NOTICE OF EXTRAORDINARY GENERAL MEETING

MONTHLY RETURN OF EQUITY ISSUER ON MOVEMENTS IN SECURITIES FOR THE MONTH ENDED 31 DECEMBER 2011

PROPOSED NOTES ISSUE TO BE GUARANTEED BY THE COMPANY AND SHUI ON DEVELOPMENT

S$250,000,000 8% SENIOR NOTES DUE 2015 OF SHUI ON DEVELOPMENT (SINGAPORE) TO BE GUARANTEED BY THE COMPANY AND SHUI ON DEVELOPMENT - INCREASE IN AGGREGATE PRINCIPAL AMOUNT

S$225,000,000 8% SENIOR NOTES DUE 2015 OF SHUI ON DEVELOPMENT (SINGAPORE) TO BE GUARANTEED BY THE COMPANY AND SHUI ON DEVELOPMENT

GRANT OF SHARE OPTIONS

POLL RESULTS OF THE EXTRAORDINARY GENERAL MEETING HELD ON 18 JANUARY 2012

OVERSEAS REGULATORY ANNOUNCEMENT, COMPLETION OF NOTES ISSUE AND DISCLOSURE PURSUANT TO RULE 13.18 OF THE LISTING RULES

PROPOSED NOTES ISSUE TO BE GUARANTEED BY THE COMPANY

US$400,000,000 9.75% SENIOR NOTES DUE 2015 OF SHUI ON DEVELOPMENT TO BE GUARANTEED BY THE COMPANY