Top Creation Investments Limited Trading Update (5679J)

TIDMTOPC

RNS Number : 5679J

Top Creation Investments Limited

18 July 2013

Top Creation Investments Limited

("Top Creation")

Trading Update

Further to the Unaudited Interim Results announced 21 December 2012, the board of Top Creation provides the following update with regards to its two development property investments:

Lot 129, Negeri Maleka, Malaysia

As previously announced, the intention was that this development would be financed through off-plan sales marketed mainly in China under the "Malaysia My Second Home" program. To date, only two-thirds of the target to make this project self financing has been achieved. This shortfall in reservations has been blamed on the slow down of the property market in China. The project manager and advisors to Top Creation Property Sdn Bhd's, the Company's wholly owned subsidiary, have deliberated on whether to seek third party funding or continue with marketing and sales until the target of 65% of sales has been reached, and have decided that third party funding will not be sought and marketing and sales efforts will continue for the foreseeable future. As a result, construction has not commenced and without any certainty as to when such sales volume will be achieved, no expectation can be made with regards to a completion date, originally expected to be March 2015. All building/planning approvals for the development have been received from the Melaka Town Council, and the Directors are still confident that sufficient sales will be obtained, as the project is well placed within the Malacca Tourism Development Belt.

Lot 10110 and 10111, Jalan Awan Cina, Taman Yari, Old Klang Road, Kuala Lumpur

The approval process is being hindered by planning delays at City Hall, Kuala Lumpur. Although both sites had been approved for residential development, full approval of the specific development is required. That said, the Directors have been informed that conditional approval of the development order from City Hall has now been received, and that full approval of the development order should be issued by the end of this month. Once approval is received, the Directors expect the development's architect to submit the final building plans by the end of August 2013, with buildings approval expected by the end of November 2013. As such, owing to the Directors being cautious as to City Hall's ability to meet these deadlines, the Directors do not anticipate any return being received until May 2015 at the earliest.

There has been no change to reservations having been secured for the units, with such funds from these off-plan sales still expected to meet the property funding requirement for the development,

 
Top Creation Investments Limited 
Wong Yu Sun, Finance Director     Tel: 006012 2778972 
 
Daniel Stewart & Company plc 
Antony Legge/James Felix          Tel: 020 7776 
                                   6550

This information is provided by RNS

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