Asset Acquisitions and Disposals:: SALE OF PART OF THE LAND IN QUEENSTOWN, NEW ZEALAND

GYP PROPERTIES LIMITED

(Company Registration No. 200304719G)

(Incorporated in the Republic of Singapore)

SALE OF PART OF THE LAND IN QUEENSTOWN, NEW ZEALAND

The Board of Directors (the "Board" or the "Directors") of GYP Properties Limited (the "Company" and together with its subsidiaries, the "Group") refers to the Company's announcements of 5 May 2016, 16 November 2016 and 27 December 2016 in relation to the plot of land located at Eastern Access Road, Frankton, Queenstown, New Zealand ("NZ") owned by the Company's indirect wholly-owned subsidiary, Remarkables Residences Limited ("RRL").

The Board is pleased to announce that RRL has today entered into an Agreement with Classic Developments NZ Limited ("Purchaser") for the sale of part of the land at 1, Corner of Shearers Road and Munro Road, Frankton, Queenstown, NZ of approximately 16,469 square metres for NZ$15 million (approximately S$14.2 million) ("Sale").

Based on the consideration of S$14.2 million, the estimated gain on disposal is approximately S$3.1 million. The consideration was arrived at after arm's length negotiations with the Purchaser on a willing-buyer and willing-seller basis. The Agreement is conditional on satisfactory completion of Purchaser's due diligence within 20 working days of the date of signing the Agreement.

The Board is of the view that the Sale allows the Group to record a gain once the Sale is completed and also enable the Group to recycle equity for use in the Group's Auckland projects in Pakuranga Plaza and Bellfield, Papakura where demand for property is strong. After the Sale, the Group continues to retain 6,753 square metres of land in Frankton, Queenstown which will enable the Group to continue to participate in the property market in Frankton, Queenstown.

By Order of the Board

Lee Wei Hsiung

Company Secretary

4 August 2021