King Wan Corporation Ltd Announces Joint Venture

King Wan Corporation Ltd announced the award of tender for the residential site at Dairy Farm Road to associated company, Meadows Bright Development Pte Ltd (MBD) together with First Shine Properties Pte Ltd (“FSP”) and the incorporation of a joint venture company, Bukit Timah Green Development Pte Ltd (BTG) to undertake the development of the Site. The Board of Directors of the Company announced that URA has approved BTG as the developer for the Site and MBD had entered into a joint venture agreement with FSP (JVA) on December 4 , 2012 to regulate their relationship in relation to, the joint venture company, BTG, and the development of the Site. Under the terms of the JVA, MBD and FSP will each hold a 50% interest (Agreed Proportion) in BTG. All rights and obligations arising out of or in connection with the JVA will be borne by the parties in accordance with the Agreed Proportion.