Acquisition of 100% Equity Interest in Glamour Development (MM2H) Sdn Bhd

IJM Properties Sdn Bhd (“IJMPRP”) has on 7 March 2008 entered into a Sale and Purchase Agreement of Shares to acquire two (2) ordinary shares of RM1 each representing 100% equity interest in Glamour Development (MM2H) Sdn Bhd (“GDSB”) from Industrial Concrete Products Berhad (“ICP”) for a cash consideration of RM2. GDSB will be used as the registered agent for the “Malaysia My Second Home Programme” under the Ministry of Tourism Malaysia.

With the acquisition, GDSB will become a wholly-owned subsidiary of IJMPRP, which in turn is a wholly-owned subsidiary of the Company. ICP is a 63.5% subsidiary of the Company.

None of the Directors or major shareholders of the Company, or persons connected with them, has any interest, direct or indirect, in the acquisition, and no approval of shareholders is required. The acquisition will not have any significant effect on the earnings or net assets per share of the Company for the financial year ending 31 March 2008.