Ang Cheng Guan Construction Pte Ltd entered into a binding memorandum of understanding to acquire Corporate Residence Pte Ltd from SingHaiyi Group Ltd. (Catalist:5H0) and Corporate Space Pte Ltd for SGD 16.38 million on March 31, 2015. Upon the execution of memorandum of understanding, Ang Cheng Guan Construction Pte Ltd would be permitted to conduct due diligence on Corporate Residence Pte Ltd., and parties will work towards the execution of a definitive share purchase agreement on the date falling one month from the date of the memorandum of understanding, or such other date as they may otherwise agree in writing. Upon completion of the proposed disposal, Corporate Residence Pte Ltd would cease to be a subsidiary of SingHaiyi Group. Corporate Residence Pte. Ltd. had net liabilities of SGD 10.42 million for the period ending March 31, 2015. The transaction is subject to execution of a definitive agreement.

Proceeds from the proposed disposal will be applied towards SingHaiyi Group Ltd.'s working capital purposes. The disposal is not expected to have any material effect on the consolidated net tangible assets per share or the consolidated earnings per share of SingHaiyi Group for the financial year ending March 31, 2015.

Ang Cheng Guan Construction Pte Ltd cancelled the acquisition of Corporate Residence Pte Ltd from SingHaiyi Group Ltd. (Catalist:5H0) and Corporate Space Pte Ltd on January 18, 2016.