Business Overview

I Company No. 1009114-M I Company No. 1009114-M 5. INFORMATION ON OUR GROUP OUR GROUP Overview Titijaya was incorporated in Malaysia under the Act 011 9 July 2012 as a private limited company under the name of Meridian Flagship Sdn Bhd. Subsequently, we converted to a public limited company on 30 July 20 12 and changed our name to Titijaya Land Berhad on 17 August 2012. Our Company completed the Acquisitions on 29 March 2013. In addition, ow’ Company had, on 4 June 2013,8 July 2013 and 9 July 2013 acquired the entire issued and paid-up share capital in Epoch Property, Prosperous Hectares and Titijaya PMC respectively. Details on the Acquisitions are set out in Section 5.4.1 of this Prospectus while details on the Acquisition of Epoch Property, Acquisition of Prosperous Hectares and Acquisition ofTitijaya PMC are set out in Section 16.3 ofthis Prospectus. As al the LPD, our Group structure is as follows: Titijayar1
l100% l100% [ DeV~~~llenl J [ SAGG I 100% ! 100% 100% Epochand 1[ Sendi Bangga 1r Cily Meridian 1[ Liberty Park 1[ Terbit Kelana II j ITilijaya PMC IProperty
Our principal activities are as follows: _.­ Effective Equity  Issued and Paid-up  pallYCom  Interest  Share Capital  Principal Activities  (%)  (RM)  ya”litija  – 179,147,500  Investment holding  DeYGJoprnentNt’O  100.00  2,000,000  Property development  LandNPO  100.00  2,000,000  Properly development  i Bangga Send  100.00  3,000,000  Property development  CSAC  100.00  2,000,000  Property development  MeridianCity  100.00  250,000  Dormant f\  agsSafet  100.00  500,000  ProperLy development  rty Park Libe  100.00  250,000  Dormant !\  n Kemellsah Ama  100.00  1,000,000  Property development  it KelanaTerb  100.00  1,000,000  Investment holding  waPinH  100.00  1,000,000  Investment holding and joint  venture for property development  11 Propel1yEpoe  100.00  2,500,000  Property development  erous Hectares Prosp  100.00  2  Inactive/I  ya PMCTilija  100.00  J Provision of management services  to companies within our Group
I Company No. 1009114-M 5. INFORMATION ON OUR GROUP (Colll’d) Note: A The intended activity is 10 undertake property development.
Our history began with the incorporation of NPO Development in 1997. NPO Development was founded by our Group Managing Director and Promoter, Tan Sri Data’ Lim Soon Peng. NPO Land became a wholly-owned subsidiary of NPO Development in 2003. In 2005, Scndi Bangga became a wholly-owned subsidiary ofNPO Development. Tan Sri Dato’ Lim Soon Peng began his jOUlney in property development back in the 19805, where he undertook the construction of holiday bungalows in Fraser’s Hill and subsequently went on to develop the Silverpark Apaltments in Fraser’s Hill, Pahang Datu! Makmur via a joint venture development with Malaysian GcneraIlnvestment Corporation Berhad. Through Titijaya (M) Sdn Bhd which is currently inactive, Tan Sri Dato’ Lim Soon Peng undeJ100k the development of Taman Bukit Cheras, Kuala Lumpur comprising double-storey terrace houses, and three (3)-storey and three and a half (3 Y2)-storey shop otIices in 1996. Over the years, our business has grown under the leadership of Tan Sri Dato’ Lim Soon Peng, who is the key driver of our success. This is also a result of culminated effol1s and support from our directors and employees. NPO Development undcliook its fvst development in 200 I with the launch of the Mutiara Bukit Raja project comprising 298 units of double-storey ten-ace houses, residential lots and low-cost apartments in Klang, Selangor Daru] Ehsan. The said project wIth a total GDV ofRM55.47 million was completed in 2005. The development was a gated and guarded residential development which was planned to create an exclusive and secured living environment and value for its residents. In 2004, we launched om first high rise development project, E-Ti<lra Serviced Ap,utments located in Sllbaug Jaya, Selangor Darul Ehsan, comprising 315 units ofserviced apa11mcnts and 24 retail lots. It is strategicaHy located within walking distance from the Keretapi Tanah Melayu Komuter Station, Can·efour (now known as AEON BIG) hypermarket and Subang Pamde ill Subang Jaya, Selangor Darul Ehsau. The total GDV of the project was RM65.85 millioll and was completed in 2007. A majority of the units were sold within six (6) months from the launch, marking a successful beginning for our Group’s venture into high rise development and paving the way for other high rise development in the following years. In 2004, we also launched the sale of 221 units of shop offices which form pali of Klang Sentral Commercial Centre located in Klang, Selangor Darul Ehsan with a toWI GDY of RM181.] 9 million. The said project was completed in 2009. The project is strategically located opposite Setia Alam township and two (2) major hypermarkets, namely Tesco and Giant located within the vicinity. The development is accessible via the New Klang Valley Expressway-Meru Link. In 2005, we launched our second high rise development project, Casa Tiara Serviced Suites located in Subang Jaya, Selangor Darnl Ehsan comprising 679 units ofserviced ap31tments and 42 retail Jots. This development is located next to E-Tiara Serviced Apa11ments. The totat GDY of the project was RM 175.51 million and was completed in 2008. During 2005, we also launched Tiara Square Business Centre project in UEP Subang Jaya (USJ), SeJangor Darul Ehsan comprising a commercial development of 94 units of two (2)-storey and three (3)-storey sbop otIices. The said project, with a total GDV of RM59.86 million was completed in 2008. We arc of the view that the success of our past projects has helped bolster the demand for our on-going developments. A mixed commercial development of office suites and retail lots, named First Subang, with a total GDV of RM182.35 million, was launched in 2007. The project is strategically located in the business centre of Subang Jaya, Selangor Darnl Ehsan. The said project was completed in 2011 with the obtaining of thc CCC for the said property. The development was awarded the Highly Commended Office Development Malaysia by the International Property Awards in association with Bloomberg Television in 20 II. I Company No. I009114-M 5. INFORMATION ON OUR GROUP (Con/’d) We also pride ourselves upon One SOHO (formerly known as Subang SOHO). the RM117.37 million commercial development project comprising SaBa suites and retails shops. The development, which was lmmched in 2008, won the Silver Award for the Residential Interior Category of the MSID Interior Design Awards in 2008. It was also awarded the Best Mixed Use Development, Malaysia at the Bloomberg Television Asia Pacific International Property Award in 2010. In 2009, we launched Subang Parkhomes (Phase 1), our first low rise and low density condominiums located off the most western tip of Jalan Kemajuan Subang, which links Subang Jaya to the Federal Highway as well as Temasya Industrial Park, Shah Alam. Thc total GDV of Subang Parkhomes (Phase I) was RM263.53 million and the project was completed in 2013. The development was awarded the Highly Commended Apaltmcnt Malaysia by the International Propelty Awards in association with Bloomberg Television in 20 II. As at the LPD, we are undertaking the following projects: (i) Subang Parkhomes (Phase 2) development in Subang Jaya, Selangor Daml Ehsan comprising low rise and low density condominiums with an estimated GDV ofRM168,08 million;
(ii) Seri Alam Industrial Park (Phase I and Phase 2) development in Klffilg, Selangor Daml Ehsan comprising vacant land plots for construction of i.ndividual light industrial factory units which has an estimated GDV ofRM218.40 million:

(iii) Zone Innovation Park @ Sungai Kapar Indah development III Kl<lng, Selangor Darul Ehsan comprising semi-detached factories with an estimated GDV ofRM I59.51 million; (iv) The Galleria development in Klang Senh·al, Selangor Dam! Ehsan comprising three (3)-storey shop offices with an estimated GDV ofRM137.36 million; and
(v) 3Elements (Phase I, 3, 4 and 5) development in BandaI’ Putra Permai, Seri Kembangan, Selangor Daru] Ehsan comprising shop offices, SoFo suites, serviced apmtments and retail lots with an estimated GDV of RM399.28 million.

FUither details ofoUl’ completed, on-going and futnre projects are set out in Section 6.2 ofthis Prospectus. ‘vie have completed the development of more than 3,000 units of propelties with a total GDV of approximately RM 1.14 billion since 2001 up to the LPD. SHARE CAPITAL Our present authorised share capital is RM300,000,000 comprising 500,000,000 ordinary shares of RMO.50 each, and 100,000,000 RCPS of RMO.50 each, of which RMI29,147,500 comprising 258,295,000 Shares and RM50,000,000 comprising 100,000,000 RCPS havc been issued aud credited as fully paid-lIp. Upon completion of our 11’0, our issned and paid-up share capital will increase to RM220,000,000 comprising 340,000,000 Shares and 100,000,000 RCPS. The changes in our issued and paid-up share capital since our incorporation are as follows: Date of  No. of Shares  Par  Cumulative  Allotment  Allotted  Value  Considcratiou  Total  RM  RM  Sharcs  09 Jul 2012  2  1.00  Subscribers’ shares  2  27Jul2012  4  0.50  Share split  2  29 Mar2013  258,294,996  0.50  Acquisitions  129,147,500  RCPS  29 Mar2013  100,000.000  0.50  Acquisitions  50,000,000
Company No. 10091l4-M 5. INFORMATION ON OUR GROUP (Colll’,lj There are no discounts, speciaj tenns or instalment payment terms applicable to the payment of consideration for the above allotments. As at the LPD, there are no outstanding w,m·~mts, options, conveltible securities or uncalled capital in our Company. 5.3 SUBSIDIARY COMPANIES 5.3.1 NPO Development (i) History and Bnsiness
NPO Development was incorporated on 9 June 1997 in Malaysia under the Act as a private limited company under the name ofNPO System Sdn Bhd. It assumed its present name on 24 January 2002. NPO Development commenced its operations on 11 June 1997 and is principally involved in property development.
(ii) Share Capital

NPO Development’s present authorised share capital is RM5,000,000 comprising 5,000,000 ordinary shares of RMl.OO each, of which RM2,000,000 comprising 2,000,000 ordillaty shares ofRMl.OO each have been issued and fully paid-up. There are no changes in the authorised, issued and paid up share capital ofNPO Development for the last tluee (3) years preceding the date of Ihis Prospectus. As at the LPD, there are no outstanding warrants, options, convertible securities or uncalled capital in NPO Development. (iii) Substantial Shareholders NPO Development is a wholly-owned subsidiary of our Company. (iv) Subsidiary and Associated Companies As at the LPD, NPO Land and Sendi Bangga are wholly-owned subsidiary companies ofNPO Development NPO Development does not have any associated company.
5.3.2 NPO Llllld (i) History and Business
NPO Land was incorporated on 28 June 1995 in Malaysia under the Act as a private limited company under the name of Yellowstone Park Sdn Bhd. It changed its name to Terbit Kelana (Pahang) Sdn Bhd on 25 November 1995. It assumed its present name on 13 December 2004. NPO Land commenced its operations on 7 July 1995 and is principally involved in property development
(ii) Share Capital

NPO Land’s present authorised shat’e capital is RM.I,OOO,OOO comprising 5,000,000 ordinary shares of RMl.OO each, of which RM2,000,OOO comprising 2,000,000 ordinary shares of RM 1.00 each have been issued and fully paid,up. Company No. 1009114-M 5. INFORMAnON ON OUR GROUP (CollI”’) There are no changes in the authorised, issued and paid up share capital of NPO Land for the last three (3) years preceding the date ofthis Prospectus. As a1 the LPD, there are no outstanding W31T311t5, options, convcltibJe securities or uncalled capital in NPO Land. (iii) Substantial Shareholders NPO Land is a wholly-owned subsidiary company of NPO Development, which in tum is a wholly-owned subsidiary company of our Company. (iv) Snbsidiary and Associated Companies NPO Land does not have any subsidiary or associated company.

5.3.3 Scndi Bangga (i) History and Business Sendi Bangga was inCOlvorated on 24 April 2004 in Malaysia under the Act as a private limited company. Sendi Bangga commenced its operations on 25 April 2004 and is principally involved in prope.rty development. (ii) Share Capital Sendi Bangga’s present authorised share capital is RM5,000,000 comprising 5,000,000 ordinary shares of RM1.00 each, of which RM3,000,000 compnsmg 3,000,000 ordinary shares of RMJ .00 each have been issued and fully paid-up. There are no changes in the authorised, issued and paid up share capital of Sendi 8angga for the last three (3) years preceding the date of this Prospectus. I\s at the LPD, there are no outstanding waITanls, options, conveliible securities or uncalled capital in Sendi Bangga. (iii) Substantial Shareholders Sendi Bangga lS a wholly-ovmed subsidiary company ofNPO Development, which ]J) turn is a wholly-owned subsidiary company of our Company. (iv) Subsidiary and Associ.lted Companies Sendi Bangga docs not have any subsidiary or associated company.

 

5.3.4 SACC (i) History and Business SACC was incorporated on 24 July 1991 in Malaysia under the Act as a private limited company under the name of G.P. Natural Products Sdn Bhd. The company changed its name to Titijaya Resort Sdn Bild on 18 February 1995 and assumed its present name on 9 July 2009. SACC commenced its operations on 24 July 1991. 1t is principally involved in property development. I Company No. I009114-M
5. INFORMATION ON OUR GROUP (Colll’d) (ii) Share Capital SACC’s present authorised share capital is RM3,000,000 comprising 3,000,000 ordinary shares of RMl.OO each, of which RM2,000,000 comprising 2,000,000 ordinary shares of RMl.OO each have been issued and fully paid-up. There al”e no changes in the authorised, issued and paid up share capital of SACC for the last three (3) years preceding the date of this Prospectus. As Zit the LPD, there are no outstanding warrants, options, convertible securities or uncalled capital in SACc. (iii) Substantial Shareholders SACC is a wholly-owned subsidiary of our Company.
(iv) Subsidiary and Associated Companies SACC does not have any subsidiary or 8ssociated company.
5.3.5 Safetags (i) History and Business
Safetags was incorporated on 1 December 2006 in Malaysia under the Act as a private limited company. Safetags commenced its operations on 4 December 2006 and is principally involved in property development.
(ii) Share Capital

Safetags’ present authorised share capital is RMSOO,OOO comprising 500,000 ordinary shares of RMl.OO each, of which RM500,OOO comprising 500,000 ordinary shares of RMl.OO each have been issued and fully paid-up. The changes in the issued and paid-up share capital of Safetags for the last three (3) years up to the LPD me as follows: D’lte  of  No. of Ordinary  Par  Cumulative  Allotment  Shares Allotted  Value  Consideration  Total  RM  RM  10 .Tun 2011  249,998  100  Cash  250,000  31 Dec2011  250,000  100  Cash  500,000
There are no discounts, special tenus or instalment payment terms applicable to the payment of consideration for the above allotments. As at the LPD, there are no outstanding warrants, options, convertible securities or uncalled capital in Safetags. I Company No. 10091l4-M 5. INFORMATION ON OUR GROUP (Conl’d) (iii) Substantial Shareholders Safetags is a wholly-owned subsidiary company of our Company.
(iv) Subsidiary and Associated Companies Safetags does not have any subsidiary or associated company.

5.3.6 Arnan Kcmensah (i) History and Business
Arnan Kemcnsah was incorporated on 2 May 1997 in Malaysia under the Act as a private limited company under the name of Ambcrland Corporation Sdn Bhd. The company changed its name to Tenter~jaya (M) Sdn Bhd on 25 October 1999 and assumed its present name on 8 May 2008. Aman Kemensah commenced its operations on 9 May 1997 and is principally involved in property development.
(ii) Share Capital

Aman Kemensah’s present authorised share capital is RM 1,000,000 eompnsll1g 1,000,000 ordinary shares of RMl.OO each, of which RMl,OOO,OOO comprising 1,000,000 ordinary shares ofRMl .00 each have been issued and fully paid-up. There are no changes in the authorised, issued and paid up share capital of AnulIl Kemensah for the last three (3) years preceding the date of this Prospectus. As at the LPD, there are no outstanding wanants, options, conveJ1ibJe securities or uncalled capital in Aman Kemensah. (iii) Substantial Shareholders Aman Kemensah is a wholly-owned subsidiary company of our Company.
(iv) Subsidiary and Associated Comp:mies Aman Kemensab does not have ..my subsidiary or associated company.

5.3.7 City Meridian (i) History and Business
City Meridian was incorporated on 1 March 20] 1 in Malaysia under the Act as a private limited company and has yet to commence operations as at the LPD but will principally be involved in property development.
(ii) Share Capital

City Meridian’s present authorised share capital is RM500,000 comprising 500,000 ordinary shares of RMl.OO each, of which RM250,000 comprising 250,000 ordinary shares of RM 1.00 each have been issued and fully paid-np. Company No, 10091 14-M

5. INFORMATION ON OUR GROUl’ (Conl’d) The changes in the isslled and paid-up share capital of City Meridian since its incorporation are as follows: Date  of  No. of Ordinary  Par  Cumulative  Allotment  Sha res Allotted  Value  Consideration  Total  RM  RM  01 Mar20ll  2  1.00  Subscribers’ shares  2  18Mar20l1  249,998  1.00  Cash  250,000
There are no discounts, special terms or instalment payment terms applicable to the payment of consideratiotl for the above allotments. As at the LPD, there are no outstanding warnmts, options, convertible securities or uncalled capital in City Meridian. (iii) Substantial Shareholders City Meridian is a wholly-owned subsidiary company of our Company.
(iv) Subsidiary and Associated Companies City Meridian docs not have any subsidiary or associated company.
5.3.8 Liberty Park (i) History and Business
Libeliy Park was incorporated on 1 March 20 It in Malaysia under the Act as a private limited company and has yet to commence operations as at the LPD but will principally involved in property development.
(ii) Share Capital

Liberty Park’s present authorised share capital is RM500,000 comprising 500,000 ordinary shares of RM 1.00 each, of which RM250,000 comprising 250,000 ordinary shares of RM 1.00 each have been issued and fully paid-up. The changes in the issued and paid-up share capital of Liherty Park for the last three (3) years Lip to the LPD are as follows: Date Allotment  of  No. of Ordinary Shares Allotted Par Value Consideration ______R_M”–­ _  Cumulative Total RM  01 Mar 2011 18 Mar201]  2 249,998  ] .00 1.00  Subscribers’ shares Cash
There are no discounts, special terms or instalment payment tClms applicable to the payment of consideration for the above allotments. As at the LPD, there are no outstanding wanants, options, convertible securities or uncalled capital in Libcrty Park. Company No. 10091l4-M 5. INFORMATION ON OUR GROUP (Collt’iI) (iii) Substantial Shareholders Liherty Park is a wholly-owned suhsidiary company of our Company.
(iv) Subsidiary and Associated Companies Liberty Park does not have any subsidiary or associated company.
5.3.9 Terhit Kelana (i) History and Business
Terbit Kelana was incorporated on 4 October 2002 in Malaysia under the Act as a private limited company under the name of Sempani Development Sdn Bhd. It assumed its present name on 10 December 2002. Terbit Kelana commenced its operations on 24 October 2002 and is principally involved in investment holding.
(ii) Share Capital

Terbit Kelana’s present authorised share capital is RM1,000,000 comprising 1,000,000 ordinary shares of RMr.OO each, of which RMl,OOO,OOO comprising 1,000,000 ordinary sharcs of RM 1.00 each have been issued and fully paid-up. There are no changes in the authorised, issued and paid up share capital of Terbit Kelana for the last three (3) years preceding the date ofthis Prospectus. As at the LPD, there are no outstanding warrants, options, convertible securities or uncalled capital in Terbit Kelana. (iii) Suhstantial Shareholders Terbit Kelana is a wholly-owned subsidiary company of our Company.
(iv) Subsidiary and Associated Companies Tcrbit Kelana does not have any subsidiary or associated company.
5.3.10 Pin Hwa (i) History and Business
Pin Hwa was incorporaled on 9 January 2002 in Malaysia under the Act as a private limited company under the name of Mayang Raya Enterprise Sdn Bhd. It assumed its present name on 19 November 2002. Pin Hwa commenced its operations on 28 August 2002 and is principally involved in investment holding and joint venture for property development.
(ii) Share Capital

Pin Hwa’s present authorised share capital is RMI,OOO,OOO comprising 1,000,000 ordinary shares of RM1.00 each, of which RMl,OOO,OOO comprising 1,000,000 ordinary shares of RM 1.00 each have heen issued and flllly paid-up. I Company No. 1009ll4-M 5. INFORMATION ON OUR GROUP (Cont’d) There are no changes in the authorised, issued and paid up share capital of Pin Hwa for the last three (3) years preceding the date ofthis Prospectus, As at the LPD, there are no outstanding wanants, options, convel1ible securities or uncalled capital in Pin Hwa. (iii) Substantial Shareholders Pin Hwa is a wholly-owned subsidiary company of our Company.
(iv) Subsidiary and Associated Companies Pin Hwa does not have any subsidiary or associated company_
5.3.1I Titijaya PMC (i) History and Business
Titijaya PMC was incorporated on 23 May 2013 in Malaysia under the Act as a private limited company under the name of Platinum Project Management Sdn Bhd. It assumed its present name on 10 July 2013. Titijaya PMC commenced its operations on 2 August 2013. The principal activity is to provide management services, such as accounting, human resource and project management, to companies within our Group.
(ii) Share Capital

Titijaya PMC’s present authorised share capital is RM400,000 comprising 400,000 ordinary shares of RMJ ,00 each, of which RM2 comprising two (2) ordinary shares of RM1.00 each have been issuca and fully paid-up. The changes in the issued and paid-up share capital of Tilijaya PMC since its incorporation up to the LPD are as follows: Date Allotmeut  of  No. of Ordinary Shares Allotted  Par Value RM  Consideration ._—_.~_.”  Cumulative Total RM  23 May20l3  2  1.00  Subscribers’ shares  2
There are no discounts, special terms or instalment payment terms applicable to the payment of consideration for the above allotments. As at the LPD, there are no outstanding warrants, options, convertible securities or uncalled capital in Titijaya PMC. (iii) Substantial Shareholders Titijaya PMC is a wholly-owned subsidiary company of our Company. (iv) Subsidiary and Associated Companies Titijaya PMC does not have any subsidiary or associated company. Company No. 1009114-M 5. INFORMAnON ON OUR GROUP (Coll/’d) 5.3.12 Epoch Property (i) History and Business
Epoch Propel1y was incorporated on 2 August 2011 in Malaysia under the Act as a private limited company. Epoch Property commenced its operations on 30 August 2012 and is principally involved in properly development.
(ii) Share Capita’

Epoch Property’s present authorised share capital is RM5,OOO,000 compnslOg 5,000,000 ordinary shares of RM1.00 each, of which RM2,500,000 comprising 2,500,000 ordinary sharcs ofRM1.00 each have been issued and fully paid-up. The changes in the issued and paid-up share capital of Epoch Propel1y since its incorporation up to the LPD are as follows: Dat.e  of  No. of Ordinary  Par  Cumulative  Allot.ment.  Shares Allotted  Value  Consideration  Tot.al  RM  RM  02 Aug 2011  2  1.00  Subscribers’ shares  2  28 June 2013  2,499,998  1.00  Other than cash(J)  2,500,000
Note: (1) Capitalisation ofcash advances. There are no discounts, special terms or instalment payment terms applicable to the payment of consideration for the above allotments. As at the LPD, there are no outstanding wanants, options, convertible securities or uncalled capital in Epoch Property. (iii) Substantial Shareholders Epoch Propelty is a whoUY-o~ned subsidimy company of our Company.
(iv) Subsidiary and Associated Companies Epoch Properly does not have any subsidiary or associated company.

5.3.13 Prosperous Hectares (i) History and Bnsiness Prosperous Hectares was incorporated on 15 February 2013 in Malaysia under the Act as a private limited company. Prosperous Hectares is currently Inactive. The intended principal activity is to undel1ake propelty development. I Company No. 1009114-M 5. INI’ORMATION ON OUR GROUP (Collt’d) (ii) Share Capital Prosperous Hectares’ present authorised share capital is RM100,000 comprismg 100,000 ordinary shares of RM1.00 each, of which RM2 comprising two (2) ordinary shares of RM1.00 each have been issued and fully paid-up. The changes in the issued and paid-up share capital of Prosperous Hectares since its incorporation up to the LPD are as follows: Date  of  No. of Ordinary  Par  Cumulative  Allotment  Shares Allotted  Value  Consideration  Total  RM  RM  15 Feb 2013  2  1.00  Subscribers’ shares  2
There are no discounts, special terms or instalment payment terms applicable to the payment of consideration for the above allotments. As at tlle LPD, there are no outstanding warrants, options, convetiible securities or uncalled capital in Prosperous Hectares. (iii) Substantial Shareholders Prosperous Hectares is ,1 who]]y~owncci subsidiary compauy of our Company. (iv) Subsidiary rmd Associnted Companies Prosperous Hectares does not have any subsidiary or associated company. THE REST OF TJJJS PA GE HAS BEEN INTENTIONALLY LEFT BLANK Company No, I009114-M 5. INFORMATION ON OUR GROUP (Cont’d) LISTING SCHEME In conjunction with, and as an integral patt of the listing ofand quotation for our entire issued and paid-up share capital on the Main Market of Bursa Securities, our Company implemented the listing scheme set out as follows: (i) Acquisitions;
(ii) IPO; and

(iii) Listing ofTitijaya Shares, The above are inter-conditional and are viewed as one exercise undertaken to facilitate the Listing of our Company, 5.4.1 Acquisitions We had entered into conditional share sale agreements, all dated 27 September 2012 with the respective vendors for the following acquisitions: Companies Vendors NPO TGSlJ DcveJoprnentl\ SACC TGSB City Meridian Yadba TGSBSafctags Libclty Park YaclbH A.moB Kemensah TGSlJ Terbit KeJuna Puan Sri Datin Chan Lian Yen”‘, Lim Puay rung*, Muhidin bin Mobd Shari and Lim Soon Koon Pin Hwa Puan Sri Datin Chan Llan Yen”‘, Lim Puay Fung* and Seganm AIL Subblnlmaniam Total Notes: % acquired 100,00 100,00 100,00 100.00 ]00.00 10000 ]00,00 100,00 I
No. of ordinary sharcs of RMI.OO’ each to be acquired (‘000) 2,000 2,000 250 500 250 ],000 ],000 1,000 –‘E79,147 I Purchase considcr:ltion RM’OOO  To be satisfied via  Titijaya Sh:lres issued @ HMO.50 per Share (‘0001  Titijaya RepS issued @RMO.50 per RCPS (‘000)  48.415 46,754 233 22 243 31.087 32.645 ]9,748  94,] ]6 59,211 466# 45 486′ 3] ,468 53,884′ ]8,6]9″ 258,295 I  2,714 34,297 —30,706 11,406″ 20,877′  100,000 .
NPO Development has two (2) wholly-owned subsidwry compal1lcs namely, NPO Land and Sendl Bangga. PUGIISriDatl/1Chait L/(In YenisIhespollse!.?fToll SnDolo’LIII/SoonPengandparentqfLimPu!? fit and Lilli Puay Fung H The com’ideration shares were Is;o;1Ied directfy fo tCSR Details 0/1 TeSS arc ScI oul in Section 8.1.3 qf Ihis Prospectus. I Company No. 10091l4-M 5. INFORMATION ON OUR GROUP (Colll’d) The purchase considerations for the acquisitions of the above companies were arrived at on a willing buyer-willing seller basis after taking into account the respective companies’ NA / adjusted NA /adjusted consolidated NA as at 31 December 2011. The adjusted NA / adjusted consolidated NA as at 31 December 2011 has taken into consideration the fair value adjustments and deferred taxation, for properties held for development and/or being developed by the respective companies. The details of the adjustments and deferred taxation are as follows: NPO Development  RM’OOO  Audited consolidated NA ofNPO Development Group as at 31 December 2011  45,750  Add: Fair value adjnstments*  3,553  Less: Deferred taxation*  (888)  Adjusted consolidated NA ofNPO Development Group as at 3 J December 201 J  48,415
SACC  RM’OOO  Audited NA of SACC as at 31 December 2011  13,076  Add: Fair value adjustments*  44,904  Less: Defen-ed taxation”  (11,226)  Adjusted NA of SACC as at 31 December 2011  46,754
…_——-~=-, Cit Meridian RM’OOO Audited NA of City Meridian as at 31 December 2011 233 Add: Fair value adjustments Less: DefclTed taxation Adjusted NA of City Meridian as at 3] December 2011 233 Safcta2s Audited NA of Sa.fetags as at 31 December 20] 1 Add: Fair value adjustments Less: Deferred taxation  .  ..  Adjusted NA of Safetags as at 31 December 20] 1  —-_..
RM’OOO 22 . – 22

f-‘oL”,i1″;”,,”,,tty~P~a”;r..k’c;”””””~-c-,,,,,,-,;;-;-=-,-;:—:c;=;——” RlV!’.gQ!l..Audited NA of Liberty Park as at 31 December 2011 243 Add: Fair value adjustments Less: Deferred taxation Adjusted NA ofLibel1y Park as at 31 December 2011 243 Aman Kemensah Audited NA of Aman Kemensah as at 31 December 2011 Add: Fair value adjustments* Less: Deferred taxation* Adjusted NA of Aman Kemensah as at 31 Deeember 2011  RM’OOO 935 40)03 (I 0,05 1) 31,087  —
Terbit Kelana _~.~ -.~~ _ Audited NA of Terbit Kelana as at 3 J December 2011 Add: Pair value adjustmeuts* Less: Deferred taxation*’ Adjusted NA of Ter-bit Kelana as at 31 December 2011
RM’OOO 4,068 38,203 (9,551) 32,720 Company No. 1009114-M 5. INFORMATION ON OUR GROUP (Col/I’d) [-,P;-,i..n;’cH..wC’a~—;=-;-;__-;-o;-;-;co—,–,=;-;­ –,RI\1’OOO  Audited NA of Pin Hwa as at 31 December 201]  985  Add: Fair value adjustmcnts*  24.8]7  Less: Deferred taxation*  (6,204)  Adjusted NA of Pin Hwa as at 31 December 2011  19,598
Notes: The/air value adjustments and deferred taxation are as/ollows: Company  (A) Market Vafuell RM’OOO  (E) NEVas of 31 December 2011 RM’OOO  (C) -(A).-(E) Fair Vallie Adjusttneuts RM’OOO  Deferred 111;l1liOt,c<i.1 RM’OOO  NPO Development  10,300  10,261  39  9  NPO Land  4,440  926  3,514  879  Sendf Bangga  – – – NPO Devefopment Group  14,740  11,187  3,553  888  SACC  82,1)()()  37,096  44,904  11,226  Anu1JJ Kemellsl1ll  7(),5()(J  3(),297  4(),203  ](I,()51  TerM! KeJl11U1  42,58()  4,377  38,2()3  9,551  Pill l/Wl1  28,800  3,983  24,817  6,2()4
The IIlQrkel …..alue IS based 011 the valualloll condUClCd by the i”e.ljJecfIJle Independent Properly Valuer in Apnl 2012 alld .lilly 2012. Please refer to Sec/lOll /5 ofrIlls Prospectus/orfunhe!’ de/oils on the valuation of,Ill: respeCliw’ [Jt’Qper1les and Seclion 6. j8ofthisProspectus for thede/OIls oftherespective properties w’i/ch H’ere taken into considertJtionfol’ IIJe compl/to/lOn ofIhe above fair vallie ad)llstmen/s. Dt:fened laxation JS computed based on the JaIl’ value adjustmen/s IIwt/lple by the current carpora/e teL, raIl’ 0/25%. The Acquisitions were completed on 29 March 2013, resulting in Oltl’ issued and paid-up share capital to increase from four (4) Shares to 258,295,000 Shares and 100,000,000 RCPS. I Company No. 1009114-M 5. INFORMATION ON OUR GROUP (Con/’d) 5.4.2 Public Issuc In conjullction with our Listing, we will undertake a public issue of 81,705,000 new Shares, representiug approximately 24.03% of our enlarged issued and paid-up share capital of 340,000,000 Shares, at the IPO Price to be allocated in the following manner: (i) Public Tn,”che 17,000,000 Public Issue Shares, representing 5.00% of our enlarged issued and paid~llp share capital of 340,000,000 Shares, have ‘been reserved for application by the Public, of which at least 50% shall be set aside for Bumiputera investors including individuals, companies, societies, co-operatives and institutions. (ii) Pink Form Tranche 6,000,000 Public Issue Shares, representing approximately 1.76% of our enlarged issued and paid-up share capital of 340,000,000 Shares, have been reserved for application by our eligible Directors, employees and persons who have contributed to the success of our Group. (iii) MITI Tranche 34,000,000 Public Issue Shares, representing 10.00% of our enlarged issued and paid-up share capital of 340,000,000 Shares, have been reserved for Bumiputera investors approved by the MIT!. (iv) Placement Tranchc 24,705,000 Public Issue Shares, representing approximately 7.27% of our enlarged issned and paid-up share capital of 340,000,000 Shares, have been reserved for placement to selected investors. . The Public Issue Shares shall rank pari passu in all respects with our existing issued and paid-up Shares, including voting rights and the rights to all dividends and other distributions that may be declared sllbsequent to thc date of allotment tbereof 5.4.3 Offer for Sale In conjunction with our Listing, the Offeror will offer up to 49,500,000 Offer Shares, representing approximately up to 14.56% of our enlarged issued and paid-up share capital of 340,000,000 Shares at the IPO Price via placement to selected investors. 5.4.4 Listing on Bursa Securities The ildmission and the listing of and quotation for our entire enlarged issned and paid-up share capital of RM 170,000,000 comprising 340,000,000 Shares on the Main Market ofBursa Secmities. ss
I Company No. 1009114-M 5. INFORMATION ON OUR GROUP (Colll’d) 5.5 KEY ACHIEVEMENTS AND MILESTONES Our key achievements and milestones since inception are as follows: (i) Key achievements and milestones Year Kev achievement and milestone 2001 • Launch offrrst residential development project, Mutiara Bukit Raja in Klang, comprising double-storey terrace houses, residential lots and low-cost apartments 2002 • Admitted as a member ofREDlIA 2004 • Launch of first high rise development project, E-Tiara Serviced Apmiments in Subang Jaya • Launch of first integrated commercial development, Klang Sentral Commercial Centre in Klang 2005 • Launch of first commercial development, Mutiara Point Business Park in Klang • Launch of Casa Tiara Serviced Suites in Subang Jaya 2007 • Launch of first high rise commercial development, First Subang, comprising office suites and retail lots in Subang Jaya 2008 • Launch of first mixed development, One SOHO (formerly known as Subang SOHO) in Subang Jaya 2009 • Launch of first exclusive high-end, low rise and low density condominiums, Subang Parkhomcs (Phase 1) in Subang Jaya 2010 • Launch of first industrial development, Zone Innovation Park @ Sungai Kapal’ Indah in Klang • Launch of The Galleria development in Klang Sentral 20I1 • LaunchofPhase1 of3ElementsinBandaI’PutraPermai,SeriKembangan, comprising 4-storey and 6-storey shop offices with lifLs 2012 • Launch of Phases 3, 4 and 5 of 3Ekments in Bandar Putra Permai, Seri Kembangan, comprising SoF’o suites and serviced apartments Company No. 1009114-M 5. INFORMAnON ON OUR GROUP (Conl’d) (ii) Awards __Name of company NPO Development Sendi Bangga Sendi Bangga Sendi Bangga NPO Development Award The Sill Asia Pacific Intemational Honesty Enterprise -Keris Honesty Enterprise Award 2006 by the Entrepreneur Development Association (Malaysia) Silver Award for the Residential Interior Category by MSID Best Mixed Use Development, Malaysia al the Bloomberg Television Asia Pacific International Properly Award 2010 (One SOHO (fonnerly known as Subang SOHO)) lntemational Property Awards in association with Bloomberg Television -Highly Commended Apartment Malaysia (Subang Parkbomes) International Property Awards in association with Bloomberg Television -Highly Commended Office Development Malaysia (First Subang) Ycar Obtained 2007 2008 2010 2011 2011 -_._~———_ .. THE REST OF TlJIS PAGE liAS BEEN INTENTIONALLY LEFT BLANK Company No. I009114-M 6. BUSINESS OVERVIEW 6.1 OUR PRINCIPAL BUSINESS ACTIVITIES OUf business model is summarised as below:
THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK I Company No. 1009114-M 6. BUSINESS OVERVIEW (Cont’d) 6.2 OUR PRODUCTS AND SERVICES We focus on three (3) types of property development namely residential, commercial and industrial. Within the residential property development, we have embarked on the development of the following types of propelties: (a) Residential (i) Condominiums;
(ii) Residential vacant land lots; and

(iii) Landed properties such as terrace houses and semi-detached houses; Within the commercial property development, we have embarked on the development of the following types of properties: (b) Commercial (i) Commercial centre;
(ii) Retail shops;

(iii) Serviced apartments/suites; (iv) Shop offices;
(v) SoHo;
(vi) SoFo; and

(vii) Studio office suites. Within the industrial property development, we will be developing the following types of properties: (e) Industrial (i) Industrial lots;
(ii) Semi-detached factories; and

(iii) Detached factories. We have developed lTIore than 3,000 units of properties with a total GDV of approximately RM1.14 billion since 2001 up to the LPD. THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK I Company No. 1009114-M I 6. BUSINESS OVERVIEW (Colll’d) A summary ofour completed, on-going and future projects is as follows:  (i)  Completed projects  Name of Completed Project  Developer  Location  Land Area sq. ft.  TenUioc  Type of Development  GDV RM’OOO  Commencement”! Completion#  Mutiara Bukit Raja  NPO Development  Klang. Selangor Darul Ehsan  l.584.986  Freehold  • Double-storey terrace houses; • Residential lots; and • Low-cost apartments  55.465  2001/2005  E-Tiara Serviced Apartments  NPO Development  Subang Jaya, Selangor Daru! Ehsan  72,086  Freehold  • Serviced apartments; and • Retaillots  65,852  2004/2007  Klang Sentral Commercial Centre  NPO Development  Klang, Selangor Daru! Ehsan  377,213  Freehold  3-storey shop offices  181,191  2004/2009  Mutiara Point Business Park (Phase 1)  NPO Development  Klang, Selangor Darul Ehsan  141,309  Freehold  • 2-storey shop offices; and • 3M storey shop offices  35,765  2005/2008  Tiara Square Business Centre  Sendi Bangga  Subang Jaya, Selangor Darul Ehsan  329,553  Freehold  • 2M storey shop offices; and • 3-storey shop offices  59,860  2005/2008  Casa Tiara Serviced Suites  NPO Development  Subang Jaya, Selangor Daru! Ehsan  144,172  Freehold  • Serviced apartments; and • Retail lots  175,510  2005/2008  First Subang  NPO Development  Subang .raja, Selangor Darul Ehsan  66,288  Freehold  • Office suites; • Studio suites; and • Retail podium  [82,353  2007/2011  One SOHO (formerly known as Subang SOHO)  Sendi Bangga  Subang Jaya, Selangor Darlll Ehsan  69,879  Freehold  • SoHo suites • Retail shops  117,372  2008/2012  60
I Company No. 1009114-M I 6. BUSINESS OVERVIEW (Cont’d) Name of Completed Project Subang Parkhomes Phase I  Developer Sendi Bangga  Location Subang Jaya, Selangor Darul Ehsan  Land Area SQ. ft. 333,368  Tenure Freehold  Type of Development Low rise and low density condominiums  GDV RM’OOO 263,525  CommencementA / Completion# 2009/2013
Notes:  Commencement date is based on the signing ofthe first sales and purchase agreement/or/he respective propertydeve!opment project.  #- CompletIOn date is based on the comple/lon oJthe construct/on and oblammg oj/he CFO,l CCC/iJr’he respectIve properly development projects  (ii)  On-going projects
Commencemenf’/  Name of On-Going Project  DeYeioper  Location  Land Area  Tenure  Type of Development  Estimaled GDV  Expected Completion  Percentage of eom pletionil  sq. ft.  RM’OOO  %  Subang Parkhomes  Sendi Bangga  Subang Jaya,  101,095  Freehold  Low rise and low density  168,082  2011/2014  Selangor Darul  condominiums  Phase 2  Ehsan  23.77  Seri Alam [ndustrial  NPO Land  Klang, SeJangor  7,839,493  Freehold  Vacant land plots for the  218,397  2010/2015  Park  Darul Ehsan  construction of  Phase 1 Phase 2  individual light industrial factory units  • •  Zone Innovation  NPO Land  Klang, Selangor  1,341,648  Freehold  • 1~;-storey  semi­ 159,508  2011/2016  Park @ Sungai  Darul Ehsan  detached  factory  KapaT lndah  units; and  Phase I Phase 2  • 2Y2-storey detached  semi-factory  * •  units  The Galleria  NPO  Klang SentraL  172,891  Freehold  3-storey  stratified  shop  137,364  201112014  64.57  Development  Selangor Darul  oftices  Ehsan
61 I Company No. I009114-M I 6. BUSINESS OVERVIEW (Collt’d) Name of On-Going Project 3Elements Phase 1 Phase 2 Phase 3 and 4 Phase 5  Developer Safetags  Location Bandar Putra Permai, Seri Kembangan, Selangor Darul Ehsan  Land Area sq. ft. 262,962  Tenure Leasehold  Type of Development • 4-storey and 6-storey shop offices with lifts; • Retail lots • SoFa suites; and • Serviced apartments  Estimated GDV RM’OOO 399,275  Commencement”‘j Expected Completion 201112016  Percentage of completion# % 51.33.. • •
Notes: # Based on total project cost Incurred as at/he LPD divided b}’ budgeted cost. As at the LPD, no revenue and cost ofsafes have been recognised as the progress afthese projects has not reached a stage where rhejinancwl results can be reliably eslimaled. .. As at Ihe LPD. our Group has not launched Phase 2 ofthe 3Elemenls development pro.lect. Commencement dale /s based on the slgmng oftheftrst sales and purchase agreementfor the respective property development project.
THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFTBLANK 62
I CompanyNo.1009114-M I 6. BUSINESS OVERVIEW (Collt’d) (iii) Future projects Expected  Commenccment*/  Name of Future  Land Area  Estimated  Expected  Projcct*  Developer  Location  sq. It.  Tenure  Type of Development'”  GDV*  Completion*  RM’OOO  Subsequent phases 01  NPO Land  Klang, Selangor  7,919,208  Freehold  • Vacant land plots for the  204.073  201512020  Seri Alarn Industrial Park  Darul Ehsan  construction of individual  light industrial factory units;  • Residential;  • Low cost I-storey terrace  factories;  • Low cost apartments; and  • Low medium and medium  cost apartments  Subsequent phases of  NPO Land  Klang, Selangor  479,596  Freehold  Industrial development comprising  69,200  201412018  Zone Innovation Park I’IT;:  Darul Ehsan  semi-detached and detached  Sungai Kapar lndah  factories  Phase 2 ofl\’lutiara Point  NPO  Klang, Selangof  99,301  Freehold  Double storey shop offices  27,450  2014/2017  Business Park  Development  Darul Ehsan  Trio  SACC  Section U1. Shah  70 [,953  Freehold  Commercial development  1,512,031  2014/2020  Alam, Selangor  Darul Ehsan  Embun @ Kemensah  Aman  Ulu Kelang,  641,152  Freehold  Residential development  214,373  201312017  Kemensah  Selangor Daml  Ehsan  H2O  Epoch  Am Damansara,  263,059  Freehold  Mixed development (residential  572,124  2014/2019  Property  Selangor Darul  and commercial)  Ehsan  Klang SentraJ Service  NPO  Klang, Selangor  526,226  Freehold  Serviced apartments  700,000  2015/2021  Apartments  Development  Dam! Ehsan
63 I Company No. 1009114-M 6. BUSINESS OVERVIEW (Co/ll’d) Note: , The name ofthe projects, type of development! property mix, estl’mated GDV, expected commencement dale and expected completion date may be varied during its eventual launching in thejuture. Our Group is to develop approximately 170.23 acres of public amenities, such as roads, schools, mosques and power stations, under the Seri Alam Industrial Park project which we are required to hand over to the respective local authorities once the development project is completed. Our completed and cunent property development projects as at the LPD are as follows: (i) Completed Projects (0) Muliara Bukit Raja
In 200 I, we launched MUliara Bukit Raja in Klang, Selangor Darnl Ehsan which is sited on 36.39 acres of freehold land. The details ofthe development me as follows: Type of Development _..__.._-_._­ Total Units/Lots Developed  Total Units/ Lots Sold as at the LPD  Land Area sq. ft.  Built-up Area sq. ft.  GDV RM’OOO  Phase 1 Double storey terrace houses  108  108  1,500  2,200  27,515  Residential lots  110  110  2,800 ­5,469  24.590  Phase 2 Low-cost aparlrncnts  80  80  680  3.360
The Phase I of Mutiara Bukit Raja was completed and the CFO obtained in 2003. Subsequently, the Phase 2 of Mutiara Bukit Raja comprising low-cost apartments was completed and the CFO obtained in 2005. I Company No. 1009114-M 6. BUSINESS OVERVIEW (Collt’d) (b) E-Tiara Serviced Apartments
In 2004, we launched the E-Tiara Serviced Apartments project in Subang Jaya, SeIangor Dam! Ehsan comprising a IS-storey block with 5 levels of car park and a basement car park sited on 1.65 acres of freehold land. The details of the development are as follows: Total Total Units/IType of llnits/Lots Lots Sold as (\t Development  Developed  the LPD  Built-up Area  GDV  sa. ft.  RM’OOO  Serviced apartments  liS  ll4  617 ..·1,241  61,902  RetrJiJ ]OlS  24  24  177-1,016  3,950
E-Tiara Serviced Apartments was completed and the CPO obtained in 2007. THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK I Company No. 1009114-M 6. BUSINESS OVERVIEW (CoIII’d) (c) Klang Sentral Commercial Centre
In 2004, we launched our Klang Sentral Commercial Centre in Klang, Selangor Darul Ehsan which is sited on 8.66 acres of fi’eehold land. The details of the development are as follows: Type of Development —_.  Total Units/Lots Developed  Total llnitsl Lots Sold as at the LPD  Land Area SQ. ft.  Built-up Area SQ. ft.  GDV RM’OOO  3-SIOlCY shop oftices~ -EnbJoc -Stratified  87 402  87 388  1,540­1,650  4,250  181,191  –~-_..
The construction of Kbng Sentral Commercial Centre was completed in 2008 and the CP’O was obtained in 2009. (d) Mutiara Point Business Park (Phase 1) Company No. 1009114-M
6. BUSINESS OVERVIEW (CoIII’d) In 2005, we launched Phase 1 of our Mutiara Point Business Park in Klang, Selangor Darul Ehsan which is sited on 3.24 acres of freehold land. The details of the development are as follows: Type of Development  Total lJnits/Lots Developed  Tot:ll Units/ Lots Sold as at the LPn  Land Area SQ. ft.  Built-up Area Sq. ft.  GDV RM’OOO  2-storey and 3-storey shop offices: EnbJoc Stratified  53 42  53 42  1,400 ­3,156  2,601­5,171  35,765
The cOl1stmction of Mutiara Point Business Park project was completed in 2007 and the CFa was obtained in 2008. (c) Tiant Square Business Centre
In 2005, we launched the Tiara Square Business Centre at USJ 12, UEP Subang Jaya, Selangor Darul Ehsan which is sited on 7.57 acres offreehold land. The delails ofthe development are as follows: Type of Development  Total Units/Lots Developed  Total Units/ Lots Sold as at the LPn  Land Area sg. ft.  Built-up Area sq. ft.  GDV RM’OOO  2-storey and 3-storey shop offices  94  94  1,540  2,883 -4.424  59,860
The construction of Tiara Square Business Centre was completed in 2007 and the CFa was obtained in 2008. Comp.nyNo.I009114-M 6. BUSINESS OVERVIEW (Colll’d) (I) Casa Tiara Serviced Suites
In 2005, we launched the Casa Tiara Serviced Suites in Subang Jaya, Sclangor Daru] Ehsan comprising a 21-storey block with a basement car park sited on 3.31 acres of
freehold land. The details ofthe development are as follows: Total  Total Units/Lots  Type of  Units/Lots  Sold as at the  Development  Developed  LPD  Built-up Area  GDV  sq. ft.  RM’OOO  Serviced apartments  679  678  447 -2,500  164,143  Retail lots  42  42  284 -1,205  11,367  —–.J
Casa Tiara Serviced Suites was completed and the CFO obtained in 2008. THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BL/JNK Company No. 1009l14-M 6. BUSINESS OVERVIEW (CoIlI’d) (g) First Subang
In 2007, we launched First Subang in Subang Jaya, Selangor Darul Ehsan comprising two (2) l7-storey towers sited on 1.53 acres of commercial land. The details of Lhe development are as follows: Total  Total Units/Lots  Type of  Units/Lots  Sold ::IS ::It the  Typical Built-up  Development  Developed  LPD  Arc::!  GDV  so. ft.  RM’OOO  Office suites  106  106  455 ‘-13,224  59,272  Studio suites  261  261  437-926  73,831  R.etaiI podiurn  83,000  49,250
The construction of First Snbang was completed in 2010 and the CCC was obtained in2011. THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK CompanyNo.1009ll4-M 6. BUSINESS OVERVIEW (Coll/’d) (h) One SOHO (formerly known as Subang SOHO)
[n 2008, we launched One SOHO (fonnerly known as Subang SOHO) in Subang wJaya, Selangor Darul Ehsan comprising an 18storey block with a five (5)-storey car park sited on 1.60 acres of freehold land. The details of the development are as follows: Total  Total Units/Lots  Type of  Units/Lots  Sold as at the  Typical Built-up  Development  Developed  LPD  Area  GDV  sq. ft.  RM’OOO  SaHa suites  448  448  400 -690  115.838  Retail shops  10  8  253 -479  1,534
The construction of One SaBa was completed in 2011 and the CCC was ohtained in 2012. THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK Company No. 1009114-M J 6. BlIS1NESS OVERVIEW (Colll’d) (i) Subang Parkhomes (Phase 1)
1n 2009, we launched Subang Parkhomes (Phase 1) in Subang Jaya, Selangor Daml Ehsan comprising five (5) blocks of low-density and low rise condominium villas sited on 7.65 acres of [j’cehold land. The details ofthe development are as follows: Total  Total Units/Lots  –,  Type of  Units/Lots  Sold as at the  Development  Developed  LPn  Built-up Area  GDV  f—————–­ ,..S<,.I….ft….  R=M..'”,OO,..O’_-j  Phase]  Condominiums  302  286  1,093 -2,870  263.525
(Block A, n, C. DandE) ———————-‘ The construction of Phase 1 of Snbang Parkhomes was completed and the CCC obtained in 2013. THE REST OF THIS PAGE HAS BEEN IN1ENI10NALLY LEFT BLANK I Company No. 1009ll4-M 6. BUSINESS OVERVIEW (Conl’d) (ii) On-Going Projects (a) Snbang Parkhomes (Phase 2)
Artist Tmpression In 2011, we launched Subang Parkhomes (Phase 2) in Subang Jaya, Sclangor Daml Ehsan comprising two (2) blocks of low-density and Jow rise condominium villas
sited on 2.32 acres oft,.eehold land. The details oflhe development arc as follows: Total  Type of Development  Units/Lots Proposed to be Developed  Total Units/Lots Sold as at the LPD  Built-up Area sa. n.  Estimated GDV RM’OOO  Phase 2 Condominiums (Block F & G)  176  92  1,308-2,342  168,082
“————-._——-_._——-­The Subang Parkhomes (Phase 2) project is targeted to be completed by 2014. TllE REST OF TIllS PAGE HAS BEEN INTENTIONALLY LEFT BLANK Company No. I009114-M 6. BUSINESS OVERVIEW (Conl’d) (b) Seri Alam Industrial Park (Phase I and Pbase 2) In 20I0,we launchedPhase 1and Phase2 ofourSeriAlamlndustrialParkproject iu Klang, Selangor Daml Ehsan which is sited on a fi’eehold land. The details of the development are as follows: Total Units/  Lots  Total Units/Lots  Type of  Proposed to  Sold as at the  Typical Land  Estimated  Development  be Developed  LPD  Area  GDV  sq. ft.  RM’OOO
Phase 1 Light industrial factory -vacant land plots for construction ofown units Phase 2 Light industrial factory -vacant land plots for construction ofown units 48 43 25 6 47,480 ­197,762 48,352 ­92,783 143,277 75,120 The Seri Alam Industrial Park (Phase I and Phase 2) project is targeted to be completed by 20J 5. (e) Zone Innovation Park @ Sungai Kapar Indah
Artist Impression In 2010 and 2011, we launched Phase 1 and Phase 2 of Zone Innovrltion Park @. Sungai Kapar Indah project respectively in Klang, Selangor DaTU! EhsrlD which is sited on 30.80 acres of freehold land. Company No. 1009114-M 6. BUSINESS OVERVIEW (Conl’d) The details ofthe development are as follows: Type of Development  Total Units/Lots Proposed to be Developed  Total Units/Lots Sold as at the LPD  Land Area sa. n.  Typical Built-up Area sa. n.  Estim:lted GDV RM’OOO  Phase 1 1Vi-storey semi­detached factory units  20  14  11,304 ­13,415  6,204  37,212  21liR storey semi­detached factory units  20  7  11,304 -13,415  8,084  43,317  Phase 2 1Yi~storcy semi­detached factory units  40  25  11,304 ­13,415  6,204  78,979
The Zone Innovation Park @ Sungai Kapar [11dah is targeted to be completed by 2016. (d) The Galleria
Artist Impression In 2010, we launched The Galleria project in Klang Sentral, Klang, Selangor Dam] Ehsa]] which is sited on 3.97 acres offreehold land. Company No. 1009114-M 6. BUSINESS OVERVIEW (Coll/’d) The details of the development are as follows: Total Units/Lots  Total  l Proposed to  Units/Lots  Typical  Type of  be  Sold as at  Typical  Built-up  Estimated  Development  Developed  the LPD  Land Area  Area  GDV  s  . ft.  s . ft.  RM’OOO  3-storey stratified  222  90  1,540  4,193 ­ 137,364  shop offices  8,437  (en bloc)
The Galleria project is targeted to be completed by 2014. (e) 3Elements
Artist impression In 20 II and 2012, we launched the Phase I and Phase 3 to Phase S of the 3Elcmenls project respectively in Pusat Bandar Putra Permai, Seri Kembangan, Selangor Daml Ebsan which is sited on 6.03 acres of leasehold land. lCompany No. I009l14-M 6. BUSINESS OVERVIEW (Conl’tI) Tbe details oftbe development are as follows: ,———————-_..~ Total  Units/Lots  Total  Proposed to  Units/Lots  Typiell  Type of  be  Sold as at  Typical  Buitt-up  Estimated  Development  Developed  the LPD  Land Area  area  GDV  sa. ft.  sa. ft.  RM’OOO
Pha~c 1 4-storey and 6-storey 16 72 1,540 4,828 -40,519 shop offices with (Enbloc) / stratified 7,594 lifts 72 stratified units units Phase 2 ,Retail Lots 22 6,015 -­14,502 Phase 3 and 4 SoFo Suites 800 382 504 ­229,128 761 Phi’lSC 5 ServlCed Apartments 342 251 659 -129,628 ‘—~I”,O_’_I~g ..J Note: As at the LPD, our Group has yet [0 launch Phase 2 and IfIlls f/le selling pncesfor these IIIIIIS have 11O! beel1fol”fnali.~ed. The 3 Elements project is targeted to be completed by 20 16. (iii) FuJure Projects (a) Subsequent Phases of Scri Alam Industrial Park We intend to develop further phases of Seri Alam Industrial Park in Klang, Selangor Daml Ehs.n. The details ofthe proposed development are as j()llows: ————~—,——_._——; Total  llnits/Lots  Proposed to  Typifal  Type of  he  Typical  Built-up  Estimated  Development  Developed  Land Area  Area  GDV
sq. ft. _–“,sq”…ft,–_”,RM’000 Light industrial factory –vacant 22 49,658.­Il.a. 83.608 land plots for construction of own 92,347 units Residential 360 2,464.­67,953′ 2.800 Low cost I-storey terrace factories 84 1,200 12,600* Low cost apartments 532 386,377 22.344* Low medium and medium cost 216 157,252 17,568′ apartments Company No. 1009l14-M 6. BUSINESS OVERVIEW (Conl’d) Noles: n.o. NOI applicable.• A.~ at (he LPD, au/’ Group has yel 10 formalise the details ofthe proposed bllildingplans. We expect to commence the development of the subsequent phases of Sed Alam Industrial Park in 2015 and the development is targeted to be completed by 2020. (b) Subsequent Phases of Zone Inuovation Park@Sungai Kapar Indah We intend to develop the subsequent phases of Zone Innovation Ptlrk @ Sungai Kapar Indah in Klang, Selangor Darnl Ehsan. The details or the development are as follows: (c) Type of Development  Total Units/Lots Proposed to be Developed  Typic:ll Land Area sa. ft.  Typic:l1 BlIill~up AI”ea sa. ft.  Estim:.lted GDV RM’OOO  Semi-detached factories  12  16,767­25.487  8.403 ­13,260  30,000  Detached fa~tories  8  20,038 ­58,806  14.41J  39,200
Vie expect to commence the development of the subsequent phases of Zone Innovation Park @ Sungai Kapar indah in 2014 and the development is targeted to be completed by 2018, Phase 2 of Muthtra Point Business Park We intend to develop Phase 2 of Mutiara Point Business Park in Klang, Selangor DamJ Ehsan. The details of the proposed development are as follows:
Total Units/Lots
Proposed to Typiclli Type of be Typical Built-lip Estimated Development Developed Land Area Arell GDV s . ft. s • ft. RM’OOO Double-storey shop offices 61 1,400 2,681 27,450 We expect to commence the development of Phase 2 of Mutiara Point Business Park in 2014 and the development is targeted to be completed by 2017. I Company No. 10091l4-M 6. BUSINESS OVERVIEW (Collt’d) (d) Trio We intend to develop a mixed commercial development, sited on 16.12 acres of freehold land in Shah AlaIn, Selangor Darul Ehsan. The proposed development would consist of: (i) one (1) block of shopping complex, hotel. office tower and servIce apattment tower; and
(ii) two (2) SoHo tower.

The above proposed development mix may be varied during its eventual launching in the future. We expect to commence the development of Trio in 2014 and the development is targeted to be completed by 2020. (e) Embllil @ Kcmensall We intend to develop a gated residential community sited on 14.72 acres of freehold land in Ulu Kelang, Selangor Daml Ehsan. The proposed development consists of: Type of Development  Total Units Proposed to be Developed  Typical Land Area sq. ft.  Typical Built-lip Area sq. ft.  Esti III 1I ted GDV RM’OOO  Supedink terrace houses  5t  1,110­1,300  4.522 ­5,502  90.625  Semi-detached houses  52  3,430″ 5,244  *  123,743′
Note: The proposed development is currently pending thefil1alisalion ofthe building plans We expect to commence the development of Embun @ Kemcnsah in the fOllrth qUaJ1er of2013 and the development is targeted to be completed by 2017. (1) H2O We intend to develop a mixed development, sited on 6.04 acres of freehold land in Ara Damansara, Selangor Dam! Ehsan. The proposed development would consist of three (3) blocks of services apm1ments with 630 units, and one (1) block of SoHo with 165 units ,md 18 units ofl’ctaillots. We expect to commence the development of H20 in 2014 and the development is targeted to be completed by 2019. (g) Klang Sentral Service Apartments We intend 10 develop service apartments, sited on 12.08 acres of freehold land in Klang, Selangor DarLd Ehsan. The proposed development would consist of «ILlr (4) phases encompassing 11 blocks of serviced apartments with approximately 2,400 units. We expect to cotnmence the development in 2015 and the development is targeted to be completed by 202 J. [Company No. 1009114-M I 6. BUSINESS OVERVIEW (Cont’d) COMPETITIVE STRENGTH We have a history in property development dating back to 2001. We believe that we benefit from a number of strengths and advantages that differentiate us from our competitors. These include the following: (i) Established Track Record, Market Reputation and Strong Customer Base Since 2001 up to the LPD, we have developed more than 3,000 units ofproperties with a total GDV of approximately RM1.l4 billion. OUf numerous reSidential and commercial projects in Subang Jaya and Klang have been well received by the market, having registered good take-up rates and capital appreciations in the sub-sale market. An analysis of the performance ofou,r completed projects is tabulated below: \ i I Pr’oject Name Mutiara Buki( Raja  Type of Property • Double-storey houses  terrace  Take-up Rate as at the LPn % 100.00  Launch Vear 2001  Land Area sq. f1. l.500  Built-lip Area sq. ft. 2.200  Our Selling Price RM 228,888  Recently Transacted Prices as of August 2013″ RM 360.000AT  Capital Appreciation % 57.18  • Residential Jots  100.00  2001  2,800-5,469  168,000  n,a.  TI.a.  • Low-cost apartments  ]00.00  2003  680  42,000  62,000 -65,000″ 85,000′  47.62 -54.76 102.38  E-Tiara Serviced Apartments  • Serviced apartments  99.68  2004  617-1,241  190.800 (for built up of 692 sq. ft.)  430,00ryl 475,000 -520,000′ (for built up of 692 sq. ft.)  125.37 148.95 ­172.54  232,800 (for built up of 858 sq. ft.)  515,000AI 610,000 -620,000′ (for built up of 858 sq. ftl  121.22 162.03 -166.32  • Retaillots  100.00  2004  177 ­ 1,016  From 87,000  n.a.  TI.a.
79 [i-“mpany No. 1009114-M I 6. BUSINESS OVERVIEW (Cont’d) Take-up Recently I Rate as at Launch Built-up Transacted Prices Capital Type of Properly theLPD Year Land Area Area Our Selling Price as of August 2013/\ Appreciation % so. ft. so. ft. RM RM % Project Name  Klang Sentral Commercial Centre  Mutiara Point Business Park (Phase 1)  Tiara Square Business Centre  Casa Tiara Serviced Suites  First Subang
97.14 2004 1,650 Enbloc From 756,000 900,000A 19.05• Shop offices 1,606 Enbloc From 755,000 1,180,OOOAI 56.29 • 2-storey shop offices 100.00 2005 1,400 -1,540 2,601-2,861 300,000 470.000 -550.000 56.67 -83.33 (for land area of (for land area of
1.540 sq. ft.) 1,540 sq. ft.)
• 3-storey shop offices 100.00 2005 3,156 5,171 1,548,000 1.500.000A2 (3.10)

100.00 2005 1,540 2,883 From 553,000 1,175,000 -112.48 -135.08• 2-storey shop officess 1,300,000 100.00 2005 1,540 4,424 From 738,000 n.a n.a• 3-storey shop offices 99.85 2005 -447 -500 159,510 380,000 138.23 (for built up of 447 (for built up of 447 sq. ft.) sq. ft.) • Serviced apartme,nts 800 -849 250,777 460,000AI 83.43 (for built up of 849 520,000 -585,000′ 107.36 -133.28 sq. ft.) (for built up of 849 sq. ft.) 880 -921 265,000 526,000AI 98.49 (for built up of 880 530,000·’ 588,000′ 100.00 -121.89 sq. ft.) (for built up of 880 sq. ft.) 100.00 2006 1,205 1,024,250 1,200,000AI 17.16• Retail lots ­100.00 2007 -455 -13,224 296,800 420,000″ 41.51• Office suites L (for built up of 67l 430,000 -555,000′ 44.88 -86.99 sq. ft.) (for built up of 671 sq. ft.) 80 I Company No. 100911~ 6. BUSINESS OVERVIEW (Conl’d) Take-up Recently Rate as at Launch Built-up Transacted Prices Capital Project Name Type of Property the LPD Year Land Area Area Our Selling Price as of August 20131\ Appreciation % sq. ft. sq. ft. RM RM % 100.00 2007 -458 -926 302,220 450,000 48.90 (for built up of628 460,000 -550,000′ 52.21 -81.99 sq. ft.) (for built up of628 sq. ft.) • Studio suites
• Retail podium 100.00 2007 -83,000 49,250,000 n.a. n.a.

One SOHO (fonnerly knowu 100.00 2008 -400-690 From 248,300 380,000 53.04• SoHo as Subang SOHO) (for built up of685 (for built up of 685 sq. ft.) sq. ft) 80.00 2008 -253 -479 From 101,200 n.a. n.a.• RetaiI Sbops (for built up of253 sq. ft) Subang Parkhomes (Phase 1) 94.70 2009 -1,093 -2,870 From 585,000 760,000 -835,000′ 29.91 -42.74• Condominiums (for built up of (for built up of 1.093 1,093 sq. ft.) sq. ft.) Notes: l1.a. Not available.
, Based on recent transacted prices obtained/rom the Valuation and Property Services Department, Ministry ofFinance, Malaysia as ofAugust 2013. ,I There are no recent transacted prices as of20 13, hence our analysis was based on transacted prices in 2012 obtained from Valuation and Property Services Department, Ministry ofFinance, Malaysia. ,2 There are no recent transacted prices as of 20/3 and 2012, hence our analysis was based on transacted prices in 2011 obtained from Valuation and Property Services Department, Ministry ofFinance, lI-falaysia.• Based on recent asking price as at LPD. The successes of our projects have allowed us to build our reputation as well as strengthened oUr customer base in the localities of Subang laya and Klang. 81 Company No, I009114-M 6. BUSINESS OVERVIEW (Cont’d) (ii) Experienced Human Capital OUf Group’s success is attributed to our experienced management team that has in-depth knowledge in the property development industry, Our Group Managing Director, Tan Sri Dato’ Lim Soon Peng, has more than 40 years of experience in the property development industry and has since established relationships with many of our suppliers and customers. He is supported by our Executive Directors, Lim Poh Yit who has nine (9) years of experience in the property development industry and our Executive Director Lim Puay Fung who has 10 years of experience in sales and marketing. Under their leadership, we have successfully completed property projects such as Mutiara BulUt Raja, Mutiara Point Business Park (Phase 1), E-Tiara Serviced Apartments, Casa Tiara Serviced Suites and One SOHO (fomedy known as Subang SOHO), As we acknowledge that an experience management team is imperative to our continued success, every effort is being taken by our Executive Directors to groom a dedicated management team to assist in our daily business management. Please refer to Section 8.2.1 and 8.4.1 of this Prospectus for the profiles of our Directors and key management respectively. (iii) Strategically Located Land Bank We own approximately 470 acres of land bank strategically located within the Klang Valley. Our land bank in Selangor Daml Ehsan is mainly concentrated in the Districts of Petaling and Klang with the former being the most populous and densely-populated district in the state and the latter being the third most populous in the state. Selangor Daml Ehsan is also the country’s richest and most developed state which garnered 21.25% of total foreign investments in manufacturing projects in Malaysia in 2012. Accordingly, most of our land bank has development potential as they are situated within the Districts of Petaling and Klang. (source: IMR report) Please refer to .Section 6.18.1 of this Prospectus for further details of the land bank held by our Group for development. (iv) Diversified Property Development Projects \\’ilh the launch of our Seri Alam Industrial Park and Zone Innovation Park @ Sungai Kapar Indah projects, our Group has also embarked on developing industrial properties in addition to residential and comtnercial properties. (v) lnno\’ative Design and Planning Concepts Our major selling point is our ability to incorporate contemporary concepts, architecture and designs in our development projects. Our design and planning concepts are diligently planned and are aimed at catering to the needs of our target customers. This has enabled us to remain competitive, yet profitable. I Company No, I009114-M 6. BUSINESS OVERVIEW (Cont’d) Our successful design and planning concepts is underscored by the Silver Award for the Residential Interior Category of the prestigious MSID’s Interior Design Awards 2008 for One SOHO (formerly known as Subang SOHO). One SOHO (formerly known as Subang SOHO) was also awarded the Best Mixed Use Development, Malaysia at the Bloomberg Television Asia Pacific International Property Award 2010 held in Hong Kong. Our Group’s Subang Parkhomes and First Subang projects were also awarded the Highly Commended Apartment Malaysia and Highly Commended Office Development Malaysia respectively by the International Prope11y Awards in association with Bloomberg Television in 2011. (vi) Emphasis on Quality Control Our selection process for third party contractors to undeltake our construction works include assessing the track record and reputation of the contractors and interviewing shortlisted contractors. Furthermore, our emphasis on using quality materials for our projects has enabled us to develop a reputation in delivering quality residential and commercial development properties. Our commitment to deliver quality development properties to customers regardless of the type of development we undeltake, has allowed us to develop projects which are well received by our customers as evident in the take up rate as disclosed in Section 6.3(i) of this Prospectus. Please refer to Section 6.10 ofthis Prospectus for further details on our Group’s quality assurance. THE REST OF THIS PAGE HAS BEEN INTEN71ONALL}” LEFT BLANK Company No. 10091l4-M 6. BUSINESS OVERVIEW (ColIl’d) 6.4 OUR PRINCIPAL MARKETS As at the LPD, our pl’Opctty development activities are focused within the Klang Vallcy. We arc looking forward to expand our geographical presence in Malaysia. We will continue to identify opportunities that will enable LIS to strengthen our presence within the propetty market. Please refer to Section 6.19 of this Prospectus for further details ofour expansion plans. The breakdown of our revenue for FYE 30 June 2013 is as follows:
Revenue by Business Segment FYE 30 .Junc 2013 Rl\rOOO %  Property development Sale of completed properties Others'” Total 189,461 3,186 1,116 193,766 97.78 1.64 0.58 100.00
Note: • Others consist a/sale a/vacanl lands and rental inco/lle. 6.5 SEASONALITY The Malaysian property market is generally not subjected to any seasonality factor. However, property development in general is subject to the performance of the Malaysian economy and property sector. The details on economic and sector risks are set alit in Sections 4 ofthis Prospectus. 6.6 TYPES, SOURCES AND AVAILABILITY OF RAW MATERIALS/INPUT As set out in Section 6.9 of this Prospectus, we award our construction works and certain consultancy service~ to third patty contractors who are responsible for the construction of the proposed development including the procurement of building materials. For the past five (5) fYE 30 June 2009 to FYE 30 June 2013, we have incurred the following construction costs: -C\”.,-c·Ecc,co3″0-c./-u-ne————c;2coO”09c——cc2″0IocO;——zoil——–c;2″0IO:2c——–j—­201RM’OOO % RM’OOO % R.lVI’OOO % RM’OOO % Rl\1’OOO % BUIldmg  construction  66.81·1  74.29  47,784  98.65  60,939  89.92  54,845  S1.97  77 .926  76.02  works·  Site  clearing.  earthwork  20,584  22.89  157  0.32  5,177  7.64  8,890  13.29  8,973  3.75  HX’ld.  drainage  and  other  inJi’uslrllcture works”  PiJing works'”  1,535  2.82  498  1.03  1,652  2.44  3,172  4.74  15,610  15.23  TOTAL  89,933  100.00  48,439  100.00  67,768  100.00  …… 6.§,907  100.00  102,509  100.00
Not/!: As a component ofow’ Gro”p·s cost ofgoods saId. All our construction related works and services are nndertaken by IOl;.:al contral;.:tors. As at the LPD, we have not experienced any shortage in the supply orcontractor services. [company No. 1009114-M 6. BUSINESS OVERVIEW (Collf’d) 6.7 TECHNOLOGY USED Our Group, being involved in the property development industry, engages extcmaJ consultants such as architects and engineers for the propCJty development design conception andlor implementation of our Group’s property development projects. As such, our Group is not directly exposed to building technologies. Our Group has, through these external consultants, incorporated certain technologies into our Group’s 3Elements project to comply with the Green Building Index (GBI). GBI is Malaysia’s industry recognised green rating tool for buildings to promote sustainability in the built environment and raise awareness among developers, architects. engineers, planners, designers, contractors and the public about environmental issues and our responsibility to the future generations. It was officially launched in May 2009 and it is a profession driven initiative to lead the Malaysian propelty industry to be more environmentally-friendly. Technology that may be L1sed in our Group’s property development includes solar panel, min water harvesting and energy saving light-emitting diode (LED) light fittings. The rating system provides oppOitunity for the design and construction of green and sustainable environment, better connectivity to public transport and the adoption of recycling and greenery for the projects as well as reducing the impact on the environment. The GBI Malaysia rating is based on six (6) key criteria: • Energy efficiency;
• Indoor environmental quality;
• Sustainable site planning fmd management;
• Material and resources;
• \Vatcr efficiency; and
• Innovation

According to the OBI assessment framework, achieving points in these catcgories will indicate that the building will likely be lTIore environmental friendly compared to buildings which are not GBI recognised. The GBI assessmcnt also involves assessment at the design stage leading to the award of the provisional GBI rating. The final award is given one (1) year after the building is first occupied. Buildings are also required to be re-assessed every three (3) years in order to maintain their OBI rating to ensure that the buildings are well-maintained. Buildings are awarded GBl Status depending on the scores achieved ­Platinum (86 points and above), Gold (76 to 85 points), Silver (66 to 75 points) or Certified (50 to 65 points) ratings. 6.8 OPERATING CAPACITIES As at 30 June 2013, we do not have machinery and equipment for our operations as we award all our construction work to third pal1y contractors. I Company No. I009114-M 6. nUSINESS OVERVIEW (Collt’d) 6.9 OUR BUSINESS AND OPERATIONS PROCESSES Our property development process flow is set out in the diagram below: Sales and Marketing Project Design and
After SalesDeliveryOrigination Procurement Project 1m plcllIcntation (i) PI’oject Origination The diagram below illustrates our project origination process: Site Jdentific.<ttion Feasibility Studies Next Stage Market Analysis [ Design Concept ~h Flow Analysis [ Site Assessment Geotechnical Survey The project origination process begins with the identification of suitable land for our development, either from our existing land bank, joint ventures with landowners or acquisition of new lund bank. We then undertake feasibility studies on the identified land. Such studies would encompass. inter alia, the following: (a) market analysis to ascertain market demand and pricing for the proposed development;
(b) preliminary design concept to determine the most suitable product to be developed on the proposed site;
(c) cash flow analysis to determine the viability and profitability of the proposed development including an analysis of the estimated GDY and gross development cost for the proposed development;

I Company No, l009114-M 6, BUSINESS OVERVIEW (Conl’d) (d) site assessment to determine whether the proposed development is in line with the local plan endorsed by the relevant authorities; and
(e) geotechnical surveys arc also undertaken by geotechnical experts to determine the necessary construction methods and the suitability of the land for the proposed development.

Once the feasibility studies have been completed and the proposed development is approved by our management and Board, we will enter into joint venture agreement(s) with land owners or sale and purchase agrecment(s) for land acquisition, jf the identified land does not belong to us. The project will then progress to the next stage of the property development process, which is the design and procurement stage. (ii) Design and Procurcmcnt The diagram below illustrates our design and procurement stage: Project Schedule and Financial Plan

Authority Suhmissions (tnd Approvals Thi,’d Party Contractor Selection
Construction and Tender Docunlents Tender Exercise
Next Stage
The first step of design and procurement stage begins with the prcparation of a detailed project schedule and finaJll:ial plan. The project schedull’ is prepared for the purpose of monitoring the progress of the dcvelopment activities whilst the project financial plan is prepared to monitor revenue and costs of the project against budgets. The design stage would encompass, amongst others, the following: (a) aUf project team comprising representatives from our management, projcets and property development department, sales and marketing team as well as our Group’s accounts and finance department will be responsible for the preparation of a detailed design brief for the proposed development. The design brief represents a critical success factor of the proposed development in ensuring that the proposed development considers the right product targeted at the right market segment; I Company No. l009114-M 6. BUSINESS OVERVIEW (CollI”’) (b) The project team will then proceed with the appointment of the proposed development’s design team comprising architects, engineers, quantity surveyors and other consultants;
(c) Upon completion of the design briefing, the design team will proceed with the development layout plan and bullding plan for submission to the relevant authorities.

The project team will liaise closely with the authorities to ensure the compliance of project development plans with the relevant rules and regubtions. As we engage third party contractors to undertake the construction works for our projects, the respective project team shall commence the preparation of tender documents to invite tenders from third party contractors for construction works, Upon the closing of the tender period, the tenders are reviewed to ensure that all materials and services to be provided meet our quality standards and are procured at competitive market prices, Our Group awards construction works of the property developmcnt projects to third party contractors. Third party contractors are selected based on their experience, tr;;lck record, reputation and pricing. (iii) S~les and Marketing The diagram below illustrates our sales and marketing stage:
Sales Team The sales and marketing department, together with the respective project team, will then develop marketing concepts and strategies, advertising and promotional activities fwd a detailed price list for the proposed development. Once approved by our management and Board, the sales and marketing teams will be mobilised to commence preparations of the sales and marketing activities, I Company No. I009114-M 6. BUSINESS OVERVIEW (CoIlI’d) Our marketing team will then begin its advertising and promotional actIvItIes through the distribution of brochures and advertisement in internet portals, newspapers and magazines. We commence our advertising and promotional activities for our Group’s development projects upon receipt of our advertising permits and/or the respective property development project’s development order. The sales team will follow through and conclude sales upon execution of sale and purchase agreement and payment of deposit is made by the eud purchasers. Upon execution of the sale and purchase agreement, the sales administration department will then handle all progress billings and collections in accordance with the architect’s progress certificate and payment schedule in accordance with the sale and purchase agreement. The sales administration department also assists on fill purchaser request and enquiries. (iv) Project Implementation The diagram below illustrates our construction and implementation stage: Commence. of Work
Quality Progress Control and Payment Project Site to Service Completion Management PJ·oviders Site Meetings Testing and [ Commissioning Monthly Progress Application of Certificate of Completion aud
Site Iuspection ] Complianceand Verificatiou
Next Stage
The construction and implementation stage will begin upon obtaining all relevant authorities’ approval. Our project team will work with our site supervision team to jointly manage the development site. The site supervision team will actively monilor the progress of the project and review work progress reports which are issued to our management on a monthly basis. In addition, the site supervision team will supervise and inspect the construction works by third party contractors to ensure that their deliverables are of an acceptable quality and the workmanship is in accordance with the approved building plans, design and specifications. This will enable our mauagement to identify problems early and meetings will be held with consultants and/or the contractorS to rectify such problems, ifany. As the construction of the project progresses, progressive payments are made to the contractors and consultants involved in the project based on the respective project architect’s progress certificates. I Company No. 1009114-M 6. BUSINESS OVERVIEW (Collt’d) Upon completion of the project, our project team. tender committee and design team will undertake a final inspection which includes testing llnd commissioning each aspect of the development to determine if any rectification works is required. The relevant authorities will then inspect the completed development to ensure compliance with the authorities’ requirements. Upon satisfactory inspection by the relevant authorities, the project architect will then issue a CCC. Concurrently, building survey works will be carried out for the purpose of strata titie application, ifapplicablc. (v) Delivery The diagram below illnstrates our delivery stage: Notice of Appointment Handing Over of Next StageV~lcant for Inspection V~lC~lnt PossessionPossession
This is the final stage of the propelty development process. Our sales administration depaltmcllt will issue final billings and notice of vacant possession to the end purchasers. Upon receipt of full payment of the amount outstanding from the cnd purchasers and/or the end purchasers’ financiers, appointments will be made with the end purchasers for inspection of their unit. End purchasers are allowed to lodge their defect rectification request within the defect liability period. Our contractors will be notified to rectify SLich defects and our site supervision team will conduct inspections to ensure all rectification works done by our contractors are satisfactory. Subsequently, our Group will hand over vacant possession of the respective units to the respective purchasers in accordance with the terms and conditions ofthe sales and purchase agreement. (vi) After Sales The diagram below illustrates our after sales service stage: [ Customer Service and Feedback ( Defect Rectification (if any) Marketing ofUnsoJd Units (ifany) Handling of Strata Titles We helieve in providing continuous after sales service to our purchasers. Such services will also enhance our reputation and reliability over time. During this stage, our customer service team will assist the purchasers in all requests, enquiries and feedback which are deemed practical with regard to the property purchased by the purchasers. Besides that. the team will continue to accept defect rectification requests, jf any. as specified in the sale and purchase agreement. CompanyNo.10091l4-M 6. BUSINESS OVERVIEW (Coni’lI) Besides customer service and defect rectification, our sales and marketing teams will continue to sell and market the unsold units, ifany to reduce our inventory. For stratified properties, our sales administration department will arrange for the transfer and registration ofthe strata title in the purchasers name upon issuance of the strata title. 6.10 QUALITY ASSURANCE We have a team of qualified and experienced project managers and on-site supervisors who work closely to monitor the design and construction ofour development projects. Over the past years, we have built a reputation in delivering quality residential and commercial developments, which is synonymous with our Group’s vision of providing quality developments as evident by the awards won by our Group as set out in Section 5.5 (ii) ofthis Prospectus. In addition, we have endeavoured to place significant emphasis on quality and adherence to stringent quality standards which will, in tum provide our customers with a certain degree of comfort and assurance of the quality of our developments. This is reflected by our Group’s First Subang project being assessed using Quality Assessment System in Construction formulated by the CIDB (“QLASS1C-CIDB”). QLASSIC-CIDB is a system or method to measure and evaluate the quality of workmanship of a construction work based on the relevant approved standard. 6.11 MARKETING AND DISTRIBUTION (a) Marketing Strategies Lim Puay Fung, our Group’s Promoter, substantial shareholder and Director, also leads our sales and marketing activities and is suppOited by the sales and marketing personnel. Our sales and marketing team adopts, amongst others, the following marketing strategies to sustain and expand our business: (i) Emphasising our reputation as a reputable property developer with award winning property development projects and showcasing innovative architecture and interior designs;
(ii) Emphasising our competitive strengths such as emphasis on quality control and an established track record in property development;

(iii) Building and promoting the “Titijaya” brand name with the aim of increasing awareness and building a strong image and brand equity. As part of our sales and marketing initiative to gain market visibility via media coverage, we advertise on property portals, newspapers, magazines, billboards, buntings and banners. Our Group also believes in developing market awareness through continuous public relations with the media and non-governmental organisations such as REHDA and FIABCI Malaysia; (iv) Keeping abreast of new architectural and engineering designs and trends to stay ahead of competition as wei I as to better meet the needs of potential customers; and
(v) Attending propelty conferences and seminars to understand the latest trends in the property market and consumer preference. We have, amongst others, attended the following seminars:

I Company No. I009114-M 6. BUSINESS OVERVIEW (Colll’d) Yeal’ Name of Seminar On!aniser 2010 • Solar System In Malaysia 2010 • Green Building Index 2010 • Development on Hilly & Highland Area 2010 • International Property Awards Networking Day 2011 • Property Summit 2011 Asia Pacific 2013 • GrccnRe Seminar EQ Solar Technology International Sdn Bhd FIABCI Malaysia Department of Town, Country and Planning of Sclangor Darul Ehsan and REHDA Asia Pacific Property Awards BloOlnberg Asia Pacific Property Awards Bloomberg REHDA As part of our strategy to promote our development projects, we actively participate in exhibitions by ~etting-up display booths to exhibit our development projects. Since January 2009 up to the LPD, we have participated, <unangst others, in the following exhibitions: Names of Exhibition  Location  Organiser  Year  Malaysia Property Expo  Mid Valley  REHDA Malay:o;ia  2013,2012.  2011 and 2010  Iproperty Expo  Kuala Lumpur  Ipropcrty,Com Event  2013,2012,  Convention Centre, Mid Valley, Sunway Pyramid Convention Centre  Sdn Bhd  2011,2010  Jluxury  Kuala Lumpur Convention Centre  IpropeJ1y,Com Event Sdn Bbd  2010  iProperty.eom Expo “The Luxury Collection” I iproperly.com Expo  Kuala Lumpur Convention Centre  Iproperty.Com Event Sdn Bhd  2009  Properly Fair I Property  Sub<:mg Parade  Lime Werx Enterprise  2013,2012 and  Show I Property Roadshow  2011  FIABC! APREC Property  One Utama  FIACB] Malaysia Chapter  2011
(b) Distribution Network We primarily adopt a direct distribution channel strategy through our appointed sales team and in~house marketing team to sell our products directly to purchasers including owner-occupiers and investors. This strategy enables us to work closely with our purchasers and attain a better understanding of the customers’ requirements, which serves as a feedback mechanism for continuous improvements. Company No. 1009114-M 6. BUSINESS OVERVIEW (CoIII’d) We also engage property agencies to assist our Group during our project launches and/or other sales activities in relation to our Group’s property development projects. Our Group has engaged CB Richard Ellis (Malaysia) Sdn Bhd, CBD Properties Sdn Bhd, Big House Management Services Sdn Bhd and S.K. Brothers Realty (M) Sdn Bhd to assist our Group during launches for our completed, on-going and future development projects and/or other sales activities. These property agencies are responsible for the marketing and sales of our property development projects based on OUf marketing strategies and are supervised by our in-house marketing team. Through them, we are able to gain immediate access to their customer base and also to their readily available sales and marketing personnel. In addition, we are able to manage our costs as their engagement is on contract basis. (c) Marketing Team As at the LPD, our Group has 11 marketing personnel in the marketing team, which is led by Lim Puay Fung, our Group’s Promoter, substantial shareholder and Director. 6.12 MARKET AND CUSTOMER RESEARCH Our Group is mainly involved in property development. We place emphasis on market and customer research activities and have undertaken various research tasks. Routine methodologies that are undertaken include perfonning regular market updates for our various development projects against our Group’s competitors and existing propelties within the same vicinity. For each of our projects, we identify key competitive developments within the designated area and our key areas of research include product comparisons, monitoring of sales status and competitors’ marketing activities. We also monitor new developments in consumer behaviour, propelty market trends, changes in lifestyle trends, economy and competitors activities and how these will impact on our Group’s future propelty development p’rojects. We strive to keep up to date with the potential purchaser’s preferred designs and needs in the residential, commercial and industTiaI market segments and continually seek to provide better housing and environmental designs in each of our Group’s property development projects, in order to meet the needs and expectations of the customers. This is evident by our acllievements in winning several awards as set out in Section 5.5 of this Prospectus. In addition, we are involved in continuous product improvement and refinement to meet our customers’ lifestyle trends. We are also constantly in communication with our suppliers on current market trends and exploration of refinement of the products to meet our customers’ specifications. 6.13 MAJOR CUSTOMERS We do not have any major customers (i.e. those who contributed 10% or more of our Group’s total sales) for the past five (5) FYE 30 .Tune 2009 to FYE 30 .Tune 2013 as our customers arc mainly individuals. For the past five (5) FYE 30 June 2009 to FYE 30 June 2013, corporate clients mainly purchase for their own business needs and do not contribute 10% or more ofour Group’s total sales. I Company No. I009114-M I 6. BUSINESS OVERVIEW (Collt’d) 6.14 MAJOR SUPPLIERS 6.14.1 Types, Sources and Availability of Materials Our Group is principally involved in property development activities and awards the construction works to third party contractors, as mentioned in Section 6.9 of this Prospectus. Hence, our major suppliers mainly comprise third party contractors for our Group’s property development projects. For the past five (5) FYE 30 June 2009 to F’t’E 30 June 2013, our Group’s major suppliers (i.e. third party contractors) contributing 10% or more of our Group’s cost of sales are as follows: Suppliers/Major Contractors  Types of Products SUDnlied  Approximate Length of Relationship (vears)  <——————————————————F\’E 30 J une___________________________________________ ~ _____ ~H_> 2009 2010 2011 2012 2013 Ri\:l’OOO %* R1Yl’OOO %'” RM’OOO “‘/..,'” RM’OOO %* RM’OOO 0/..,*  Binastra Construction (M) Sdn Bhd (“Binastra'”)  Building contractor for Casa Tiara Serviced Suites, First Subang and OneSOHO (formerly known as Subang SOHO)  9  46,959  37.18  46,581  64.30  46,143  49.35  9,266  12.93  – – Pembinaan Infra E & ] Sdn Bhd (“Pembinaan Infra”)  Infrastructure contractor  6  14.010  11.09  – – 5,546  5.93  2,356  3.29  708  0.71  Syarikat Pembinaan TPSB Sdn Bhd C-Pembinaan TPSB”)  Building contractor for Subang Parkhomes  3  – – – – 1,430  1.53  37,032  51.68  45,073  44.90  Horizon Construction Sdn Bhd (“Horizon Construction”)  Piling contractor for 3Elements  I  – – – – – – – – 14,842  14.78  Yeu Kat Huat Sdn Bhd (“Yeu Kat Huat”)  Building contractor for The Galleria  2  – – – – – – 4,134  5.77  15,630  15.57  Total  60,969  48.27  46,581  64.30  53.119  56.81  52,788  73.67  76,253  75.96
94 I Company No. 1009114-M I 6. BUSINESS OVERVIEW (Conl’,lj Note: * Based on the cost ofsales ofthe respective financial years under review. We are dependent on Binastra, Pembinaan Infra, Pembinaan TPSB, Horizon Construction and Yeu Kat Huat as they collectively contributed 48.27%, 64.30%, 56.81 %, 73.67% and 75.96% of our total cost of sales for the past five (5) FYE 30 June 2009 to FYE 30 June 2013. The dependency of Binastra increased from 37.18% in FYE 30 June 2009 to 64.30% in FYE 30 June 2010 due to the concurrent on-going development for First Subang and One SOHO (formerly known as Subang SOHO). The dependency on Binastra decreased to 49.35% in FYE 30 June 2011 and 12.93% in FYE 30 June 2012 due to the development of First Subang project nearing its completion in FYE 30 June 2011 and One SOHO (formerly known as Subang SOHO) in FYE 30 June 2012. The increased dependency on Pembinaan TPSB from 1.53% in FYE 30 June 2011 to 51.68% in FYE 30 June 2012 was due to the increasing construction work for our Group’s Subang Parkhomes project. The dependency on Pembinaan TPSB decreased to 44.90% in FYE 30 June 2013 due to the development ofSubang Parkhomes (Phase 1) project nearing its completion in FYE 30 June 2013. In FYE 30 June 2013, our Group appointed Horizon Construction for the piling works for our 3Element project. The increased dependency on Yell Kat Huat from 5.77% in FYE 30 June 2012 to 15.57% FYE 30 June 2013 was due to the increasing construction work for our Group’s The Galleria project. \Ve have good business relationships with these suppliers (i.e. third party contractors) and we believe our good business relationships will continue into the future. Nevertheless, our Group is not exposed to the risk of over reliance on a single supplier (Le. third party contractors) as our Group can easily source alternative suppliers (I.e. third party contractors), should the need arise. In addition, the folJowing factors serve to mitigate our Group’s dependency on our suppliers (i.e. third party contractors): (i) Our Group will invite local construction companies to tender for our Group’s property development projects; and
(ii) Our Group will continue to seek long-term business relationsip with additional local construction companies to enhance our pool of suppliers

(i.e. third party contractors). THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK 95 I Company No. I009114-M I 6. BUSINESS OVERVIEW (Con/’d) 6.15 MAJOR LICENCES, PERMITS AND REGISTRATIONS As at the LPD, the major development approvals and licences issued to us are summarised below:
Project Name! Title No.1 Location NPO Development The Galleria / HS(D) 137295, PTNo. 65562 Mukirn Kapar Daerah Klang Negeri Se1angor DaTul Ehsan  Authority MPK  Date of Approval Letter I Expiry 27 February 2007 I 12 months from the date of the approval Jetter  Description of the Approval Letter Planning Permission Ref. No.: (11) dim. MPKIPB 4312002 Jld.2 Approval to develop land as proposed mixed-development.  Equity and Other Major Terms and Conditions Imoosed The conditions contained in the Planning Permission are, inter alia (i) all principles of planning, guidelines, law and tedmieal department requirements are to be complied with; (ii) public plot for local and express bus station and taxi is reserved for public use and to be handed over to the local authority for maintenance and management; Oii) 10 obtain approval of Jabatan Kerja Raya on the ingress and egress from the main roads (Jalan Meru and Jalan Hj. Abdul Manan) (iv) to bear any incidental cost involved for the changes of the proposed bus station site’s land size and boundary.  Status of Compliance with Material Conditions Complied Complied Complied Complied
96 I Company No. 1009114-M 6. BUSINESS OVERVIEW (Coni ‘d) Status of  Project Namel  . Date of  Compliance  Title No.1  Approval Letter  Description of the Approval  Equity and Other Major Terms and  with Material  Location  Authority  I Expiry  Letter  Conditions Imposed  Conditions
NPO Land Sed Alam Industrial Park I lots identified as: (a) 2,380 sub-divided lots for residential use: II.S. (D) 110336, Lot No. PT 43139toll.S.(D) 110682, Lot No. PT 43485;
II.S. (D) 110707, Lot No. PT 43510 to II.S. (D) 110746, Lot No. PT 43549;
II.S. (D) 110747, Lot No. PT

6 August 2009 (amended 19 December 2011) 6 April 2012 MPK 27 June 2013 112 months from the date ofthe approval letter Building Plan Ref. No.: MPK/BGN-P0230-07-P Approval on building plan of proposed development of 7,4 units of shops/offices in 3 floors; where shops are on the ground floor and offices are on the first and second floor. Building Plan Ref. No: MPK/PS/20212007(KU)­PIFASA2) Conditional building plan for pba<;e 2 of the proposed development of 36 units (Block A&C) of shops/offices in 3 floors; where shops are on the ground floor and offices are on the first and second floor. Planning Permission Ref. No.: (331 dim MPK/PB 98/94 Jld 8 Approval to develop land as proposed industrial *and residential development. No major conditions imposed Complied No major conditions imposed Complied The conditions contained in the Planning Permission are, inter alia: (i)  all  principles  of  planning.  To be complied  guidelines,  law  and  technical  department requirements are to be  complied with;  (ii)  to  obtain  approval  from  Pejabat  To be complied  Tanah Daerah for the change of  express  condition  of land  from  “residential” to “industrial” before  submitting the building plan;
97 I Company No. 1009114-~ 6. BUSINESS OVERVIEW (Collt’d) Status of  Project Name!  Date of  Compliance  Title No.1  Approval Letter  Description ofthe Approval  Equity and Other Major Terms and  with Material  Location  Authoritv  I Expiry  Letter  Conditions ]mnosed  Conditions
43559 to H.S. CD) 110958, Lot No. PT 43870; H.S. CD) 110959, Lot No. PT 43876 to H.S. CD) 111223, Lot No. PT 44140;
H.S. CD) 111249, Lot No. PT 44171 to H.S. (D) 111543, Lot No. PT 44465;
H.S. CD) 111544, Lot No. PT 44475 to H.S. CD) 111896, Lot No. PT 44827;
H.S. CD) 111923, Lot No. PT 44865 to H.S. (D) 111980, Lot No. PT 44922;
H.S. CD) 111981, Lot No. PT 44924 to H.S. CD) 112766, Lot No. PT 45599; and
H.S. CD) 112767, Lot No. PT 45749 to H.S. (D) 112800, Lot No. PT 45782

(b) 74 terraced shop lots and 1 commercial lot. H.S. CD) 110683, Lot No. PT 43486 to H.S. CD) ]10706, Lot No. PT 43509;
H.S. (D) 111224, Lot No. PT 44141 to l·I.S. CD) ]11247, Lot No. PT44164;
H.S. CD) 1] 1897, Lot No. PT 44828 to H.S. CD) ]1] 922. Lot No. PT 44853; and
H.S. CD) 111248, Lot No. PT

All in the Mukim Kapar, District Of Klang. State of Selangor DaruJ Ehsan. (iii)  to impose or change the express condition of land from “residential” to “industrial” and to comply with conditions imposed by the State Authority;  To be complied  (iv)  to construct / build or enhance the quality of the main ingress and egress from the proposed sites to the main roads (Jalan Sg. Pulah -Jalan Kapar) in accordance with the specifications of Jabatan Kerja Raya and Jabatan Kejuruteraan Majlis;  To be complied  (v)  to build a main road to industrial area (Persiaran Sg. Kapar Indah) in accordance with the specifications provided by Jabatan Kejuruteraan Majlis;  To be complied  (vi)  to provide for complete infrastructures such as roads and drainage system before the lots are transferred;  To be complied  (vii)  low~cost factories and lowMcost housing shall be built in advance or concurrently with other development and constructions on site;  To be complied  (viii) preferential offer shall be made for purpose of relocating factories built without permission.  To be complied
98 I Company No. I009114-M I 6. BUSINESS OVERVIEW (Conl’d) Status of  Project Name/  Date of  Compliance  Title No.1  Approval Letter  Description of the Approval  Equity and Other Major Terms and  with Material  Location  Authoritv  I Expiry  Letter  Conditions 1mnosed  Conditions  Zone Innovation Park @ Sungai  MPK  21 June 2013 /12  Planning Permission  The conditions contained in the  Kapar Jndah /  months from the  Ref. No.: (3) dim MPKIPB  Planning Permission are, inter alia:  GRN 301892 Lot71175  date of the  98/94(PASAR) .lId 2  (formerly HSD 132320 PT  approval letter  (i) all principles of planning,  To be complied  62307)  Approval to develop land as  guidelines, law and technical  Mukim KapaT  proposed industrial* development  department requirements are to be  Daerah Klang  complied with;  Negeri Selangor DaTUI Ehsan  (ii) to obtain approval from Pejabat  To be complied  Tanah Daerah for the change of  express condition of land from  “commercial! trading building” to  “industrial” before submitting the  building plan;  (iii) to impose the change of express  To be complied  condition of land from  “commercial” to “industrial” and  to comply with conditions of  approval imposed by Majlis  Mcsyuarat Kerajaan Negeri;  (iv) to construct! build or enhance the  To be complied  quality of the main ingress and  egress from the proposed sites to  the main roads (Jalan Sg. Puloh – Jalan Kapar) in accordance with  the specifications of Jabatan Kerja  Raya and Jabatan Kejuruteraan  Majlis;  (v) to build a main road to industrial  To be complied  area (Persiaran Sg. Kapar Indah)  in accordance with the  specifications provided by Jabatan  Kejuruteraan Majlis;
99 I Company No. 10091l4-M I 6. BUSINESS OVERVIEW (Con/’d) Project Namel Title No.1 Location  Authoritv  Date of Approval Letter I Expiry  Description of the Approval Letter  Equity and Other Major Terms and Conditions Imposed  Status of Compliance with Material Conditions  (vi)  to provide for complete infrastructures such as roads and drainage system before the lots are transferred;  To be complied  (vii)  Jow-cost factories shall be built in advance or coneurrently with other development and constructions on site;  To be complied  (viii) preferential offer shall be made for purpose of relocating factories built without permission.  To be complied  Sendi Bangga  Subang Parkhomes (Phase 2) Lot No. 62011 GRN 298284 Pekan Country Height Daerah Petaling Negeri Selangor DaruJ Ehsan ({orme.rly known as HSD 246917 PT9 Daerah Pe.tafing Pekan, Country Height, Negeri Selangor Daru’ Ehsan)  MPS.!  21 March2011/ one (i) year from the date of the approval letter  Planning Permission Ref. No.: MPSJ.260/11393 JLD 4(]31 Approval on planning permit for proposed development comisting of 478 units of apartments.  Conditions include, inter alia: (i) provide public amenities such as surau and kindergartens; (ii) the structure, specifications and technical requirements of the building in the development shall comply with the relevant law, by· laws and guidelines;  Complied Complied  (iii) developer to contribute to the Subang West Interchange in the sum of RMIO,095,302.93 to be settled prior to the confirmation of completion of the development.  Complied
100 I Company No. I009114-M I 6. BUSINESS OVERVIEW (Cont’d) Status of  Project Name!  Date of  Compliance  Title No.1  Approval Letter  Description of the Approval  Equity and Other Major Terms and  with Material  Location  Authority  / Expiry  Letter  Conditions Imposed  Conditions
MPSJ Ministry of Housing and Local Government
Ministry of Housing and Local Government
One SOHO National Housing Department of the Ministry of Housing and Local Government
14 December 2011 16 July 2013IFrom 16 July 2013 to 15 July 2014 16 July 2013lFrom 16 July 2013 to 15 July 2014 19 November 2008 I From 12 April 2007 until the date of receipt of the certificate of fitness Building Plan Ref No: MPSJIBGNIKW/A· 9/20(77)
Approval of building plan for 478 units ofcondominium and 2 floors ofcar parks. Housing Developer’s License Ref No.: 10693-2/07-2014/0618(L) Approval for developer to construct Housing Developer’s Advertising and Sales Permit Ref No.: 10693­2/07-2014/0618(P) Approval for developer [0 advertise and seJlthe development Exemption Letter Ref. No.: KPKTIBL!19/667/1-SJ 57(26) To exempt Sendi Bangga from complying with the Housing Development (Control and Licensing) Act 1966 (Amendment 2007). No major conditions imposed 478 units of condominium 478 units of condominium No m8:jor conditions imposed Complied Complied Complied Complied 101 [company No. 1009114-M ] 6. BUSINESS OVERVIEW (Cont’d) Project Name!  Date of  Title No.1  Approval Letter  Location  Authoritv  I Exoir
Safetags 3Elements / PN 91580 Lot 100010 (fonnerly PT 73891) Mukim Petaling Daerah Petaling Negeri Selangor Darul Ehsan MPS! 2 i\Ugust 20111 one (1) year from the date of the approval letter Description of the Approval Equity and Other i\-bjor Terms and Letter Conditions Imoosed Status of I Compliance with Material Conditions Planning Permission Ref. No.: MPS,J.PSfAl 260/1/184 ® Approval to develop land as proposed for commercial developmenf of 28 floors of commercial centre consisting of a total of 8 floors of car parks, 4 floors of business podium, 342 units of service apartments, 2 blocks of 16 floor offices, 12 units of 4 floors of shops/offices and 4 units of6 floors ofshops/offices. The conditions contained in the Planning Permission are, inter alia: (i) to develop the land in accordance with the proposition set in the planning permission;
(ii) to comply with original conditions set in MPS!.PS26011/184(A) dated 21 December 2010;

(iii) the developer shall comply’ with the condition approved by external technical departments/agencies and MPS!; (iv) to contribute to cost of construction of infrastructure (example: road and drainage) as directed by the Engineering Department from the local authority;
(v) the developer to contribute in the sum of RM64,818.01 for the construction of the proposed elevated Puchong-Serdang junction;
(vi) comply \vith following conditions of Majlis Mesyuarat Kerajaan Negeri for giving approval to Tujuan Ehsan Sdn. Bhd. on 14 November 2007 to surrender and re-alienate PN 10321, Lot 64491,

Complied Complied Complied Complied Complied Complied 102
I CompanyNo.1009114-M I 6. BUSINESS OVERVIEW (Cont’d) Status of  Project Name!  Date of  Compliance  Title No.1  Approval Letter  Description of the Approval  Equity and Other Major Terms and  with Material  Location  Authority  I Expiry  Letter  Conditions Imposed  Conditions
Mukirn Petaling, Daerah Petaling, Selangor:  • low cost flats (RM42,OOO/minimum sales of 60%)  • low medium cost flats (RM72,OOO/60%/discQunt of 7%)  • medium cost flats (RM9JOOO­RM200000/50%I7%)  eommercial lot (1) (RJ\1110000­RM390000/50%I7%)  • commercial lot (2) (RM448000­RM748000/50%I7%)  MPS]  26 March 2012  Building Plan Ref No: MPSJ/BGN/KW/C­6/176(40)  No major conditions imposed  Complied  Approval of building plan of 28 floors of commercial centre consists of total of 8 floors of car parks, 4 floors of business podiums, 342 units of service apartments, 2 blocks of 16 floor offices, 12 units of 4 floors of shops/offices and 4 units of 6 floors ofshops/offiees
103 I Company No. 10091l4-M I 6. BUSINESS OVERVIEW (Con/’d) Project Name! Title No.1 Location  Authoritv  Date of Approval Letter I Expiry  Description of the Approval Letter  Equity and Other l\lajor Terms and Conditions Imposed  Status of Compliance with Material Conditions  Ministry of Housing and Local Government  22 July20131 From 22 July 2013 to 21 July 2014  Housing Developer’s Licence Ref No: 11704-2/07-2014/0645CL) Approval for developer to construct  342 units of service apartments  Complied  tvlinistry of Housing and Local Government  22 July 20131 From 22 July 2013 to 21 July 2014  Housing Developer’s Advertising and Sales Permit Ref No: 11704-2/07-2014/0645(Pl Approval for developer to advertise and sell the development  342 units afservice apartments  Complied  Aman Kemensah  Embun @ Kemensah/ Lot PT 18223 (formerly known as: lot nos. 584, 585 and 599), Mukim of Ulu Kelang, District of Gombak, SeJangor DaruJ Ehsan and held under title no HSD14774 (formerly held under OM 3, OM 4 and GM 5)  MPAJ  17 August 2012 / From 24 April 2012 to 23 April 2013′  Planning Permission Ref. No.: MPA] 1112/2/3­2012(52) Approval to develop land as proposed for 51 units of 3-storey superlink terrace haus>:: with sub­basement and 52 units of 3-storey semi detached house.  The conditions contained are, infer alia: (i) to contribute R..~775,000 to Lembaga Perumahan dan Hartanah SeJangor for exemption in constructing 30% low cost terrace houses payable each equal half within 30 days of approval of the planning permission and approval of building plan respectively:  To be complied  (ii)  to comply with CDmments from the technical departments listed in the planning permission.  Complied
104 I Company No. 1009114-M I 6. BUSINESS OVERVIEW (CO/lt’ct) Project Name/ Title No.1 Location  Authority  Date of Approval Letter / Expiry  Description of the Approval Letter  Equity and Other Major Terms and Conditions Imposed  Status of Compliance with Material Conditions  MPAJ  5 July 2013  Building Plan Ref No: MPAJ.BS.KB.740-l/2­03/13  No major conditions imposed  To be complied  Approval of building plan of 51 units of superlink terrace house of three (3) floors and sub basement. one (1) unit club house, one (1) unit guard house and one (1) Tenaga Nasional Berhad substation “pencawang mB”
Ministry of  16 August 20131  Housing Developer’s Licence  Housing and  From 17 August  Ref No: 12369-1/08-2015/0476IL)  Local  2013to16  Government  August 2015  Approval for developer to  construct  Ministry of  16 August 2013 I  Housing Developer’s Advertising  Housing and  From 17 August  and Sales Permit  Local  2013 to 16  Ref No: 12369-1108-2015/0476(Pl  Government  August 2015  Approval for developer to advertise  and sell the development  SACC  Trio I  MBSA  7 December 2011  Planning Permission  Lot Nos. 1204, 386 -391  I From 7  Ref. No.: (46) dim  (inclusive) Mukim of Damansara,  DEcember 2011  MBSAIPRG/2016-09 lUi Yl Jld 2  District ofPetaling, Selangor  to 7 December  Daml Ehsan and held under title  2013;;  Approval to develop land as  no GRN 39772 and GM 44 -49  proposed mixed commercial  development consists of shopping  complex, hotel, office tower,  service apartment tower and SoRa  tower.
51 units terrace house and 52 units semi-detached house  Complied  51 units terrace house and 52 units sem i-detached house  Complied  The conditions contained are, inter alia: (i) sales quota for Bumiputera are imposed on certain premises as follow:­(a) SOHO -50% at a discounted rate of7%; (b) Office shops -70% at a discounted rate of 7%; (c) commercial block -50% at a discounted rate of 7%; and  To be complied
105 I Company No. 1009114-M I 6. BUSINESS OVERVIEW (Cont’d) Status of  Project Name!  Date of  Compliance  Title No.1  Approval Letter  Description of the Approval  Equity and Other Major Terms and  with Material  Location  Authoritv  / Expirv  Letter  Conditions Imposed  Conditions
Cd) affordable shops to be priced at RM120,000·70%;  (ii) the planning permission is subject to (a) further approval from the State Authority under the National Land Code and (b) the tenns of MajIis Mesyuarat Kerajaan Negeri;  To be complied  (iii) to comply with comments from the technical departments listed in the planning permission.  To be complied
Notes: • Ma;jlisPerbandaranKlanghasapprovedtheproposedconversion oflanduse to “industrial”.Theconversion oflanduse is subject to the approval ofthe State Authority which is expecled to be obtained in January 2014. A Extended to 23 April 2014 via approval letter dated 14 May 2013 granted by MPAJ 011 the same terms and conditions contained in the planning permission (Ref No. MPAJ 11/2/2/3­2012(52)) dated 17 August 2012. # Extended to 7 December 2013 via approval letter dated 4 January 2013 granted by MBSA on the same tenns and conditions contained in the planning permission (Ref No.(46J dim MBSAlPRGI2016-09 fUlYl Jtd 21 dated 7 December 2011. 6,16 INTELLECTUAL PROPERTY RIGHTS As at the LPD, we do not have any intellectual property rights. 6.17 DEPENDENCY ON PATENTS, INTELLECTUAL PROPERTY RIGHTS, LICENCES, INDUSTRIAL, COMMERCIAL OR FINANCIAL CONTRACTS OR NEW MANUFACTURING PROCESSES As at the LPD, save as disclosed in Section 6.15 this Prospectus, our Group are not dependent on any patents, intellectual property rights, licences, industrial, commercial or financial contracts or new manufacturing processes, where such factors are material to our Group’s business or profitability. 106 I CompanyNo.1009114-M I 6. BUSINESS OVERVIEW (Cont’d) 6.18  PROPERTY, PLANT AND EQUIPMENT  6.18.1  Own Properties  (i)  Information on land for development  A summary ofthe land owned and/or leased by our Group as at the LPD are as follows:
Name of  Revaluation  Registered/  Restriction in  Approximate  Project I Type  Market ValueltH  Surplus I  Beneficial  Description/  Interest j Major  Land Area  of  Audited NBV as  / Valuation  (deficit) as at 30  Owner  Title/Address  Existing Use  Tenure  Encumbrances  sq metres  Developmentljl  at 30 Jnne 2013  Method  June 2013  RM’OOO  RM’OOO  RM’OOO  Sendi  Lot No. 62011  On~going  Freehold  No restriction in  40,363! – Subang  14,192  82.200 !  68,008′”  Bangga”‘”  (formerly known as Lot  development project  interest!  Parkhornes /  Residual  No. PT 9), Pekan  located off Jalan  Charged to  Residential  Method  Country Heights,  Kemajuan Subang,  OCBC Bank  District ofPetaling,  Subang Jaya,  (Malaysia)  State ofSe1angor Darul  Selangor Daru! Ehsan  Berhad  Ehsan and held under  title no. GRN 298284  (formerly held under  HSD 246917)  Titijaya Resort Sdn BhdA  Lot No. 1204, Mukim of Damansara, District of Petaiing, Selangor Daru]  Vacant commercial land held for future development situated  Freehold  No restriction in interest! Charged to  26,730! -.  l  Trio+ I Commercial+  l  43,012  l  87,000/ Comparison Method  43,988  Ehsan and held under  along Jalan  OCBC Bank  title no. GRN 39772  Montford, Shah  (Malaysia)  Alam, Selangor  Berhad  Darul Ehsan  Lot Nos. 386 ­391  Vacant development  Freehold  No restriction in  38,484/­ (inclusive) Mukirn of  land held for future  interest!  Damansara, District of  development  Charged to  Petating, Selangor Darul  situated along Ja!an  OCBC Bank  Ehsan and held under  Montford,  (Malaysia)  title nos. GM 44 -49  Shah Alam, Selangor  Berhad  Darul Ehsan  107
I Company No. 1009114-M I 6. BUSINESS OVERVIEW (Cont’d) Name of  Revaluation  Registered!  Restriction in  Approximate  Project I Type  Market Value#f#  SurpJus I  Beneficial  Description!  Interest I Major  Land Area  of  Audited NBV as  I Valuation  (deficit) as at 30  Owner  Title/Address  Existing Use  Tenure  Encumbrances  sq metres  DevelopmentII’  at 30 June 2013  Method  June 2013  RM’OOO  RM’OOO  RM’OOO  NPO  Lot No. PT 58898 to  Vacant commercial  Freehold  No restriction in  9,225/­ Phase 2 of  10.261  10.3001  39  Development  Lot No. PT 58905 and  land held for future  interest!  Mutiara Point  Residual  Lot No. PT 58958 to  development located  Charged to Bank  Business Park+ I  Method  Lot No. PT 590 10, all in  off Jalan Mem, Phase  Perusahaan  Commercial+  the Mukim of Kapar,  2 ofMutiara Point  Keci] &  District of Klang, State  Business Park,  Sederhana  of Selangor Darnl Ehsan  Bandar Bukit Raja,  Malaysia Bhd  and held under title nos,  Klang, Selangor  HSD 122507 to HSD  Daml Ehsan  122514andHSD  122566 to HSD 122618,  respectively  NPO’Land  Lot No. 71175  On-going  Freehold  No restriction in  169.185/·  Zone Innovflcion  15,357  48,000 1  32,643@  (formerly known as PT  development project  interest/Charged  Park @ Sungai  Residual  62307), Mukim of  located off Lorang  to AmBank (M)  Kapar Indah I  Method  Kapar, District of  Sungai Puloh in  Berhad  Indllstrial**  Klang, State of Selangor  Kapar, Klang,  DamI Ehsan and held  Selangor Daml Ehsan  under title no, GRN  301892 U’of01erly  known as HSD 132320)  NPO Land  Lot No. 70186  Vacam commercial  Freehold  No restriction in  12,142/·  951  . 4,4401  3,489  (formerly known as PT  land located off  interest/Charged  Comparison  60773), Mlikim of  Lorong Sungai PuJoh  to Bank  Method  Kapar, District of  in Kllpar, Klang,  Pemsahaan  Klang, Stale of Selangor  Selangor Darul Ehsan  Kecil&  Dand Ehsan and held  Sederhana  under title no. GRN  Malaysia Bhd  301890 (formerly  known as HSD 130824)
108 I CompanyNo.1009114-M I 6. BUSINESS OVERVIEW (Coni’d) Name of  Revaluation  Registered!  Restriction in  Approximate  Project I Type  Market Value#1’I  Surplus I  Beneficial  Description!  Interest I Major  Land Area  of  Audited NBV as  I Valuation  (defieit) as at 30  Owner  Title/Address  Existing Use  Tenure  Eneumbnmces  sq metres,  Development’+’  at 30 June 2013  Method  June 2013  RM’OOO  RM’OOO  RM’OOO  NPO Land  2,455 undeveloped sub~  On~going  Freehold  No restriction in  1,464,031 /­ Seri Alam  74,048  140,000/  65,952®  divided Jots comprising:  development project  interest/Charged  Industrial Park /  Residual  located Off Jalan  to Alliance Bank  Industrial**  Method and  (a) 2,380 sub-divided  Kapar, Kapar, Klang,  Malaysia  Comparison  lots for residential  Selangor Darn! Ehsan  Berhad  Subsequent  Method  use:  Phases of Seri  H.S. (D) ] 10336.  Alam Industrial  LotNo.PT43139to  Park+ /  H.S. (D) ] 10682,  Mixed  Lot No. PT 43485;  development of  H.S. (D) ] 10707,  industrial+ and  LatNo. PT 43510 to  residential+  H.S. CD) 110746,  Lot No. PT 43549;  H.S. (D) 110747,  Lot No. PT 43559 to  H.S. (D) ] 10958,  Lot No. PT 43870:  H.S. (D) ] 10959,  Lot No. PT 43876 to  H.S. (D) 111223,  Lot No. PT 44140;  H.S. (D) ] 11249,  LotNo.PT44171 to  H.S. (D) 111543,  Lot No. PT 44465;  H.S. (D) 111544,  Lot No. PT 44475 to  H.S. (D) 11 ]896,  Lot No. PT 44827;  H.S. (D) 111923,  Lot No. PT 44865 to  H.S. (D) 111980,  Lot No. PT 44922;  H.S. (D) 11 ]981,  Lot No. PT 44924 to
109 ICompany No. l009114~ 6. BUSINESS OVERVIEW (Cont’,lj Name of  Revaluation  Registered/  Restriction in  Approximate  Project I Type  “Market Value  Surplus I  Beneficial  Description!  Interest I Major  Land Area  of  Audited NBV as  / Valuation  (deficit) as at 30  Owner  Title/Address  Existing Usc  Tenure  Encumbrances  sq metres  Devclopment’¥  at 30 June 2013  Method  June 2013  RlVl’OOO  RM’OOO  RM’OOO
HS. (D) 112766, Lot No. PT 45599; and B.S. (D) 112767, Lot No. PT 45749 to
B.S. (D) 112800, Lot No. PT 45782

(b) 74 terraced shop lots and 1 commercial lot. HS. (D) 110683, Lot No. PT 43486 to B.S. (D) 110706, Lot No. PT 43509; B.S. (D) 111224, Lot No. PT 44141 to B.S. (D) 111247, Lot No. PT44164: H.S. (D) 111897, Lot No. PT 44828 to H.S. (D) 111922, Lot No. PT 44853: and
H.S. (D) 111248, Lot No. PT 44170

All in the Mukim Kapar, District Of Klang, State ofSelangor Darul Ehsan. 110 I Company No. I009114-M I 6. BUSINESS OVERVIEW (Cont’d) Registeredl Beneficial Owner Safetags Arnan Kemensah Terbit Kelana  Title/Address Lot No. 100010 (formerly PT 73891) Mukim ofPetaling, District ofPetaling, Selangor Daml Ehsan and held under title no. PN 91580 (fonnerly HSD 258561) Lot PT 18223 (formerly known as lot nos. 584, 585 and 599), Mukim ofU[u Kelang, District ofGombak, Selangor Darul Ehsan and held under title no HSD14774 (formerly held under GM 3, GM 4 and GM 5). Lot No. PT64247, Mukim ofKapar, District ofKlang, Selangor Darul Ehsan and held under title no. HSD 135964.  Description! Existing Use OnMgoing development project situated within Pusat Bandar Putra Pennai, Seri Kembangan, Selangor Darul Ehsan Vacant residential land held for future development located in Kemensah Heights, Uiu Kelang, Selangor Darul Ehsan Investment property€ situated at intersection between Persiaran Klang Sentral 2IKU5 and Persiaran Klang Sentral4lKU5, Klang Sentral, Klang, Selangor Darul Ehsan  Tenure 99 year lease expiring on 20 July 2108 Freehold Freehold  Restriction in Interest I Major Encumbrances (i) Charged to United Overseas Bank (Malaysia) Bhd (ji) Except with the State consent, the land cannot be transferred, charged or leased. No restriction in interest/Charged to AmBank (M) Berhad No restriction in interest/Charged to Bank Muamalat Malaysia Berhad  Approximate Land Area sq metres 24,430′ /­59,565′ /­2,783/­ Name of Project I Type of Development'” 3Elements I Mixed development of commercial and residential Embun@ Kemensah+ I Residential  Audited NBV as .130 June 2013 RJVI’OOO 38,345 32,531 220  Market Valuetl # / Valuation Method RM’OOO 6,000/ Residual Method 73,700/ Comparison Method 2,600/ Investment Method  Revaluation Surplus I (deficit) as at 30 June 2013 RM’OOO (32,345)\’31 41,169 2,380
III I Company No. IOO9114-MJ  6.  BUSINESS OVERVIEW (COlli ‘d)  Name of  Revaluation  Registeredl  Restriction in  Approximate  Project / Type  Market Valueii’I>  Surplus /  Beueticial  Description!  Interest / Major  Land Area  of  Audited NBV as  I Valuation  (deticit) as at 30  Owner  Title/Address  Existing Use  Tenure  Encumbrances  sq metres  Development'”  at 30 June 2013  Method  June 2013  RM’OOO  RM’OOO  R,\1’000  Terbit Kelana  83 plots ofvacant  Vaeant commercial  Freehold  No restriction in  12,453/­ 2.182  11,200/  9,018  commercial jots PT 50364 to PT  lots situated within Klang Seotra!. Klang,  interest/Charged to Bank  \  Residual Method  50372 (inclusive)  Selangor Darul Ehsan  Muama\at  PT 64317 to PT  Malaysia  64324 (Inclusive)  Berhad  PT 64250 to PT  64265 (inclusive);  PT 64305 to PT  64316 (inclusive);  and  PT 64267 to PT  64324 (inclusive);  all within Mukim of  KapaT, District of  Klang, SeJangor Darul  Ehsan and held under  title nos.  HSD 113044 to  HSD 113052  Klang Sentral  (inclusive);  Service  HSD 136015 ­ Apartment+ /  HSD [36022  Service  (inclusive);  apartments  HSD 135948 to  HSD 135963  (inclusive);  HSD 136003 to  HSD [360[4  (inclusive); and  HSD 135965 to  HSD 136022.  Terbit Kelana  Lot No. PT 64266,  Investment propelty°  Freehold  No restriction in  5,680 I ­ j  463  6,100/  5,637  Mukim ofKapar,  situated along  interest/Charged  Comparison  District of Klang,  Persiaran Klang  to Bank  Method  ]]2
I CompanyNo.1009114-M I 6. BUSINESS OVERVIEW (Cont’d) I I  I I  Name of  Revaluation  Registered!  Restriction in  Approximat~  Project / Type  Market Valueitll  Surplus I  Beneficial  Description/  Interest I Major  Land Area  of  Audited NBV as  / Valuation  (deficit) as at 30  Owner  Title/Address  Existing Usc  Tenure  Encumbrances  sq metres  Development’1l  al 30 June 2013  Method  June 2013  RiWOOO  RM’OOO  RM’OOO  Selangor Daru! Ehsan  Sentrai IIK!)5, Klang  Muamalat  and held under title no.  Sentral, Klang.  Malaysia  HSD 135964.  Selangor Daru\ Ehsan  Berhad  Terbit KeJana  Lot Nos. PT. 64325­PT 64328 (inclusive) and PT 64330 Mukim of  Vacant commercial land situated within Klang Sentral, Klang,  Freehold  No restriction in interest/Charged to Bank  18,955/­ l  1.512  22.780/ Comparison :r..1ethod  21,268  Kapar, District of  Selangor Darul Ehsan  Muamalat  Klang, Selangor Darul  Malaysia  Ehsan and held under  Berhad  Klang Sentral  title no. HSD 136023 to  Service  HSD 136026 (inclusive)  Apartment+ /  and HSD 136028.  Service  I Pin Hwa  Lot Nos. PT 65496 -PT  Vacant commercial  Freehold  No restriction in  11,800/­ apartments  2.689  20,500/  17,811  65561 (inclusive), all  land situated within  interest/Free  Residual  within Mukim of Kapar.  Klang Sentral.. Klang,  from  Method  District ofKlang,  Selangor Daru! Ehsan  encumbrances  Selangor Daml Ehsan  and held under title nos.  HSD 137229-HSD  137294 (inclusive).  Pin Hwa  Lot No. PT 65563  Investment property f1  freehold  No restriction in  5,678! ­ 1,294  7,600/  6,306  Mukim ofKapar,  located along  interest/Charged  Investment  District Klang, Selangor  Persiaran Klang  to CIMB Bank  Method  Darul Ehsan and held  Sentral 4/KU5, Klang  Berhad  under title no. HSD  Sentral, Klang,  137296.  Selangor Daru1 Ehsan  I”,'”‘  Lot No PT 65562, within Mukim ofKapar, District of Klang,  On-going development project situated within Klang  Freehold  No restriction in interest/Free from  16,062/­ The Galleria / Commercial  2,807  38,000 ! Residual Method  35,193@  Selangor Darul Ehsan  Sentral, Klang.  encumbrances  and held under title no.  Selangor Daru! Ehsan  137295.  113
I Company No. 1009114-M I 6. BUSINESS OVERVIEW (Conl’d) Name of  Revaluation  Registered! Beneficial Owner  TitlelAddress  Description! Existing Use  Tenure  Restriction in Intcrest / Major Encumbrances  Approximate Land Area sq metres  Projeet / Type of Development'”  Audited NBV as at 30 June 2013 RM’OOO  Market Value## I Valuation Method RM’OOO  Surplus / (deficit) as at 30 June 2013 RM’OOO  Epoch Property  Lot No. PT 1424 Mukim of Damansara, District ofPetaling, Selangor Daru! Ehsan and held under Title No. HSD 112756.  Vacant commercial land situated within Ara Darnansara. Selangor Darul Ehsan  Freehold  No restriction in interest! Charged to HSBCBank Malaysia Berhad  24,439/­ H20″ 1Mixed development of commercial and residential  122,0001 Comparison Method  Not applicable
Notes: A SACC IS the registered owner ofthe said property, as SACC wasformeriy known as Titijaya Resort Sdn Bhd prior to 18 Febnlary 1995. However, as at the LPD, the change ofname in the lond title has yet to be effected. , Computed based on 5.9565 heclOres multiply by 10.000 to derive land area in square metres. The beneficial owner is Sendl Bangga, however the registered owner as slated in the land tflle has yet to be effected as at the LPD. Sendi Bangga hos entered into a Sales and Purchose Agreement on 18 October 2005 with Megah Abadi Sdn Bhdfor the acquisition ofthe said land.
@ The valuationsurplus ofthesepropertiesarenottakenmtotakenmtoconsiderationforthecomputatIOn of/hefairvolueadjustmentasdisclosed inSection5.4.1 ofthisProspectus. +The l1ame ofrhese property development projects as weff as rhe property mixfor these developments may be varied during its eventual launching in the future. .. Majlis Perbandaran Klang has approved the proposed land use to “industrial”. The conversion ofland use is subject to theapproval oftheStateAuthoritywhich is expected to be obtamed in Januar.v 2014. # Computed based on 2.4430 heclares multiply by 10,000 to derive land area in square metres. £ This land is current!y tenanted to Golden Arches Restaurants Sdn Bhd. The smgle storey detached buildmg IS owned by Golden Arches Restaurants Sdn Bhd and IS used as afood and beveroges cafe outlel. P The land is curremly vacant and IS earmarkedfor the construction ofa petrol station. Once the development plan for our Group’s Klang Sentral project isfinaltsed, we will submit the soid development plan to the local authorilies and revise the earlier development plan for the construction ofa petro! station. ” The land is currently tenanted to Seven Fortune (Malaysia) Sdn Bhd. The double storey detached building IS owned by Seven Fortune (MalaYSia) Sdn Bhd ond is usedfor the purpose ofoperatmg a vehicle service centre. ‘? Please refer to SectIon 6.2 ofthe Prospectusforfi.rrther details on the property development projects ofour Group. Our Group has submitted an application on 7 June 2013 to the local authorities for the property development approvol. As at the LPD, our Group has nol obtained the abovementIOned approval from the ” local authorities. 1n the event our Group IS not able to obtain the property development approvalFOIl1 the local authorities, our Group may appeal the decision, resubmit a new property development plan or leave the property vacant. ## Based on the valuation on 13 June 2013 and 28 June 20/3. which have been valtled by our 1ndependent Property Valuers. The properties as listed above have been valued by our Independent Property Valuers, on 2 April 2012. 7 April 2012, 24 April 2012, 27 April 2012 and 2 July 2012 and updated valuation on 13 June 20]3 and 28 June 2013. Please refer to Section 15 of this Prospectus for the Valuation Certificates from the Independent Property Valuers in relation to the valuation ofthe above properties. 114 I Company No. 10091 14-M I 6. BUSINESS OVERVIEW (Cont’d) (ii) Information on buildings and land A summary ofthe buildings and land owned by our Group as at the LPD are as follows:
Average  Registered!  Restriction in Interest I Major  Audited NBV as at  Percentage (%) of  Issuance  Beneficial Owner NPO Development  Title/Address HS(D) 122642 PTNo. 59034, i\lukim Kapar, District of Klang, Selangor Daru! Ehsan! Gerai Makan  Description! Existing Use Food Court  Tenure Freehold  Encumbrances No restriction in interest/Free fi’om encumbrances  Built -up Areas sq. ft. 15,261  30 June 2013 RM’OOO 1,41 J  Occupancy as at the LPD Currently vacant  Date of CFOICCC 19 Mar 2008  Jalan Zapin H,  Taman Bukit Raja, Jalan Meru, Klang, Selangor Darul Ehsan  NPO Development  HS(D) 9014/N-16-01, Penthouse, Level 16 First Subang Jalan SS l5/4G 47500 Subang Jaya SeJangor Darul Ehsan  Office suites I Head Office  Freehold  No restriction in interest! Charged to Maybank Islamic Berhad  14,903  3,548  Fully occupied  08 Mar 201 1  NPO Development  HS(D)9014/S-15-DI,LeveI15 First Subang Jalan 55 15/4G 47500 Subang Jaya Selangor Daru! Ehsan  Office suites  Freehold  No restriction in interest! Free from encumbrances  13,320  3,715  Fully occupied  08Mar2011 I J
115 I Company No. I009114-M I 6. BUSINESS OVERVIEW (COlli ‘d) 6.18.2 Rented Properties In addition, we also rent the following properties for our operations as at the LPD:
Description/  Land /  Tenant  Landlord  Address  Existing Use  Rental Period  Annual Rental  Built-up Areas  RM’OOO  sq ft  NPO  Puah Boon Lim &  No. 6-G, lalan Klang Sentral  Shop office Jour Group is  Renew on a  42  1,604  Development  Pau Boon Leong  2/KU 5, Klang Sentral, 41050  currently occupying the  monthly basis.  Klang, SeJangor. *  Ground Floor only -for  property showroom and  office purposes  Epoch Property  Kalista Ehsan Sdn  A-G-05, Block A, Oasis Square,  Shop office I For property  15 June 2013 to  96  1,629  Bhd  NO.2 Jalan PJU lA17A, Oasis  showroom  14 June 20 15  Damansara, 47301 Petaling Jaya,  Selangor  Epoch Property  Lee Boon Par  A~G-06, Block A, Oasis Square,  Shop office! For property  15 June 2013 to  96  1,613  No.2JalanPJU lAJ7A,Oasis  showroom  14 June 2015  Damansara, 47301 Petaling Jaya,  Selangor  Epoch Property  Ong Ching Fong  A~G-07, Block A, Oasis Square,  Shop office! For property  15 Juoe 2013 to  96  1,629  NO.2 Jalan PJU lAJ7A, Am  showroom  15 Juoe2015  Damansara, PIU lA, 47301  Petaling Jaya Selangor  Safetags  Asia leT Project  B-l-G Jalan Atmosphere 2  Shop office! For property  1 March 2013 to  96  2.371  Management Sdo  Pusat Perdagangan The  showroom and office  28 February  Bhd  Atmosphere  purposes  2014  Off Jalan Putra Permai  43300 Seri Kembangan Selangor
Note: • This IS a three OJ 510rey bllildmg. How~”l’er, our Group only rent the groundfloor. 116 ICompany No. l009114-M 6. BUSINESS OVERVIEW (Cot/I’d) 6.18.3 Regulatory Requirements and Environmental Issue As at the LPD, save as disclosed in Section 6.18.1, our directors wish to highlight that, there is no non­compliance with current statutory requirements, land rules, building regulations and/or environmental regulations which may materially affect the corporation’s operations and utilisation of assets. The directors of our Company also confirmed that: (a) There are no other restrictions in interest or encumbrances;
(b) The existing use on land is in accordance with the land use conditions;
(c) The properties above are in compliance with the relevant land use and building regulations; Cd) The properties above are in compliance with the express conditions attached; and
(e) All the buildings as disclosed in Section 6.18.1(ii) and Section 6.18.2 of this Prospectus have been issued with a CFO I CCc.

6.18.4 Iuterruptious to Business and Operations We have not experienced any material interruption in business which had a significant effect on our operations during the past twelve (12) months preceding the LPD. 6.19 FUTURE PLANS, STRATEGIES AND PROSPECTS 6.19.1 Overview
Future Plans

Continue to strengthen our position within the Klang Valley Expansion of land bank I CompanyNo.I009114-M I 6. BUSINESS OVERVIEW (Conl’d) 6.19.2 Future Plans and Strategies We are targeting to further strengthen OUf competitive advantages by implementing the following plans and strategies: (3) Continue to strengthen our position within the Klang Valley We will continue to focus on strengthening our presence and reputation within the Klang Valley. We intend to leverage on our completed and on-going development projects to enhance our track record in all three (3) types of property development segments namely residential, commercial and industrial. Details of our future projects are as follows: Name of Future Project Subsequent phases of Seri AJam Industrial Park Subsequent phases of Zone Innovation Park @ Sungai Kapar Indah Phase 2 Mutiara Point Business Park Trio Embun @ Kemensah H20  Developer NPO Land NPO Land NPO Development SACC Aman Kemensah Epoch Property  Loci’ttion Klang, Se[angor Darul Ehsan Klang, Selangor Darul Ehsan Klang, Selangor Daml Ehsan Section UI, Shah Alam, Selangor Darul Ehsan Ulu Kelang, Selangor Daml Ehsan Ara Damansara, Selangor Darul Ehsan  Land Area sq. ft. 7,919,208 479,596 99,301 701,953 641,152 263,059  Tenure Freehold Freehold Freehold Freehold Freehold Freehold  Type of Development* • Vacant land plots for the construction of individual light industrial factory units; Residential; Low cost 1~storey terrace factories; Low cost apartments; and Low medium and medium cost apartments Industrial development comprising semi~detached and detached factories Double storey shop offices Commercial development Residential development Mixed development (residential and commercial)  Estimated GDV”” RM’OOO 204,073 69,200 27,450 1,512,031 214,373 572,124  Expected Commencement*/ Expected Completion* 2015/2020 2014/2018 2014/2017 2014/2020 2013/2017 201412019
118 I Company No. l009114-M 6. BUSINESS OVERVIEW (Conl’,O Expected  Commencement*/  Name of Future Project  Developer  Location  L3nd Arc3  Tenure  Type of Development*  Estimated  Expected  sq. ft.  CDV’  Comple~ion*  RM’OOO  Klang Sentral Service  NPO  Klang, Selangor  526,226  Freehold  Serviced apartments  700,000  2015/2021  Apartments  Development  Darul Ehsan
Note: The name afthe projects, type ofdevelopment/ property mix, estimated GDV, expected commencement date and expected completion date may be varied during its eventual * launching in thefulure. Please refer to Section 6.2(iii) of this Prospectus for further information ofour Group’s future development projects. (b) Expansion ofland bank We are continuously looking out for opportunities to expand and grow our property development activities within Malaysia to further enhance our Group’s presence and to sustain our revenue and profits. In ensuring that our business is sustainable as well as to maintain our cost competitiveness, we will continue to look for development land, either through our internal sources or via property agents/consultants as well as identify strategic and reasonably priced land bank for our future development, by way of acquisition or joint venture. By leveraging on our Group’s presence in various localities, our Board is optimistic of being able to source for suitable land banks for our future expansion into other areas. Out of total gross proceeds to be raised from the Public Issue, RM30.00 million has been earmarked for us to acquire new land bank for future development. We intend to utilise the said proceeds within 18 months from our Listing. Any additional funding required will be met through internally generated funds and/or external funding. As at the LPD, our Group has submitted a proposal and/or is in preliminary discussion/negotiations with certain land owners in the state of Penang for pot~ntial development opportunities. However, as at the LPD, there are no outcomes yet from the proposal submitted or from the discussion/negotiations with the land owners. We will continue to identify potential development land within Malaysia for future acquisition and/or joint ventures, subject to feasibility and viability of the project. 119 Company No. 1009114-M 6. BUSINESS OVERVIEW (Col1/’d) The following table indicates the timing of implementation of our future plans: Business Activities  2013  2014  2015  Continue to strengthen our position within the Klang Valley Expansion hmd bank  ~ ~  ~ ~  ~ ~
6.19.3 Prospects (i) The Group’s projects are well-located in a highly-productive and highly-populated state The outlook of the business prospects is dependent on the aggregate general economy as well as the outlook ofthe property development industry in Malaysia. For the year 2012, the Malaysian economy recorded an annual average growth rate of 5.60% (2011: 5.10%), supported by positive domestic consumption and investment, implementation of government projects and strong financing patterns. With the continued growth in domestic demand driven by expansion in private consumption and investment as well as public spending and investment, Malaysia is expected to continue registering positive economic growth albeit at a slower pace and the volatility of the Rlnggit oflate. The announcement and implementation of the various pump-priming measures which include thc 10th Malaysia Plan (2011-2015), ETP Roadmap, Budget 2013 and 2014 and other accommodative monetary policy stance undertaken by the Government are expected to lend furthcr support to the country’s growth barring major adverse effects from the ongoing European debt crisis. The Malaysia My Second Home Programme (MM2H), Ministry of Tourism Malaysia statistics showed that there are 3,227 participants approved in 2012, an increase of35.19% compared to the corresponding year (2011: 2,387 patiicipants). However, it is to bc noted that the proposed hike on RPGT rates on disposal of properties by foreign buyers -a flat rate of 30% on gains for disposal made within the first five years and thereafter a 5% RPGT rate for disposal in the sixth and subsequent years, is expected to dampen foreign demand for properties. This, coupled with the raising of the minimum price of property purchase by foreign buyers from RM500,000 to RMl,OOO,OOO, is expected to lead to a general slowdown in property sales, paliicularly for projects targeting a high level of foreign interests. Meanwhile, the revised Real Propeliy Gains Tax (RPGT) regime with its higher tax rates and the removal of the Developer Interest Bearing Scheme (DIBS), are also expected to (ead to a slowdown in the property market. The volume of transactions, palticularly in the primaty markct is expected to contract as these new eooling measures will further curb speculation. In the short term, transaction volume is likely to fall substantially along with property prices. Demographic statistics from the Economic Planning Unit and Depaltment of Statistics also show that Selangor is the country’s most populous state with high population growth and in-migration due to its proximity to the country’s capital city of Kuala Lumpur which offers ample employment oPPOJtunitics. The Selangor State Structure Plan intends to attain a population of 6.85 million and 7.37 million by 2015 and 2020 respectively which is based on a forecasted population growth of 25.46% within the next 5 years and 34.98% within the next 10 years. This augurs well for the property industry as property developers will continue to playa role in catering to housing needs of the growing population. I Company No. 1009114-M 6. BUSINESS OVERVIEW (Col/I’d) According to Property Market Report 2012, Selangor recorded 96,513 transactions with a total value ofRM49.24 billion in 2012, contributing about 22.58% and 34.47% to the national volume and value of transactions respectively. In IH 2013, Selangor still remained the most dominant state which recorded 40,282 transactions wmth RM21.92 billion, contributing about 21.69% and 32.68% to the Malaysia volume and value of transactions respectively. This indicates that Selangor has a very active property market and high population growth due to in-migration and urbanisation. In addition to being the most populous state in Malaysia, the Group’s land bank in Selangor is concentrated mainly in the Petaling and Klang districts, the former being the most populous and densely-populated district in the state, and the latter being the third most populous. With the state of Selangor having a larger propOltion of income-earning population of 60.44% (population aged between 20 and 59 years) when compared to the other age groups, this bodes well for the Group as this population group is deemed as potential propclty buyers generating high demand for properties. Also, with Selangor having one ofthe highest average annual population growth rate at 2.7% (2000 -2010) in the country, this supports growing and sustained demand for new housing products and business premises alike. (Source: IMR Report) (ii) Increasing property valncs The volume and value of property transactions from 2002 to 1H 2013 in Property Market Reports 2003 to First Half 2013 by Jabatan Penilaian & Perkhidmatan Hal1a show more properties are being transacted in the Malaysian property market annually, with the average value of properties also increasing over the years. The Industrial Property Transactions in Property Market Reports 2003 -2012, Jabatan Penilaian & Perkhidmatan Harta also show that prices of industrial properties in Selangor have increased over the past 11 years from year 2002 to 2012. Generally, in IH 2013, the healthy movement in property prices was noted in the state ofSeiangor in the residential, commercial and industrial sectors. The average transacted value of properties in Selangor for IH 2012 and IH 2013 are as follow: Area lDistrict: retaling District: Klang District: Gombak State: Selangor (iii) Average TI’ans~lcted Value ofl)ropcrtics in Selangor (lH 2012 anti 1H 2013) Residenti:ll (RM)  Commercial (RM)  Industrial (RM)  III 2012  IH 2013  1H 2012  III 2013  III 2012  III 2013  431,326.95  503,138.66  1,000,522.57  1,356,236.32  2.358,966.29  3.810,921.99  259,733.61  321,740.77  567.160.80  824,906.02  1.845,993.79  1,926,392.69  331,556.22  357.114.44  585,805.47  1,012,640.26  1.963,661.97  1,349,354.84  325,090.39  385,617.56  887,720.57  1,118,246.50  1,838,231.97  2,408,460.37  (Source: IMR Report)
Good prospects in the industrial sector in Klang The districts of Petaling and Klang (in which most of the Group’s projects and land banks are located) have continued to be in the forefront, having attracted a total of Rlv16.09 billion wOlth of industrial investments in 2012, representing 51.92% of total industrial investments in the state of Selangor by the Selangor State Investment Centre and MIDA. During the same period, foreign direct investment made up 37.77% of total capital investment in the state, with Petaling district drawing the highest total capital investments. In 2012, there are a total ofRMI 1.73 billion wOlth of industrial investment in Selangor, representing about 28.57% of the Malaysia’s total investment (2012: RM41.05 billion) by the Selangor State Investment Centre and MIDA. The approved proj ects indicate that there are more industrial activities in Selangor and this in turn will translate to higher demand for residential and commercial propel1ies in the medium to long term. Company No. l0091l4-M 6. BUSINESS OVERVIEW (Com’d) Kapar, in which the Group has on-going and future industrial developments, houses several well­known large manufacturers such as Supennax Corporation Berhad (“Supelmax”), Press Metal Berhad and Bata, to name a few. The announcement On 6 March 2009 by Supennax of its new Glove City in Kapar bodes well for the overall industrial property market sector in Klang. As noted fi’om Industrial Property Stock Report 2Q 2013, the future supply for industrial in Klang has been increasing in numbers compared to other districts. With this, it may SUppOlt the demand in residential and commercial in Klang district. The volume of transactions of industrial properties in IH 2013 within Selangor show that the Klang district has the highest demand for vacant plots in the state, followed by terraced, detached and semi-detached factories. FUithermore, there has been no new supply of semi-detached factories in the Klang district since 2Q 2005 to 2Q 2012. However, the supply has been increased from 966 units (2Q 2012) to 972 units in 2Q 2013; with future incoming supply of 411 units targeted to be completed in the next 2-3 years making up only 42.28% of the existing supply of 972 units. This indicates that the Group’s industrial projects in Kapar may be able to address the shortages of supply in the Klang district, particularly as the Petaling and Klang districts have the highest and second highest number and value of industrial properties transactions respectively, indicating a strong demand for industrial properties in both districts. (Source: IMR Report) Based on the developments as highlighted above, our future plans and strategies as outlined in Section 6.19.2 of this Prospectus, and our competitive strengths as outlined in Section 6.3 of thi s Prospectus, our Board is of the view that we are well positioned to enjoy positive growth in the foreseeable future notwithstanding that the upward revision in RPGT and the prohibition of development projects that feature developer interest bearing scheme as announced in Budget 2014 on 25 October 2013, may have a short term impact on our Group’s financial performance. Whilst we recognise the existence of market challenges in the industry and the various rjsk factors as outlined in Section 4 of this Prospectus, we are committed to our business and our growth strategies which have been put in place to propel us to be a stronger property player. THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

 

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