Project Update As The Month of September 2012

We are pleased to inform you that as of August 15, 2012 8 Forbestown Road
overall project accomplishment is 38.69% complete. Concreting works is
already at 51st floor. Ongoing work includes rebar works, formworks,
fabrication of rebars, plastering works, spraycrete of wall partition,
application of waterproofing and installation of: CHB wall, Pre-cast wall
and drop walls. Installation of air duct for mechanical, pipe sleeving works
for sanitary and fire protection and electrical roughing-ins is also on
development.

The project is on progress with accordance to its schedule.

We are pleased to inform you that as of August 15, 2012, Morgan Executive
Residences Towers 1, 2 and 3 overall accomplishment is 92.00%, 61.00% and
48% respectively. Towers 1, flushing and functionality test of plumbing
fixtures, interior and exterior final painting works, waterproofing works,
meter center works and installation of: kitchen cabinet and closet, lavatory
and countertop is ongoing. Ceiling works at hallway lobby, preparation for
testing of AC units, exterior painting works, waterproofing works and
testing of fire pro piping is ongoing for Tower 2. For Tower 3, continuous
work includes installation of pipes, sanitary water line, copper piping and
riser, exterior painting works, waterproofing works and finishing of
transformer vault room.

The project is on progress with accordance to its schedule

We are pleased to inform you that as of August 15 2012, the overall project
accomplishment for Tuscany Private Estate Phase I, II and III is 95.00%,
79.00% and 42% respectively. For Phase I (Clusters 1,2 and 7) and Phase II
(Clusters 3 and 4), remaining works includes installation of refrigerant
pipes and plumbing fixtures, pressure test and wiring works. For Phase 3
(Clusters 5 and 6), installation of kitchen exhaust duct, branch line and
loop line, droppings and wiring works is ongoing.

We are pleased to inform you that as of August 15, 2012, The Bellagio Tower

III overall project accomplishment is 99.99% complete. Ongoing work includes

rectification of unit owners punchlist, painting works and testing and

commissioning of Passenger elevator. Testing and installation of remaining

electrical systems is substantially complete.

We are pleased to inform you that as of August 15, 2012, The Stamford
Executive Residences Towers I, II and III overall accomplishment is 99.95%,
99.71% and 97.50% respectively. For Tower 1, remaining works includes
testing of remaining blowers and including DPSC. Wiring and installation of
blowers and turbo fan is ongoing for Tower 2 while basement 1, roof deck
area and EE room is for turnover also. Interior painting works, interior
finishing works, finishing of EE rooms prior to turnover, piping system,
installation of fans and blowers and plumbing fixtures is on development for
Tower 3.

We are pleased to inform you that as of August 15, 2012 The Venice Luxury
Residences overall project accomplishment for Tower’s A and B is 34.75% and
32.70% respectively. For Tower A, concreting is already at 29th floor while
Tower B is already at 28th floor. Installation of mechanical duct, piping of
sanitary and plumbing lines, precast installation of façade, installation of
risers and cross main is ongoing for Tower A. For Tower B, precast
installation of façade, installation of mechanical duct and piping of
sanitary and plumbing lines is ongoing

The project is on progress with accordance to its schedule.