AGP.L Regulatory News (AGP)

10 Feb 2006 10:08

Asian Growth Properties Limited10 February 2006 ASIAN GROWTH PROPERTIES LIMITED ANNOUNCES PURCHASE OF NO.2 MORRISON HILL ROAD, HONG KONG Asian Growth Properties Limited ("AGP") announces that its subsidiary company,TTP (Wanchai) Limited, has entered into Sales and Purchase Agreements with eachof all the individual owners of No.2 Morrison Hill Road, Hong Kong for thepurchase of the whole Property. The Property with a site area of approximately 1,607 sq.ft. has been purchasedat HK$77.2 million (approx GBP5.7 million*). The subject property currently consists of a 5-storeys dilapidated buildingwhich AGP intends to demolish upon vacant possession in March 2006 and form ajoint development with the Company's existing project, 223-227 Wanchai Road("Wanchai Site Development"). The construction work completed at the Wanchai Site Development to-date had beentaken into account for this possible acquisition. Hence, the acquisition willnot result in any material change or delay in the Wanchai Site Developmentexcept a larger scale, higher efficiency project with a few storeys higher. *Exchange rate: GBP1.00 = HK$13.50 For more information: Don FletcherChief ExecutiveTel: +44(0)207 429 6666 David NewtonHB CorporateTel: +44(0)207 510 8561 Pam Spooner / Abigail Singleton / Leesa PetersConduit PRTel: +44(0)207 429 6666pam@conduitpr.com / abigail@conduitpr.com This information is provided by RNS The company news service from the London Stock Exchange