1.0       INTRODUCTION

Bina Darulaman Berhad (BDB) wishes to announce that further to our announcement dated 26^th August 2007 on the above matter, Syarikat Perumahan Negara Berhad has issued a Conditional Letter of Acceptance (“the Letter”) to Bina Kuari – Konsortium Waza Maju JV to undertake the said project subject to the terms and conditions as stipulated in the said Letter dated 25^th January 2008.

2.0              INFORMATION ON THE CONDITIONAL LETTER OF ACCEPTANCE

The salient terms of the said Letter without restricting to the following are as follows:-

2.1       Contract Sum

The Contract Sum is RM100,500,000.00 (Ringgit Malaysia: One Hundred Million Five Hundred Thousand Only) based on a lump sum basis.

2.2       Contract Period

The contract shall be for a period of 36 months from Date of Site Possession  which has yet to be confirmed.

The work shall be implemented in two (2) phases and the commencement and composition of every phase shall be determined later.

2.3       Development Agreement

The Letter of Acceptance with all the terms and conditions stipulated therein shall be read together with the Development Agreement dated 1^st August 2007 signed between Syarikat Bina dan Kuari Kedah Sdn Bhd, Konsortium Waza Maju Sdn Bhd and SPNB.

            2.4       Performance Bond

The JV entity shall furnish Performance Bond in the form of an approved Banker’s Guarantee in the amount of RM5,025,000.00 being 5% of the Contract Sum for due performance of the contract.

2.5       Insurance Policies

The JV shall procure the Contractor’s All Risk (CAR) and the Workmen’s Compensation (WC) Insurance Policies required under the contract.

3.0       DOCUMENTS FOR INSPECTION