Nobel Design issues clarification

Selling prices offered to directors were 2% lower than the approved minimum selling price.

The Board of Directors of Nobel Design Holdings Ltd clarified that the selling prices which were offered to the directors and substantial shareholders and/or their family members were 2% lower than the minimum selling price which the directors of the joint venture development companies namely, Urban Lofts Pte Ltd, Alliance Land Pte Ltd and LVND Homes Pte Ltd respectively, had approved.

An official statement from the company said the 2% represents the sales commission saved by the joint venture development companies on the sale of these units and would have otherwise been paid to sales agents if the units had been sold to external buyers.