Information  X 
Enter a valid email address

Asian Growth Props (AGP)

  Print      Mail a friend

Friday 10 February, 2006

Asian Growth Props

Acquisition

Asian Growth Properties Limited
10 February 2006



             ASIAN GROWTH PROPERTIES LIMITED ANNOUNCES PURCHASE OF
                       NO.2 MORRISON HILL ROAD, HONG KONG

Asian Growth Properties Limited ('AGP') announces that its subsidiary company,
TTP (Wanchai) Limited, has entered into Sales and Purchase Agreements with each
of all the individual owners of No.2 Morrison Hill Road, Hong Kong for the
purchase of the whole Property.

The Property with a site area of approximately 1,607 sq.ft. has been purchased
at HK$77.2 million (approx GBP5.7 million*).

The subject property currently consists of a 5-storeys dilapidated building
which AGP intends to demolish upon vacant possession in March 2006 and form a
joint development with the Company's existing project, 223-227 Wanchai Road
('Wanchai Site Development').

The construction work completed at the Wanchai Site Development to-date had been
taken into account for this possible acquisition. Hence, the acquisition will
not result in any material change or delay in the Wanchai Site Development
except a larger scale, higher efficiency project with a few storeys higher.

*Exchange rate: GBP1.00 = HK$13.50

For more information:

Don Fletcher
Chief Executive
Tel: +44(0)207 429 6666

David Newton
HB Corporate
Tel: +44(0)207 510 8561

Pam Spooner / Abigail Singleton / Leesa Peters
Conduit PR
Tel: +44(0)207 429 6666
pam@conduitpr.com / abigail@conduitpr.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange