Capital Raising closes OVERSUBSCRIBED Friday, 19 October 2007 HYECORP Property Group is pleased to advise that the recent capital raisings for HYECORP Property Fund No 2, HYECORP Property Fund No 4 and HYECORP Property Fund No 5 was successfully completed on 15 October 2007, with the Fund being significantly oversubscribed.

Following an Information Evening held at North Ryde RSL on Tuesday 25th September 2007 investors have snapped up all the available shares for the projects in Willoughby, Ryde and Frenchs Forest.

Mr Michael Abolakian, Group Director, HYECORP Property Group said "The strong demand for the Property Fund's reflects the changing sentiment towards residential property investment and HYECORP Property Groups leading reputation as a residential developer on Sydney's North Shore."

"We are extremely pleased with the continued support we receive for our development funds. However we apologise to all those who we were unable to allocate shares to given the oversubscription."

The Funds are the newest in a series of residential and commercial property development funds offered by the property group which provides investors with the opportunity to partner with HYECORP in the rewards of quality property development projects identified and managed by the experienced funds management and development teams within the HYECORP Property Group.

Given the overwhelming demand HYECORP will be actively seeking new opportunities in the residential and commercial property development market to offer to investors in the coming months.

"The biggest challenge we are facing now is the lack of quality sites to satisfy investor demand."

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