARPL has paid an initial deposit of 5% of the said consideration to the Vendor, with the
balance payable on completion subject to the fulfillment of certain conditions and
approvals being obtained.

This acquisition and development will be funded by internal funds and/or external bank
borrowings. This acquisition is not expected to have any material impact on the
consolidated earnings and net tangible assets per share of the Allgreen group for the
financial year ending 31 December 2007.




BY ORDER OF THE BOARD
MS ISOO TAN
COMPANY SECRETARY
4 MAY 2007

hey joe.

where is this "Allgreen" plot in River Valley? how to find?

These lots are the old low rise apartments in front of Valley Park condo, right next to Valley Park entrance.



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