Chip Eng Seng Update - July 2012

According to SGX website - http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_153B73C57052C5B648257A31002EF212/$file/UPDATE_ON_SUIT_NO_498_OF_2011S_COMMENCED_AGAINST_GRANGE_PROPERTIES_PTE_LTD.pdf?openelement

On 9 April 2012, Grange Properties issued further notices pursuant to the SPAs to Pearl Properties for payment of the total sum of S$10,177,886.77 inclusive of interest thereon in relation to units #15-03, #18-02, #20-02, #21-02, #22-01, #24-01, #24-02, #25-01, 26-02, and #27-02 (“the 10 Units”) within 21 days, failing which, the SPAs will be treated as annulled and Grange Properties will be entitled to regain possession of the 10 Units and exercise their rights under the SPAs.

On 24 April 2012, Pearl Properties made its 2nd application for an injunction in Summons No. 2013 of 2012/E against Grange Properties for an order, amongst others, to restrain Grange Properties  from exercising its rights under the SPAs (“Pearl Properties’ 2nd Injunction Application”).

The SPAs for the 10 Units will be treated as annulled on 8 July 2012, unless the outstanding  payments of the total sum of S$10,177,886.77, inclusive of late payment interest, are paid to Grange Properties or its solicitors by the end of 7 July 2012.

On 3 July 2012, Pearl Properties’ 2nd Injunction Application was heard before another High Court Judge. The Honourable Judge dismissed Pearl Properties’ 2nd Injunction Application with costs payable to Grange Properties.

Following the Court’s decision, the SPAs for the 10 Units will be treated as annulled on 8 July 2012, unless the outstanding payments of the total sum of S$10,177,886.77, inclusive of late payment interest, are paid to Grange Properties or its solicitors by the end of 7 July 2012.

Further announcement(s) will be made by Chip Eng Seng Corporation Ltd in relation to the
Suit when necessary.

Note:

Grange Properties is subsidiaries of CES, mainly in developing Grange Infinite project in the Orchard Road area.