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81A App1a EPHIP150186 1..20 THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT. APPENDIX IA MARKET REPORT (PROPERTY DEVELOPMENT) 1 TERMS OF ENGAGEMENT 1.1 Introduction KnightFrankPteLtd(‘‘Knight Frank’’), an independent market consultant in Singapore, was commissioned by CNQC (South Pacific) Holdings Pte Ltd, the (the ‘‘Target Group’’)on 21 January 2015 to prepare an independent market report (the ‘‘Report’’) on the residential property and construction markets in Singapore for the purpose of incorporation in the Circular for the Target Group’s listing on the Hong Kong Stock Exchange. Knight Frank has engaged Rider Levett Bucknall LLP to prepare the market report in relation to the Singapore construction sector. The Report comprises of two parts, namely Part (I): Singapore Residential Property Market and Part (II): Singapore Construction Market which is submitted by Rider Levett Bucknall LLP to Knight Frank and forming part of the Report. The inclusion of this Report in the Circular will aim at providing overall industry information of the residential property and construction markets in Singapore where the Target Group’s business operations and properties are currently located. The Target Group will make a total payment of SGD120,000 for the services provided by Knight Frank. 1.2 Date of Report Unless otherwise stated, this Report contains information, estimates and assumptions that reflect market conditions based on the data available as at the date of this Circular. 1.3 About Knight Frank Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank, together with its US alliance partner, Newmark Grubb Knight Frank, operate from 370 offices, in 55 countries, across six continents and has over 12,000 employees. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. 1.4 Assumptions Assumptions are considered a crucial part of this Report. Knight Frank adopts assumptions because some information is not available, or falls outside the scope of our expertise. While these assumptions are made with careful consideration of factors known to Knight Frank at the date of this document, the risk of inaccurate assumptions or changed conditions beyond the current time of this report should be taken into account. Knight Frank does not warrant or represent that the assumptions on which this Report is based are accurate or correct. The major findings and conclusions are based, in part, on the following critical assumptions as at the submission date of this Report: . Existing government policies and regulations on the real estate market (e.g. property cooling measures) will remain status quo and not adjusted in any way; . Existing government development plans (e.g. Master Plan 2014) and land use policies will be maintained and not be subjected to major changes; and . Key drivers influencing Singapore’s property and construction markets, such as but not limited to global and Singapore economic growth, commodity prices, strength of Singapore Dollar, employment and interest rates, remain at current levels based on publicly known projections and barring any unforeseen circumstances. – IA-1 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT. APPENDIX IA MARKET REPORT (PROPERTY DEVELOPMENT) 1.5 Limiting Conditions This Report is subject to the following limiting conditions: (a) Knight Frank’s responsibility in connection with this Report is limited to the Target Group to whom the Report is addressed. (b) It disclaims all responsibility and will accept no liability to any other party. (c) The Report was prepared strictly in accordance with the terms and for the purpose expressed therein and is to be utilized for such purpose only. (d) Reproduction of this Report in any manner whatsoever in whole or in part or any reference to it in any published document, circular or statement without the Knight Frank’s prior written approval of the form and context in which it may appear is prohibited. (e) Knight Frank has prepared this Report based on its in-house database, independent third-party reports and publicly available data from what it considers to be reputable industry organizations. Knight Frank has assumed that the information and data which it relied on are complete and accurate. The information contained herein has been obtained from sources expected by Knight Frank to be reliable, but there can be no assurance as to the accuracy or completeness of any such information. (f) All currencies expressed in this Report are denominated in Singapore Dollars, unless otherwise stated. (g) References to any authority requirements and incentive schemes are made according to publicly available sources as at the submission date of this Report. Technical and legal advice ought to be sought to obtain a fuller understanding of the requirements involved. (h) To the extent that this document includes any statement relating to future matters, that statement is provided as an estimate or an opinion based on the information known to Knight Frank at the date of this Report. The process of making forecasts involves assumptions about a considerable number of variables, which are very sensitive to changing conditions. Variations of any one may significantly affect outcomes. Knight Frank therefore can give no assurance that the forecasts outlined in this report will be achieved or that such forecasts and forward looking statements will prove to have been correct and you are cautioned not to place undue reliance on them. Knight Frank undertakes no obligation to publicly update or revise any forward looking statements contained in this Report, whether as a result of new information, future events or otherwise, except as required by law and all forward looking statements contained in this report are qualified by reference to this cautionary statement. (i) Projections or forecasts in the course of the study are made to the best of the Knight Frank’s judgment. However, Knight Frank disclaims any liability for these projections or forecasts as they pertain to future market conditions, which may change due to unforeseen circumstances. (j) All charts and images are for illustration only. No representations or warranties of any nature whatsoever are given, intended or implied. Knight Frank will not be liable for negligence, or for any direct or indirect consequential losses or damages arising from the use of this information. – IA-2 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT. APPENDIX IA MARKET REPORT (PROPERTY DEVELOPMENT) (k) Whilst every care has been taken in preparing these particulars, Knight Frank gives no warranty, express or implied, as to the completeness or accuracy of the information contained herein. These particulars are subject to errors, omissions, change of price and rental or other conditions, withdrawal without notice, and any special listing conditions imposed by our principals, and therefore does not constitute, nor constitute part of, an offer or contract. Interested parties should not rely on the statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy. No representation, warranty or covenant, expressed or implied, is given and no undertaking as to accuracy, reasonableness or completeness of the information is contained in this Report. Knight Frank will not be liable for negligence, or for any direct or indirect consequential losses or damages arising from the use of this information. (l) Knight Frank is not obliged to give testimony or to appear in Court with regard to this Report, unless specific arrangement has been made there for. (m) The statements, information and opinions expressed or provided are intended only as a guide to some of the important considerations that relate to the property prices. Neither Knight Frank nor any person involved in the preparation of this Report give any warranties as to the contents nor accept any contractual, tortuous or other form of liability for any consequences, loss or damage which may arise as a result of any person acting upon or using the statements, information or opinions in the Report. Yours faithfully Alice Tan Director and Head Consultancy & Research Knight Frank Pte Ltd, Singapore – IA-3 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT. APPENDIX IA MARKET REPORT (PROPERTY DEVELOPMENT) 2 SINGAPORE MACRO-ECONOMIC OVERVIEW AND OUTLOOK 2.1 Macro-Economic Analysis of Singapore’sEconomy 2.1.1 Gross Domestic Product (GDP) According to the Ministry of Trade and Industry (as at 17 February 2015), Singapore’s real GDP grew by 2.9 per cent on a yearly basis to $380.6 billion in 2014. This was slower than the 4.4 per cent increase in 2013. As the Singapore economy enters a new phase of maturity, growth rates of 2.0 to 4.0 per cent are the new normal, and a continuing reflection of a healthy state of economy. Exhibit 2-1: Gross Domestic Product and Year-on-Year % Change, 2010–2014 $400.0 7.0% $380.6 5.0% $380.0 $369.8 3.0% $354.1 $360.0 1.0% $342.4 $340.0 -1.0% $322.4 -3.0% Yearly Change (%) Change Yearly GDP (S$ billion) GDP $320.0 -5.0% $300.0 -7.0% 2010 2011 2012 2013 2014 Overall GDP Yearly % Change Source: Ministry of Trade and Industry (MTI), Knight Frank Consultancy & Research The resilient performance of the Singapore economy is driven by expansions in both the goods-producing and the services-producing sectors1, which grew by 2.7 per cent and 3.2 per cent in 2014, respectively.
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