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

GYP PROPERTIES LIMITED

(Company Registration No. 200304719G)

(Incorporated in the Republic of Singapore)

UPDATE ON 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, 27 December 2016, 4 August 2021 and 27 August 2021 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 would like to update that the Agreement has lapsed as the Purchaser did not confirm satisfaction of the due diligence condition within the timeline stipulated in the Agreement. The Group will retain this plot of land together with the existing adjacent 6,753 square metres of land to participate in the property market in Frankton, Queenstown.

By Order of the Board

Lee Wei Hsiung

Company Secretary

2 September 2021