Kerry Properties Limited  announced that the vendors have entered into 2 preliminary agreements for the sale of 2 units of "The Altitude" together with 2 car parking spaces on 2/F of The Altitude to Kerry Trading Co. ,Ltd.(KTCL) for HK$94.826 million. The consideration for the sale of each of the property units was based on published price lists distributed to the public at sales office by the vendors.

The vendors include Newick Limited, Capital Rise Investments Limited, Panawin Limited, Join Sky Investment Limited, Shun On Properties Limited and Chain Base Limited, all 71%-owned by Kerry Properties.

The approximate aggregate book value of the property units is HK$34.394 million. Kerry Properties expects to record a gain of HK$60.432 million before provision for taxation from the disposal.

Completion is expected to take place on 13 February 2012.

KTCL is a subsidiary of Kerry Holdings Limited and a connected person of Kerry Properties.