Appendix Vi Property Valuation of the Target Group

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 VI PROPERTY VALUATION OF THE TARGET GROUP

The following is the text of a letter, summary of valuations and valuation certificates prepared for the purpose of incorporation in this Circular received from DTZ Debenham Tie Leung Limited, independent property valuer, in connection with its opinion of market values of the property interests held by the Target Group in Singapore as at 31 March 2015.

16th Floor Jardine House 1 Connaught Place Central Hong Kong

[.] 2015

The Directors CNQC International Holdings Limited Unit 601, 6/F, Exchange Tower 33 Wang Chiu Road Kowloon Bay Hong Kong

Dear Sirs,

Instructions, Purpose and Valuation Date

We refer to the instructions from you (the ‘‘Company’’) for us to carry out market valuations of the property interests held by the Target Group as defined in the circular of the Company of [.] 2015, in the Republic of Singapore (‘‘Singapore’’) (as more particularly described in the attached valuation certificates). We confirm that we have carried out inspections, made relevant enquiries and searchesandobtainedsuchfurtherinformationaswe consider necessary for the purpose of providing you with our opinion of the values of the property interests as at 31 March 2015 (the ‘‘Valuation Date’’).

Basis of Valuation

Our valuation of each of the property interests represents its market value which in accordance with The HKIS Valuation Standards (2012 Edition) published by The Hong Kong Institute of Surveyors is defined as ‘‘the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing where the parties had each acted knowledgeably, prudently and without compulsion’’.

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Valuation Basis and Assumptions

Our valuation of each of the property interests excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, sale and leaseback arrangement, special considerations or concessions granted by anyone associated with the sale, or any element of special value.

In the course of our valuation of each of the property interests held by the Target Group in Singapore, information regarding tenure, site area and ownership is obtained from our searches carried out at the Singapore Land Authority.

No allowance has been made in our valuations for any charges, mortgages or amounts owing on the property interests nor any expenses or taxation which may be incurred in effecting a sale. Unless otherwise stated, it is assumed that the properties are free from encumbrances, restrictions and outgoings of any onerous nature which could affect their values.

In valuing the property interests, we have complied with the requirements set out in Chapter 5 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and The HKIS Valuation Standards (2012 Edition) published by the Hong Kong Institute of Surveyors.

Method of Valuation

In respect of the property interests which are held by the Target Group under development in Singapore, our valuations are carried out on the basis that each of the property interests will be developed and completed in accordance with the Target Group’s latest development proposals provided to us. We have assumed that all consents, approvals and licenses from relevant government authorities for the development proposals have been obtained without onerous conditions or delays. We have also assumed that the design and construction of the developments are in compliance with the local planning and other relevant regulations and have been or will be approved by the relevant authorities. In arriving at our valuations, we have adopted the Direct Comparison Method by making reference to comparable sales evidence as available in the relevant market and have also taken into account the expended construction costs as well as the costs that will be expended to complete the proposed developments. The capital values when completed represent our opinion of the aggregate values of the developments assuming they were completed at the Valuation Date.

According to the Company, the potential tax liabilities which would arise on the sale of the property interests held by the Target Group comprise mainly Singapore income tax calculated based on profit before tax of the respective property development entities which primarily represent the sales proceeds minus the development costs, selling and administrative expenses and finance costs. The exact amount of income tax payable upon realization of the development properties will be subject to the formal tax advice to be issued by the relevant tax authorities. Assuming that the sales proceeds equal to the aggregate market values disclosed in this valuation report and only development costs are taken into consideration, the potential tax liability arising from the sale of these development properties would be approximately SGD53,000,000.

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Source of Information

We have relied to a very considerable extent on the information given by the Company and the Target Group and have accepted advice given to us on such matters as planning approvals, statutory notices, proposed Gross Floor Area (GFA) and Saleable Floor Areas (SFA), number of units, development schemes, development time schedules, construction costs, pre-sale details, interest attributable to the Target Group and all other relevant matters. No on- site measurement has been carried out. Dimensions, measurements and areas included in the valuation certificate are based on the information provided to us and are therefore only approximations. We have no reason to doubt the truth and accuracy of the information

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Title Investigation

As the strata certificate of titles have not been issued to individual units at this juncture, no further searches have been carried out for any mortgages, charges and caveats lodged against the subject properties.

Site Inspection

Two valuers ranked assistant manager from our Singapore office have inspected the sites in March 2015. We have not carried out any soil investigations to determine the suitability of the soil conditions and the services etc. for any development. Our valuations are prepared on the assumption that these aspects are satisfactory and that no extraordinary expenses or delays will be incurred during the construction period. As the properties are under construction and no strata certificate of titles have been issued, we have assumed that the areas shown on the documents handed to us are correct. No on site measurements have been carried out.

Currency

Unless otherwise stated, all sums stated in our valuation certificates are in Singapore Dollar (‘‘SGD’’) which is the official currency in Singapore.

We enclose herewith a summary of valuations and our valuation certificates.

Yours faithfully, For and on behalf of DTZ Debenham Tie Leung Limited K. B. Wong Senior Director, Valuation & Advisory Services MHKIS, RPS(GP)

Notes:

Mr. K B Wong is a Registered Professional Surveyor (General Practice) who has over 30 years property valuation experience in Hong Kong and in other Asian countries.

The valuation of the properties in Singapore were undertaken by Mr. K.B. Wong in collaboration with Ms. Poh Kwee Eng of our Singapore office. Ms. Poh is a Registered Professional Surveyor and a Fellow Member of The Singapore Institute of Surveyors and Valuers who has more than 30 years of experience in valuating properties in Singapore. She is an executive director and head of valuation of DTZ Singapore office.

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SUMMARY OF VALUATIONS

Property interests held by the Target Group under development in Singapore

Market value in existing state Market value Interest attributable in existing attributable to the Target state as at the to the Group as at Valuation Target the Valuation Property Date Group Date SGD % SGD

1. RiverSound Residence 541,000,000 72 389,520,000 2. River Isles 539,700,000 85 458,745,000 3. WaterBay 285,800,000 85 242,930,000 4. Ecopolitan 373,200,000 85 317,220,000 5. Bellewoods 316,700,000 65 205,855,000 6. Bellewaters 372,300,000 63 234,549,000 7. Land Parcel at Sembawang Road/ 217,000,000 72 156,240,000 Canberra Link 8. West Star 48,200,000 30 14,460,000

Total: 2,693,900,000 2,019,519,000

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VALUATION CERTIFICATE

Property interests held by the Target Group under development in Singapore

Market value in Particulars of existing state as at Property Description and tenure Occupancy 31 March 2015

1. RiverSound The subject property is legally described as Lot 2453K As at the SGD541,000,000/- Residence at 1, Mukim 21 and the tenure of the site is 99 years valuation date, 3, 5, 7, 9 & 9A leasehold commencing from 26 August 2011. the property was (72% interest Sengkang East under attributable to Avenue, It is located at the corner of Sengkang East Avenue/ construction and the Target Group Singapore Sengkang East Drive/Buangkok Drive junctions. It is is scheduled to SGD389,520,000/-) approximately 15 km from the city centre at Raffles be completed in Place. The immediate locality is residential in nature May 2015. comprising mainly HDB flats and apartment/ condominium developments. Prominent developments within the vicinity include Austville Residences, Park Green, Riversails (under construction) and The Rivervale amongst many others. Public transport facilities are readily available along Sengkang East Drive and Sengkang East Avenue. The Kangkar LRT Station is located nearby. It is also accessible from major expressways such as Tampines Expressway (TPE) and Kallang Paya Lebar Expressway (KPE).

Thesiteareais19,549.2sq.m.,subjecttofinalsurvey. It is rectangular in shape with road frontages of about 141 m, 89 m and 141 m onto Sengkang East Avenue, Sengkang East Drive and Buangkok Drive respectively. Topographically, the site is generally flat and lies on the access roads.

As advised by the Company and the Target Group, upon completion, the proposed development will comprise 6 blocks of 18-storey apartments with basement carparks, swimming pool and communal facilities. There will be a total of 590 units (comprising 32 one-bedroom apartments, 64 two- bedroom apartments, 218 three-bedroom apartments, 248 four-bedroom apartments and 28 penthouses) in various designs and layouts with sizes ranging from 42 sq.m. to 254 sq.m.

The planning control and design parameters as provided by the Company and the Target Group are as follows:

Master Plan Zoning : Residential (2014 Edition) Proposed Gross Plot :3.29 Ratio Proposed Gross Floor : 64,502.09 sq.m. Area (GFA) (including additional GFA of 5,854.76 sq.m.) Proposed Saleable Floor : 62,423.00 sq.m. Area (including net floor area, balcony, private enclosed space, roof terrace andvoidareas,if any)

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Notes:

1. Grant of Written Permission (WP) (Ref: ES20110717R0151) dated 28 October 2011 has been obtained from the Urban Redevelopment Authority (URA) for a proposed Condominium Housing Development comprising 6 blocks of 18-storey apartments (Total: 590 units) with basement carparks, swimming pool and communal facilities. The total Gross Floor Area, including additional Gross Floor Area for balcony (5,854.76 sq.m.), is 64,502.09 sq.m. The overall plot ratio is 3.29 (gross).

2. The registered proprietor is Qingjian Realty (Sengkang) Pte. Ltd. of which 72% interest is attributable to the Target Group. The subject property is mortgaged to United Overseas Bank Limited.

3. We were informed by the Company and the Target Group that the estimated construction cost is in the region of SGD147,300,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD63,200,000/-.The construction period is assumed to be approximately 3 years.

4. As advised by the Company and the Target Group, the construction cost expended as at 31 March 2015, is SGD144,300,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD42,100,000/-. We have taken into account such amount in our valuation.

5. As at 31 March 2015, the proposed development was fully pre-sold for a total consideration of SGD565,040,830/-.

6. The capital value of the property as if completed on 31 March 2015 is approximately SGD565,040,830/-.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at Property Description and tenure Occupancy 31 March 2015

2. River Isles at 52, The subject property is legally described as Lot 2497A As at the SGD539,700,000/- 54, 56, 58, 60, Mukim 21 and the tenure of the site is 99 years valuation date, 62, 64 & 68 leasehold commencing from 6 February 2012. the property was (85% interest Edgedale Plains, under attributable to Singapore It is located at the corner of Punggol Central and construction and the Target Group Edgedale Plains junctions. It is approximately 19 km is scheduled to SGD458,745,000/-) from the city centre at Raffles Place. The immediate be completed in locality is residential in nature comprising mainly June 2015. HDB flats and apartment/condominium developments. Prominent developments within the vicinity include Greendale Primary School, Greendale Secondary School, Horizon Primary School, RiverParc Residence, Waterwoods (under construction), Flo Residence (under construction) and Punggol Plaza amongst many others. Public transport facilities are readily available along Punggol Central and Punggol East. The Coral Edge and Riviera LRT Stations are located nearby. It is also accessible from major expressways such as Tampines Expressway (TPE).

Thesiteareais20,256.1sq.m.,subjecttofinalsurvey. It is rectangular in shape with road frontages of about 154 m onto Punggol Central and a return frontage of about 90 m onto Edgefield Plains. Topographically, the site is generally flat and lies on the access roads.

As advised by the Company and the Target Group, upon completion, the proposed development will comprise 9 blocks of 17-storey apartments with a basement carparks, landscape deck and communal facilities. There will be a total of 610 units (comprising 16 one-bedroom, 64 two-bedroom apartments, 351 three-bedroom apartments, 142 four- bedroom apartments and 36 penthouses) in various designs and layouts with sizes ranging from 41 sq.m. to 205 sq.m.

The planning control and design parameters as provided by the Company and the Target Group are as follows:

Master Plan Zoning : Residential (2014 Edition) Proposed Gross Plot :3.27 Ratio Proposed Gross Floor : 66,293.17 sq.m. Area (GFA) (including addition GFA of 5,524.87 sq.m.) Proposed Saleable Floor : 64,940.00 sq.m. Area (including net floor area, balcony, private enclosed space, roof terrace andvoidareas,if any)

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Notes:

1. Grant of Written Permission (WP) (Ref: ES20111219R0193) dated 20 March 2012 has been obtained from the Urban Redevelopment Authority (URA) for a proposed Condominium Housing Development comprising 9 blocks of 17-storey apartments (Total: 610 units) with a basement carpark, landscape deck and communal facilities. The total Gross Floor Area, including additional Gross Floor Area for balcony (5,524.87 sq.m.), is 66,293.17 sq.m. The overall plot ratio is 3.27 (gross).

2. The registered proprietor is Qingjian Realty (Punggol Central) Pte. Ltd. of which 85% interest is attributable to the Target Group. The subject property is mortgaged to United Overseas Bank Limited.

3. We were informed by the Company and the Target Group that the estimated construction cost is in the region of SGD160,000,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD64,300,000/-. The construction period is assumed to be approximately 3 years.

4. As advised by the Company and the Target Group, the construction cost expended as at 31 March 2015, is SGD144,500,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD49,800,000/-. We have taken into account such amount in our valuation.

5. As at 31 March 2015, the proposed development was fully pre-sold for a total consideration of SGD569,747,529.60.

6. The capital value of the property as if completed on 31 March 2015 is approximately SGD569,747,529.60.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at Property Description and tenure Occupancy 31 March 2015

3. WaterBay at 45, The subject property is legally described as Lot 2531L As at the SGD285,800,000/- 45A, 45B, 47, Mukim 21 and the tenure of the site is 99 years valuation date, 47A & 47B leasehold commencing from 2 July 2012. the property was (85% interest Edgefield Plains, under attributable to Singapore It is located at the junction of Punggol Central and construction and the Target Group EdgefieldPlains,approximately17kmfromthecity is scheduled to SGD242,930,000/-) centre at Raffles Place. The immediate locality is be completed in residential in nature comprising mainly HDB flats and December 2015. apartment/condominium developments. Other prominent developments within the vicinity include Punggol Plaza, Edgefield Primary School, Punggol Secondary School, Prive, Parc Centros (under construction) and Twin Waterfalls (under construction) amongst many others. Public transport facilities are readily available along Punggol Central. Cove LRT Station is located nearby. It is also accessible from major expressway such as Tampines Expressway (TPE).

The site area is 13,241.80 sq.m., subject to final survey. It is near rectangular in shape with road frontages of about 166 m onto Punggol Central and about 81 m onto Edgefield Plains. Topographically, the site is generally flat and at the access roads.

As advised by the Company and the Target Group, upon completion, the proposed development will comprise 6 blocks of 17-storey apartments with landscaped deck, common basement carparks and communal facilities. There will be a total of 383 units (comprising 16 two-bedroom apartments, 186 three- bedroom apartments, 142 four-bedroom apartments, 16 five-bedroom apartments and 23 penthouses) in various designs and layouts with sizes ranging from 70 sq.m. to 248 sq.m.

The planning control and design parameters as provided by the Company and the Target Group are as follows:

Master Plan Zoning : Residential (2014 Edition) Proposed Gross Plot :3.3 Ratio Proposed Gross Floor : 43,697.94 sq.m. Area (GFA) Proposed Saleable Floor : 43,277.00 sq.m. Area (including net floor area, balcony, private enclosed space, roof terrace andvoidareas,if any)

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Notes:

1. Grant of Written Permission (WP) (Ref: ES20120522R0187) dated 1 August 2012 has been obtained from the Urban Redevelopment Authority (URA) for a proposed Executive Condominium Housing Development comprising 6 blocks of 17-storey apartments (Total: 383 units) with landscaped deck, common basement carparks and communal facilities. The total Gross Floor Area, including additional Gross Floor Area for balcony (3,972.54 sq.m.), is 43,697.94 sq.m. The overall plot ratio is 3.3 (gross).

2. The registered proprietor is Qingjian Realty (Edgefield Plains) Pte. Ltd. of which 85% interest is attributable to the Target Group. The subject property is mortgaged to United Overseas Bank Limited.

3. In valuing the property if it is not fully sold, we have assumed unit rate of about SGD8,826psm (SGD820psf) for the residential development.

In undertaking our valuation of the property if completed, we have made reference to sales prices of comparable residential properties. The prices of comparable residential properties range from about SGD8,051psm (SGD748psf) to SGD9,268psm (SGD861psf). The unit rates assumed by us are consistent with the relevant comparables after due adjustments.

4. We were informed by the Company and the Target Group that the estimated construction cost is in the region of SGD99,300,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD34,700,000/-. The construction period is assumed to be approximately 3 years.

5. As advised by the Company and the Target Group, the construction cost expended as at 31 March 2015, is SGD76,900,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD21,800,000/-. We have taken into account such amount in our valuation.

6. According to the information provided by the Company and the Target Group, various 381 units with a total saleable floor area of approximately 43,073 sq.m. (463,633 sq.ft.) of the property have been pre- sold for a total consideration of SGD336,268,916/-. In the course of our valuation, we have included such pre-sold portions and taken into account such consideration in our valuation.

7. The capital value of the property as if completed on 31 March 2015 is approximately SGD338,000,000/-.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at Property Description and tenure Occupancy 31 March 2015

4. Ecopolitan at The subject property is legally described as Lot 2540T As at the SGD373,200,000/- 124, 126, 128, Mukim 21 and the tenure of the site is 99 years valuation date, 130, 132, 134, leasehold commencing from 4 December 2012. the property was (85% interest 136 & 138 under attributable to Punggol Walk, It is located at the end of Punggol Walk, bounded by construction and the Target Group Singapore Punggol Way and Tampines Expressway, is scheduled to SGD317,220,000/-) approximately 17 km from the city centre at Raffles be completed in Place. The immediate locality is residential in nature July 2016. comprising mainly HDB flats and apartment/ condominium developments. Prominent developments within the vicinity include Punggol Green Primary School, Twin Waterfalls (under construction), Edgefield Secondary School and Compassvale Secondary School amongst many others. Public transport facilities are readily available along Punggol Way. The Soo Teck LRT Station is located short distance away. It is also accessible from major expressway such as Tampines Expressway (TPE).

The site area is 18,747.80 sq.m., subject to final survey. It is regular in shape with road frontages of about 86 m, 93 m and 125 m onto Punggol Walk, Punggol Way and TPE respectively. Topographically, the site is generally flat and level with the access road.

As advised by Company and the Target the Group, upon completion, the proposed development will comprise 8 blocks of 16-storey residential building (Total: 512 units) with 2-level of basement carpark, tennis court, swimming pool, landscape deck, clubhouse and communal facilities.

The planning control and design parameters as provided by the Company and the Target Group are as follows:

Master Plan Zoning : Residential (2014 Edition) Proposed Gross Plot :3.0 Ratio Proposed Gross Floor : 61,866.70 sq.m. Area (GFA) Proposed Saleable Floor : 57,113.00 sq.m. Area (including net floor area, balcony, private enclosed space, roof terrace andvoidareas,if any)

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Notes:

1. Grant of Written Permission (WP) (Ref: ES20130207R0201) dated 10 May 2013 has been obtained from the Urban Redevelopment Authority (URA) for a proposed erection of Executive Condominium Development comprising 8 blocks of 16-storey residential building (Total: 512 units) with 2-level of basement carpark, tennis court, swimming pool, landscape deck, clubhouse and communal facilities. The total Gross Floor Area of the proposed building is 61,866.76 sq.m. (inclusive of additional balcony Gross Floor Area of 5,271.90 sq.m. and PES Gross Floor Area 351.46 sq.m. The overall plot ratio is 3.29 (gross).

2. The registered proprietor is Qingjian Realty (Punggol Way) Pte. Ltd. of which 85% interest is attributable to the Target Group. The subject property is mortgaged to United Overseas Bank Limited.

3. In valuing the property if it is not fully sold, we have assumed unit rate of about SGD7,642psm (SGD710psf) for the residential development.

4. We were informed by the Company and the Target Group that the estimated construction cost is in the region of SGD128,200,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD44,700,000/-. The construction period is assumed to be approximately 3 years.

5. As advised by the Company and the Target Group, the construction cost expended as at 31 March 2015, is SGD68,700,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD22,300,000/-. We have taken into account such amount in our valuation.

6. According to the information provided by the Company and the Target Group, various 446 units with a total saleable floor area of approximately 50,029 sq.m. (538,506 sq.ft.) of the property have been pre- sold for a total consideration of SGD425,119,658/-. In the course of our valuation, we have included such pre-sold portions and taken into account such consideration in our valuation.

7. The capital value of the property as if completed on 31 March 2015 is approximately SGD479,000,000/-.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at Property Description and tenure Occupancy 31 March 2015

5. Bellewoods at The subject property is legally described as Lot 6049X As at the SGD316,700,000/- 100, 102, 104, Mukim 13 and the tenure of the site is 99 years valuation date, 106, 108, 110, leasehold commencing from 12 August 2013. the property was (65% interest 112, 114, 116, under attributable to 118, 120 & 122 It is located at the corner of Woodlands Avenue 5 and construction and the Target Group Woodlands Woodlands Avenue 6 junctions, approximately 25 km is scheduled to SGD205,855,000/-) Avenue 5, from the city centre at Raffles Place. The immediate be completed in Singapore locality is residential in nature comprising mainly March 2017. HDB flats and apartment/condominium developments. Prominent developments within the vicinity include La Casa, Forestville (under construction), Twin Fountains (under construction), Woodlands Ring Primary School, Woodlands 11 (Industrial Development) and Primz Bizhub (Industrial Development) amongst many others. Public transport facilities are readily available along Woodlands Avenue 5 and Woodlands Avenue 6. It is also accessible from major expressway such as Seletar Expressway (SLE).

Thesiteareais21,004.3sq.m.,subjecttofinalsurvey. It is regular in shape with road frontages of about 116 m and 215 m onto Woodlands Avenue 5 and Woodlands Avenue 6 respectively. Topographically, the site is generally flat and lies on the access roads.

As advised by the Company and the Target Group, upon completion, the proposed development will comprise 3 blocks of 11-storey and 9 blocks of 12- storey apartments with common basement carparks and communal facilities. There will be a total of 561 units (comprising 36 two-bedroom apartments, 219 three- bedroom apartments, 153 four-bedroom apartments and 153 five-bedroom apartments) in various designs and layouts with sizes ranging from 73 sq.m. to 156 sq.m.

The planning control and design parameters as provided by the Company and the Target Group are as follows:

Master Plan Zoning : Residential (2014 Edition) Proposed Gross Plot :3.07 Ratio Proposed Gross Floor : 64,693.24 sq.m. Area (GFA) Proposed Saleable Floor : 60,800.00 sq.m. Area (including net floor area, balcony, private enclosed space, roof terrace andvoidareas,if any)

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Notes:

1. Grant of Written Permission (WP) (Ref: ES20130620R0219) dated 16 December 2013 has been obtained from the Urban Redevelopment Authority (URA) for a proposed Executive Condominium Housing Development comprising 3 blocks of 11-storey and 9 blocks of 12-storey apartments (Total: 561 units) with common basement carparks and communal facilities. The total Gross Floor Area, including additional Gross Floor Area for balcony (4,865.54 sq.m.), is 64,693.24 sq.m. The overall plot ratio is 3.07 (gross).

2. The registered proprietor is Qingjian Realty (Woodlands) Pte. Ltd. of which 65% interest is attributable to the Target Group. The subject property is mortgaged to United Overseas Bank Limited, Hong Leong Finance Limited and Bank of China.

3. In valuing the property if it is not fully sold, we have assumed unit rate of about SGD7,772psm (SGD722psf) for the residential development.

In undertaking our valuation of the property if completed, we have made reference to sales prices of comparable residential properties. The prices of comparable residential properties range from about SGD7,567psm (SGD703psf) to SGD8,450psm (SGD785psf). The unit rates assumed by us are consistent with the relevant comparables after due adjustments.

4. We were informed by the Company and the Target Group that the estimated construction cost is in the region of SGD143,500,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD41,200,000/-. The construction period is assumed to be approximately 3.25 years.

5. As advised by the Company and the Target Group, the construction cost expended as at 31 March 2015, is SGD53,000,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD17,500,000/-. We have taken into account such amount in our valuation.

6. According to the information provided by the Company and the Target Group, various 70 units with a total saleable floor area of approximately 6,948 sq.m. (74,788 sq.ft.) of the property have been pre-sold for a total consideration of SGD59,529,300/-. In the course of our valuation, we have included such pre-sold portions and taken into account such consideration in our valuation.

7. The capital value of the property as if completed on 31 March 2015 is approximately SGD478,800,000/-.

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VALUATION CERTIFICATE

Market value in Particulars of existing state as at Property Description and tenure Occupancy 31 March 2015

6. Bellewaters at The subject property is legally described as Lot 2599T As at the SGD372,300,000/- 11, 13, 15, 17, Mukim 21 and the tenure of the site is 99 years valuation date, 19, 21, 23, 25, leasehold. the property was (63% interest 27 & 29 under attributable to Anchorvale The subject site is located along Anchorvale Crescent, construction and the Target Group Crescent, approximately 20 km from the city centre at Raffles is scheduled to SGD234,549,000/-) Singapore Place. The immediate locality is generally residential be completed in in character comprising apartment/condominium April 2017. developments and HDB flats. Notable developments in the vicinity include Sengkang Riverside Park, Sengkang Sport Complex, La Fiesta (under construction), The Luxurie (under construction) and Compass Point amongst many others. Public transport facilities are readily available along Anchorvale Street. It is also accessible from major expressway such as Tampines Expressway (TPE). The subject site is also located near the Farmway LRT Station.

The site area is approximately 23,000.0 sq.m., subject to final survey. It is regular in shape with road frontages of about 200 m and 190 m onto Anchorvale Crescent and Tampines Expressway (TPE) respectively. Topographically, the site is generally flat and lies slightly above the access road level.

As advised by the Company and the Target Group, upon completion, the proposed development will comprise 3 blocks of 17-storey and 7 blocks of 16- storey apartments (total 651 units) with, landscape deck, common basement carparks and communal facilities. There will be a total of 651 units (comprising 370 three-bedroom apartments, 247 four- bedroom apartments and 34 five-bedroom apartments) in various designs and layouts with sizes ranging from 86 sq.m. to 159 sq.m.

The planning control and design parameters as provided by the Company and the Target Group are as follows:

Master Plan Zoning : Residential (2014 Edition) Proposed Gross Plot :3.3 Ratio Proposed Gross Floor : 75,900.00 sq.m. Area (GFA) Proposed Saleable Floor : 71,075.00 sq.m. Area (including net floor area, balcony, private enclosed space, roof terrace andvoidareas,if any)

– VI-15 – 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 VI PROPERTY VALUATION OF THE TARGET GROUP

Notes:

1. Grant of Written Permission (WP) (Ref: ES20130715R0207) dated 8 January 2014 has been obtained from the Urban Redevelopment Authority (URA) for a proposed erection of 3 blocks of 17-storey and 7 blocks of 16-storey apartments (total 651 units) with, landscape deck, common basement carparks and communal facilities. The total gross floor area of the proposed building shall not exceed 75,900.00 sq.m. (including 690.0 sq.m. GM GFA, 285.57 sq.m. PES GFA and 5,924.43 sq.m. balcony GFA). The overall plot ratio shall not exceed 3.3 (gross).

2. The successful tenderer for the site is Qingjian Realty (South Pacific) Group Pte Ltd. of which 63% interest is attributable to the Target Group. The approved developer undertaking the development of the site is Qingjian Realty (Anchorvale) Pte. Ltd.

3. In valuing the property if it is not fully sold, we have assumed unit rate of about SGD7,890psm (SGD733psf) for the residential development.

4. We were informed by the Company and the Target Group that the estimated construction cost is in the region of SGD168,300,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD37,400,000/-. The construction period is assumed to be approximately 3.25 years.

5. As advised by the Company and the Target Group, the construction cost expended as at 31 March 2015, is SGD43,800,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD17,800,000/-. We have taken into account such amount in our valuation.

6. According to the information provided by the Company and the Target Group, various 149 units with a total saleable floor area of approximately 15,265 sq.m. (164,307 sq.ft.) of the property have been pre- sold for a total consideration of SGD133,295,000/-. In the course of our valuation, we have included such pre-sold portions and taken into account such consideration in our valuation.

7. The capital value of the property as if completed on 31 March 2015 is approximately SGD573,780,000/-.

– VI-16 – 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 VI PROPERTY VALUATION OF THE TARGET GROUP

VALUATION CERTIFICATE

Market value in Particulars of existing state as at Property Description and tenure Occupancy 31 March 2015

7. Land Parcel at The subject property is legally described as Lot 3837L As at the SGD217,000,000/- Sembawang Mukim 19 and the tenure of the site is 99 years valuation date, Road/Canberra leasehold. the property was (72% interest Link under attributable to It is located at the junction of Canberra Link and construction and the Target Group Sembawang Road, approximately 25 km from the city is scheduled to SGD156,240,000/-) centre at Raffles Place. The immediate locality is be completed in residential in nature comprising conventional housing, September 2018. HDB flats, apartment/condominium developments. Other prominent developments within the vicinity include Canberra Residences, The Nautical (under construction) and D’Banyan amongst many others. Public transport facilities are readily available along Sembawang Road. It is also accessible from major expressway such as Seletar Expressway (SLE).

The site area is 28,745.90 sq.m., subject to final survey. It is near rectangular in shape with road frontages of about 133 m onto Canberra Link, about 250 m onto Sembawang Road and about 150 m onto Canberra Drive. Topographically, the site is generally flat and at the access roads.

As advised by the Company and the Target Group, upon completion, there will be a total of about 632 units.

The planning control and design parameters as provided by the Company and the Target Group are as follows:

Master Plan Zoning : Residential (2014 Edition) Proposed Gross Plot :2.1 Ratio Proposed Gross Floor : 60,366.39 sq.m. Area (GFA) Proposed Saleable Floor : 60,668.22 sq.m. Area (including net floor area, balcony, private enclosed space, roof terrace andvoidareas,if any)

– VI-17 – 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 VI PROPERTY VALUATION OF THE TARGET GROUP

Notes:

1. According to the tender document, the site is permitted for executive condominium development with a maximum allowable gross floor area of 60,366.39 sq.m.

2. The successful tenderer for the site is Qingjian Realty (Residential) Pte Ltd. The approved developer undertaking the development of the site is Qingjian Realty (Sembawang) Pte. Ltd. of which 72% interest is attributable to the Target Group.

3. In valuing the property, we have assumed unit rate of about SGD8,503psm (SGD790psf) for the residential development.

In undertaking our valuation of the property if completed, we have made reference to sales prices of comparable residential properties. The prices of comparable residential properties range from about SGD7,804psm (SGD725psf) to SGD8,202psm (SGD762psf). The unit rates assumed by us are consistent with the relevant comparables after due adjustments.

4. We were informed by the Company and the Target Group that the estimated construction cost is in the region of SGD159,900,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD38,300,000/-. The construction period is assumed to be approximately 3 years.

5. The capital value of the property as if completed on 31 March 2015 is approximately SGD515,000,000/-.

– VI-18 – 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 VI PROPERTY VALUATION OF THE TARGET GROUP

VALUATION CERTIFICATE

Market value in Particulars of existing state as at Property Description and tenure Occupancy 31 March 2015

8. West Star at 11 The subject property is legally described as Lot 2853A As at the SGD48,200,000/- Tuas Bay Close, PT Mukim 7 and the tenure of the site is 30 years valuation date, Singapore leasehold. the property was (30% interest under attributable to It is located along Tuas Bay, approximately 32 km construction and the Target Group from the city centre at Raffles Place. It is situated is scheduled to SGD14,460,000/-) within the Jurong Industrial Estate managed by the be completed in Jurong Town Corporation (JTC) which features land March 2018. for industrial development and standard completed factories for sale and/or lease. The surrounding locality comprises standard/purpose-built factories designated for general industry use and vacant land for future developments. It has easy access to other parts of Singapore via Ayer Rajah Expressway (AYE) and Pan Island Expressway (PIE).

The site area is 24,971.00 sq.m., subject to final survey. It is regular in shape with road frontages of about 225 m onto Tuas Bay Close, about 51 m onto Tuas South Avenue 5 and about 62 m onto Tuas Bay Drive. Topographically, the site is generally flat and at the access roads.

As advised by the Company and the Target Group, upon completion, the proposed development will comprise a block of 8-storey ramp-up factory (total 108 units), a temporary ancillary staff canteen (total 1 unit) and other ancillary facilities.

The planning control and design parameters as provided by the Company and the Target Group are as follows:

Master Plan Zoning :Business2 (2014 Edition) Proposed Gross Plot :1.7 Ratio Proposed Gross Floor : 42,450.24 sq.m. Area (GFA) Void Area : 4,787.00 sq.m. Proposed Saleable Floor : 45,863.00 sq.m. Area (including net floor area, balcony, private enclosed space, roof terrace andvoidareas,if any)

– VI-19 – 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 VI PROPERTY VALUATION OF THE TARGET GROUP

Notes:

1. Grant of Written Permission (WP) (Ref: ES20130628R0154) dated 20 January 2014 has been obtained from the Urban Redevelopment Authority (URA) for a proposed erection of a multiple-user general industrial development comprising a 8-storey ramp-up factory building (total 108 factory units), a temporary ancillary staff canteen (total 1 unit) and other ancillary facilities. The total gross floor area of the proposed building shall not exceed 42,450.24 sq.m. The overall plot ratio shall not exceed 1.7 (gross).

2. The successful tenderer for the site is ZACD Investments Pte Ltd and Bohai Investments (Sengkang) Pte Ltd and the approved developer undertaking the development of the site is BH-ZACD (Tuas Bay) Development Pte Ltd. of which 30% interest is attributable to the Target Group.

3. In valuing the property if it is not fully sold, we have assumed unit rate of about SGD2,702psm (SGD251psf) for the industrial development.

In undertaking our valuation of the property if completed, we have made reference to sales prices of comparable industrial properties. The prices of comparable industrial properties range from about SGD3,444psm (SGD320psf) to SGD5,059psm (SGD470psf). The unit rates assumed by us are consistent with the relevant comparables after due adjustments.

4. We were informed by the Company and the Target Group that the estimated construction cost is in the region of SGD65,000,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD14,000,000/-. The construction period is assumed to be approximately 3.5 years.

5. As advised by the Company and the Target Group, the construction cost expended as at 31 March 2015, is SGD5,100,000/- excluding marketing expenses, contingencies, professional/consultation fees, property tax and GST of about SGD3,300,000/-. We have taken into account such amount in our valuation.

6. According to the information provided by the Company and the Target Group, various 27 units with a total saleable floor area of approximately 7,857 sq.m. (84,572 sq.ft.) of the property have been pre-sold for a total consideration of SGD29,357,393/-. In the course of our valuation, we have included such pre-sold portions and taken into account such consideration in our valuation.

7. The capital value of the property as if completed on 31 March 2015 is approximately SGD132,000,000/-.

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