Asset Acquisitions and Disposals::COMPLETION OF THE DISPOSAL OF THE PROPERTY LOCATED AT 115 GEYLANG ROAD

CHIP ENG SENG CORPORATION LTD.

Co. Reg. No. 199805196H

COMPLETION OF THE DISPOSAL OF THE PROPERTY LOCATED AT 115 GEYLANG ROAD

The Board of Directors (the "Board") of Chip Eng Seng Corporation Ltd. (the "Company") refers to the following:

1. the announcement released on 7 April 2021 (Proposed Disposals of Shophouse Properties) in relation to the Company's wholly-owned subsidiary, CES Capital Holdings Pte. Ltd., having granted an option to purchase (the "GR Option") in respect of its property located at 115 Geylang Road, Singapore 389218 (the "GR Property"); and
2. the announcement released on 28 April 2021 (Exercise of Option to Purchase in relation to the Proposed Disposal of the Property located at 115 Geylang Road) in relation to the grantee of the GR Option having exercised such option.

The Board is pleased to announce that completion of the disposal of the GR Property has taken place on 21 July 2021.

The disposal of the GR Property is not expected to have any significant impact on the net tangible assets and the earnings per share of the Company for the financial year ending 31 December 2021.

None of the Directors and, to the best of the Directors' knowledge, none of the substantial shareholders or controlling shareholders of the Company has any interest, direct or indirect, in the disposal of the GR Property, other than through their respective shareholdings and/or directorships, as the case may be, in the Company.

Submitted by Chia Lee Meng Raymond, Executive Director and Group Chief Executive Officer, on 21 July 2021 to the SGX.