The Board of Directors of Keong Hong Holdings Limited (“Keong Hong” or the “Company” and together with its subsidiaries, the “Group”) is pleased to announce that Keong Hong Construction Pte Ltd (“KHC”), a wholly-owned subsidiary of the Company, had on 25 January 2013 entered into a Joint Venture Agreement (“JV Agreement”) with JBE Holdings Pte. Ltd (“JBE”) for a joint development of an Executive Condominium (the “Project”) located at Sembawang Crescent/Sembawang Drive, Lot No. 6037C MK13 (the “Land Parcel”). JBE was awarded the tender by the Housing Development Board (“HDB”) for the Land Parcel in December 2012.

JBE group of companies has been principally involved in the property development business in Singapore since 2004. Projects undertaken by JBE include Luxe Ville at Pasir Panjang Road, The Luxe at Handy Road and 53 terrace houses in Sembawang. Pursuant to the JV Agreement, a joint venture company known as Oasis Development Pte. Ltd. (the “JVC”) has been set up to undertake the development of the Project. The issued and paid-up share capital of the JVC will be S$1,000,000 comprising 1,000,000 ordinary shares to be held by the KHC and JBE (“Joint Venture Partners”) in the following proportion