Hi guys,

Glad to have found some people who are also in my frustrated shoes.

I have demanded twice that MLG send out a information release about this project. here is what they sent out..hope it helps… also there was a release in the WEst Australian Newspaper property liftout dated 5th October 2011 stating that the development was up for sale in conjunction with the Tambrey Pub. The article went on to suggest that the Development Application could be changed by a prospective new developer to cut Residential owners such as myself out of the project and instead keep it just for short term leasing. It freaked me out and i requested further detail on the article from Melissa Green and Marcus Gilmour but they responded by texting me to look at my contract…..

On behalf of SGC Securities the developer of Tambrey Luxury Apartments, MLG would like to take this opportunity to provide you with a

progress update.

As part of the update provided in January 2011, MLG indicated that SGC were proceeding to finalise it’s development funding – whilst unfortunately SGC were not able to independently finalise the funding they were

instead able to enter into negotiations with a with well-known Perth based

Developer/Builder to take over the development and construction of

Tambrey Luxury Apartments.

Until recently MLG have been bound for confidentiality reasons to not

release the name of the proposed Developer/Builder looking to acquire the site.

This group still have a conditional contract to purchase Tambrey Luxury Apartments. During contract negotiations, it was determined from the

purchaser that the Sewer Treatment Plants were at capacity, and all

developments which were to be completed prior to 2014 (before the new infrastructure was completed) would not receive

approval from Watercorp until an interim solution was finalized with Watercorp and the State Government. As the First Stage of

Tambrey was to be completed prior to the new infrastructure being completed, this meant that the developer would not have been able to obtain the relevant approvals to commence construction.

As late as Monday last week, this issue was resolved, and SGC have received written confirmation from the Water Corporation, that Tambrey will be able to be developed and completed prior to 2014 – this is great news. Due to the time constraints which have passed due to the Sewer Issue, SGC are now back in discussions with the current purchaser regarding the purchase, and expect to have outcome to this in the coming weeks.

If the current purchaser does not proceed with the purchase it is expected that SGC will endevour to find an alternate purchaser to proceed with the development, and/or may potentially consider a Joint Venture Partner.

SGC can confirm that the pre-sales are sufficient for a Developer to commence construction, and now that the significant hurdle

regarding the Sewer Treatment Plant has been overcome, SGC can expect a reasonably expedient response for the development to move forward.

CONSTRUCTION & SETTLEMENT

In relation to the construction and settlement of Tambrey Luxury Apartments this will be dependant on the outcome of current

negotiations with the current purchaser to take over the development of the site, and/or the sale or Joint Venture to another group. MLG will keep you advised as to the progress of any discussions, and hope to have a resolution in the short term.

Once SGC provides any further updates to MLG – we will endeavour to provide an update to you.

TIMAIA GULLIVER

P: 08 9421 2700

E: [email protected]

CONTACT TIMAIA TO DISCUSS ANY ELEMENT OF THIS UPDATE

Tambrey Luxury Apartments

SEPTMEBER 2011