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SingHaiyi Net Profit Rises Sharply

Financial Highlights

SGD (million) (YE 31 March) Revenue Cost of sales Gross profit Gross profit margin (%) Net Profit attributable to Equity Holders Earnings per share (cent)* Net asset value (cents)**

FY2013 17.06 (11.31) 5.75 33.7 4.29 0.060 1.21

FY2012 0.89 0.89 100.0 0.04 0.003 1.30

Change (million) 16.17 11.31 4.86 4.25 0.057 (0.09)

Change (%) 1,821 N.M 548 N.M 9,879 1,964 (6.9)

*EPS calculated based on weighted average number of shares in issue of 7,145,026,520 for FY2013 and 1,477,879,000 for FY2012. **Computation of NAV per Ordinary Share based on 12,867,087,926 shares as at 31 March 2013 (31 March 2012: 3,348,108,000 shares).

SINGAPORE, 30 May 2013 SingHaiyi Group Ltd (SingHaiyi and the Group) announced today that its net profit attributable to shareholders for the financial year ended 31 March 2013 (FY2013) rose sharply to S$4.29 million from S$0.04 million in FY2012 due to progress revenue recognition of its Charlton Residences residential project and fair value gain on investment properties. The SGX Catalist-listed property developer said its revenue including recognition of sales revenue of approximately S$16.20 million soared to S$17.06 million in FY2013 from S$0.89 million in FY2012. The 80%-held private cluster housing project was sold out in March 2012 less than four months after it was launched. Gross profit increased by S$4.86 million in FY2013 to S$5.75 million from S$0.89 million in FY2012. Other operating income increased to S$0.72 million in FY2013 from S$0.12 million in FY2012 mainly due to sales of small-size investment properties in Hong Kong.

Based on an independent valuation, a fair value gain of S$3.66 million (FY2012: S$2.32 million) for the Groups investment properties was credited to the income statement for FY2013. Administrative expenses increased by 101% to S$3.75 million in FY2013 from S$1.87 million in FY2012. This was mainly due to increase in staff costs (excluding directors) largely driven by the increase in headcount, directors fees and salaries, legal and professional fees and exchange loss. The Groups financial position remains healthy. As at 31 March 2013, the Group had cash and cash equivalents of approximately S$85.87 million (31 March 2012: S$13.99 million), mainly due to the issue of cumulative non-redeemable convertible non-voting perpetual preference shares (CCPS) for net proceeds of approximately S$94.20 million. Borrowings increased to S$145.90 million (31 March 2012: S$133.91 million), mainly comprising bank borrowings to finance acquisitions of investment properties, office premises and properties under development. Earnings per ordinary share based on a share capital base of 7,145,026,520 shares was 0.06 cent in FY2013 compared to 0.003 cent in FY2012 (1,477,879,000 shares). Net asset value per share decreased to 1.21 cents from 1.30 cents as at 31 March 2012. Property Developments in Singapore CitlyLife@Tampines, an Executive Condominium (EC) project in Tampines in which the Group has an effective 24.5% stake, was fully sold out in March 2013, less than five months after it was launched in November 2012. It is expected to be completed by 2016. The Group also announced that its 80%-held Pasir Ris One, a public housing development under the Design, Build and Sell Sche me (DBSS) had sold approximately 50% of the 447 units as of today. The project is due for completion in 2015. Subsequent to the year end, SingHaiyi launched COSMOLOFT (formerly known as Waldorf Mansion), a 17-storey tower comprising 56 units of freehold, designer lofts at 235 Balestier Road. COSMOLOFT is expected to be completed by 2016. Outlook and Strategic Direction Mr Jason Mao, Managing Director of SingHaiyi, said: The Group is cautiously assessing property market conditions in Singapore as well as the governments measures to curb speculation and keep prices affordable, including increasing supply and accessibility of public housing. Further policy curbs and release of new land could impact the sales of the public housing developments it has embarked on or committed to .

Following the conversion in December 2012 of the CCPS and change in controlling ownership, the Directors under the guidance of newly appointed Non-Executive Chairman Mr Neil Bush intend to explore property investment or development opportunities in Singapore and elsewhere, including the United States. The Group is seeking to convene an extraordinary general meeting to ask shareholders to approve its plans to expand business outside Singapore and to raise a further S$226.5 million from a rights issue and share placement. ###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.netLai Kwok Kin, 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 three residential property development projects in Singapore. In May 2013, SingHaiyi launched COSMOLOFT (formerly known as Waldorf Mansion), 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. 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 now also seeking real estate opportunities (subject to the approval by shareholders) 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) at 1 Robinson Road, #21-02 AIA Tower, Singapore 048542.


() (%) * **

2013 17.06 (11.31) 5.75 33.7 4.29 0.060 1.21

2012 0.89 0.89 100.0 0.04 0.003 1.30

() 16.17 11.31 4.86 4.25 0.057 (0.09)

(%) 1,821 N.M 548 N.M 9,879 1,964 (6.9)

* 2013 7,145,026,520 2012 1,477,879,000 ** 2012 3 31 12,867,087,926 2012 3 31 3,348,108,000

, 2013 5 30 () 2013 3 31 2013 429 4 Charlton Residences 2013 1,706 89 Charlton Residences 1,620 2012 3 80% 486 2012 89 575 72 12

366 2012 232 2013 2013 101% 375 2012 187 2013 3 31 8,587 2012 3 31 1,399 9,420 CCPS 1 4,560 2012 3 31 1 2,471 7,145,026,520 0.06 2012 0.003 1,477,879,000 1.21 1.30

2012 11 CitlyLife@Tampines 2013 3 24.5% 2016 Pasir Ris One 50% 447 80% 2015 COSMOLOFT Waldorf Mansion 235 Balestier Road 17 56 COSMOLOFT 2016

2012 12 CCPS 2 2,650


WeR1 Consultants Pte Ltd / WeR1 Consultants Pte Ltd 38A Circular Road Singapore 049394 Tel: (65) 6737 4844, Fax: (65) 6737 4944 Sally Zhang, Lai Kwok Kin, 2013 5 COSMOLOFT Waldorf Mansion 235 Balestier Road 17 56 PasirRis One CityLife@Tampines 2012 3 Charlton Residences Foh Pin Mansion 2013 3