TEE Land Ltd. : TEE LAND: Tee Land' S1 Net Profit Increased 232.6% to S$2.2 Million in 1HFY2014

PRESS RELEASE

(FOR IMMEDIATE RELEASE)

TEE LAND'S1 NET PROFIT INCREASED 232.6% TO S$2.2 MILLION IN 1HFY2014 DECLARES INTERIM DIVIDEND OF 0.5 CENTS PER SHARE

• Contracted sales of S$64.0 million and S$16.7 million for its ongoing property development projects in Singapore (excluding joint ventures projects) and Thailand respectively

• Plans to launch Rezi3Two (Lorong 32 Geylang), Twelve Residences (Hillside Drive) and TRIO (Sam Leong Road) in Singapore as well as its maiden project in Cyberjaya, Malaysia

• Official opening of "Workotel" in Christchurch, New Zealand after the completion of major refurbishment

Financial Highlights:

S$ (million)	2Q FY2014	2Q FY2013	Change	1H FY2014	1H FY2013	Change
Revenue	2.4	3.2	(23.3%)	16.0	6.8	136.0%
Gross profit	1.1	0.6	82.9%	2.7	1.7	63.0%
Profit / (Loss) before tax	1.8	(0.1)	(N.M.)	2.5	0.8	199.8%
Net profit / (loss) after tax	1.6	(0.1)	(N.M.)	2.2	0.7	232.6%

1 SAC Capital Private Limited was the issue manager for the initial public offer of TEE Land Limited (the "Company"). This press release has been prepared and released by the Company.

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SINGAPORE, 8 January 2014 - TEE Land Limited ("TEE Land" together with its subsidiaries, the "Group"), a SGX Mainboard listed diversified and regional real estate developer, is pleased to announce its financial results for the second quarter and first half ended 30 November 2013 ("2QFY2014" and "1HFY2014" respectively).

The Group's revenue for 1HFY2014 increased by S$9.2 million or 136.0% to S$16.0 million compared to S$6.8 million in the previous first half year ("1HFY2013") as a result of revenue recognised from the development at 91 Marshall. 91 Marshall in the previous corresponding half year had not commenced construction.
For 2QFY2014, the Group recognised revenue from The Peak @ Cairnhill I and rental income from the "Workotel" development in New Zealand. However, this was lower than the progressive revenue recognised by the Group for its development at The Peak @ Cairnhill I as well as the completion of 448@East Coast, which had obtained its Temporary Occupation Permit ("TOP") in May 2013. As such, revenue dipped 23.3% or S$0.7 million to S$2.4 million compared to S$3.2 million in the previous corresponding period
2QFY2013.
Commenting on the latest financial performance, Mr Jonathan Phua, Executive Director and CEO of TEE Land Limited remarked: "I am pleased to update that the contracted sales for our ongoing projects are healthy and we are poised to achieve a reasonable overall growth this year. As part of the Group's gesture to reward our shareholders who have supported us since our listing, the Board has declared an interim dividend of 0.5 cents per share for 1HFY2014."

Updates and Outlook

For the period under review, the Group has contracted sales of S$64.0 million for its on- going residential property development projects in Singapore (excluding joint venture projects). In addition, the Group's Thailand associates have contracted sales of approximately S$16.7 million for its on-going residential property development projects there. The Group has also completed the acquisition of 2 plots of land in Bangkok, Thailand in recent months.

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"To date, we have in the pipeline a number of residential and mixed-use projects to be launched in Singapore and Malaysia. While the regional real estate sector is currently facing inherent challenges, we remain convinced of the long-term potential in the ASEAN region. As such, we are poised to capitalise on opportunities that may arise by leveraging on our established regional presence." added Mr Phua.

Upcoming project launches in Singapore include Rezi3Two (a 65-unit residential joint venture development at Lorong 32 Geylang), Twelve Residences (a 100% owned 12-unit strata terrace development at Hillside Drive) and TRIO (a 4-storey retail and F&B mall jointly developed by the Group and its partners, situated at Sam Leong Road).
On the regional front, the Group's overseas marketing efforts will comprise the launch of its maiden project, Third Avenue at Cyberjaya, Malaysia (a 100% owned mixed commercial & residential development) as well as the completion and official opening of its "Workotel" In Christchurch, New Zealand.

Financial Review and Position

In general, the Group recorded higher administrative expenses for both 2QFY2014 and
1HFY2014, in line with the expansion of its portfolio of development properties. On a six- month basis, administrative expenses also rose by S$1.3 million or 82.6% from S$1.7 million in 1HFY2013 to S$3.0 million in 1HFY2014. Similarly, administrative expenses rose S$0.7 million or 90.9% from S$0.7 million in 2QFY2013 to S$1.4 million in 2QFY2014.
Other operating expenses in 1HFY2014 increased by S$0.7 million from S$0.1 million in
1HFY2013 to S$0.8 million due mainly to unrealized foreign exchange loss of S$0.3 million that resulted from the depreciation of the Malaysian Ringgit and Thai Baht against the Singapore Dollar as well as the remaining expenses related to the listing of TEE Land Limited on the SGX-ST in June 2013.
The Group registered a positive S$1.7 million for its share of results of associates for
2QFY2014, compared to a loss of S$0.4 million in the previous corresponding period due

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to more construction revenue recognised by its Singapore associates as well as the completion and handing over of units to owners of its projects at its Thailand associates. In tandem, the Group's share of results of associates for 1HFY2014 increased to S$2.9 million, compared to S$0.02 million in 1HFY2013, where there was no significant revenue contribution from its Singapore and Thailand associates.
With the increase in the Group's revenue as well as positive performances at its Singapore and Thailand associates, the Group recorded a profit after tax increase of 232.6% or S$1.5 million to S$2.2 million from S$0.7 million in 1HFY2013. The Group's profit after tax of S$1.6 million in 2QFY2014 also represented a reversal to profitability compared with a loss of S$0.1 million in the previous corresponding period.
The Group's cash and bank balances increased to S$34.6 million as at 30 November 2013 from S$29.1 million as at 31 May 2013. This was largely due to the net proceeds received from the successful IPO on 6 June 2013, which were offset by the repayment of loans due to the ultimate holding company, TEE International Limited and working capital loans and loans granted to the Group and its associated companies for the purchase of lands both in Thailand and Singapore. The Group also paid its maiden dividend to shareholders in October 2013.
Current portion of long-term bank loans decreased to S$1.7 million as at 30 November
2013 from S$10.2 million as at 31 May 2013 due mainly to the settlement of loans for the substantially completed and fully sold property development at 448@East coast which obtained its TOP in May 2013. Long-term bank loans increased to S$81.5 million as at 30
November 2013 from S$72.7 million as at 31 May 2013 due mainly to the draw-down of bank loans to finance the purchase of a building at 25 Bukit Batok Street 22 and additional draw-downs for the other developments at The Peak @ Cairnhill I and Twelve Residences.
Going forward, the Board of Directors and Management remain cautious in view of increased challenges in Singapore. The Group is carefully monitoring the recent political developments in Thailand and will factor into account these developments in assessing the

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Group's ongoing investments in Thailand. In the meantime, the Group continues to take a long term view of these investments.
Nonetheless, we continue to see growth opportunities, particularly in the ASEAN region and will seek to capitalize on those opportunities.

#End of Release#

Note to readers: Please read this press release in conjunction with the related mandatory announcement filed by TEE Land Limited on SGXNet.

About TEE Land Limited (Bloomberg: TEEL:SP)

TEE Land Limited is listed on the Official List of the Singapore Exchange Securities Trading Limited ("SGX-ST"). The Group is a property developer with an established track record in delivering quality and well-designed residential property developments in Singapore. It is also part of the TEE International Limited Group of companies (Bloomberg: TEE:SP).

The Group's property development projects, which are pre-dominantly freehold in tenure and targeted at middle-to-high income consumers who value exclusivity in good locations, are located in Singapore, Malaysia, New Zealand, Thailand and Vietnam. Whilst the Group continues to specialize in residential property developments, it has also undertaken commercial and industrial property development projects.

ISSUED ON BEHALF OF TEE LAND LIMITED
BY CAPITAL ACCESS COMMUNICATIONS PTE LTD:

Edwin Lee Neo Aik Kee

Email: [e-mail] Email: [e-mail]

Mobile: [phone] Mobile: [phone]

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