Melcor Developments Ltd., (TSX:MRD)

    CALGARY, Nov. 23 /CNW/ - The Company has entered into a conditional
agreement with a third party to sell a property known as Crowfoot West
Business Centre, in early 2008. This 115,000 sq. ft. office/retail building is
substantially complete and should be at least 90% occupied by the closing
date. The Company will provide further details regarding this potential sale
once the deal is unconditional or as facts relating to this transaction become
releasable which is not expected to be before February 2008. If this
transaction closes, it will have a material impact to the Company's earnings.

For further information:

For further information: Business Contact: Ralph B. Young, President &
CEO, Melcor Developments Ltd.,, Tel: (780) 423-6931; Investor
Relations, Michael D. Shabada, C.A., VP Finance & CFO, Melcor Developments
Ltd.,, Tel: (780) 945-2819

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