TCA.L Regulatory News (TCA)

25 Apr 2007 12:57

Speymill Macau Property Company PLC25 April 2007 Speymill Macau Property Company plc ("the Company")Update on property portfolio The Company is pleased to announce the results of recent independent valuationscarried out by CB Richard Ellis on the Company's existing portfolio ofproperties. These valuations were prepared in accordance with the "RICSAppraisal and Valuation Standards, 5th Edition" published by the Royal Insituteof Chartered Surveyors in the United Kingdom. The Company's first investment was the purchase of 243 residential units, with atotal gross floor area of 404,889 square feet and 243 car parking spaces, inthree towers of a luxury waterfront development. The total price payable by theCompany for these apartments and parking spaces is HK$906,508,929 (US$116.5million). These properties have been valued by CB Richard Ellis as at 23 April2007 at an amount of HK$1,217,500,000 (US$156.0 million), representing anincrease of 34.3% over the purchase price. The Company's second investment was the purchase of 24 residential units rangingin size plus 10 car parking spaces, in a recently completed one towerresidential development in what the Company's manager considers to be a primelocation on the Nam Van Peninsula. The total price payable by the Company forthese units and parking spaces is HK$224,982,600 (US$28.8 million). Theseproperties have been valued by CB Richard Ellis as at 23 April 2007 at an amountof HK$267,100,000 (US$34.2 million), representing an increase of 18.7% over thepurchase price. 25 April 2007 Notes to editors: - Speymill Macau Property Company plc was established to invest primarily in high quality residential properties in Macau. The Company will also pursue selective commercial investments to capture expected ancillary Macau service sector growth. - The Company listed on AIM on 17 November 2006 raising US$80 million in a placing on admission. - The Company's objective is to provide shareholders with an attractive overall return to be achieved primarily through long-term capital growth. - The Manager is Speymill Property Managers Limited, the Investment Adviser is Speymill Property Managers (Far East) Limited and the Property Adviser is Avila Capital Limited. The Manager, Investment Adviser and Property Adviser are responsible for identifying investment opportunities. - The Manager is a wholly owned subsidiary of Speymill Group plc (AIM: SYG). The Investment Adviser is a wholly owned subsidiary of the Manager. This information is provided by RNS The company news service from the London Stock Exchange