You may download the 3rd Quarter Results here.
Mr Wong Lien Feng has resigned as the Chief Operating Officer to pursue other career interests. This information is also available at SGX
The board of directors of the Company (the “Board”) is pleased to announce that the Company and National Housing Organization Joint Stock Company (“NHO”) had on 1 October 2018 entered into a non-binding Memorandum of Understanding (“MOU”) which expresses the Company’s and NHO’s (collectively, the “Parties”) mutual understanding regarding the proposed initial acquisition and codevelopment of four projects in Ho Chi Minh City, Binh Duong, Ha Long and Hai Phong, Vietnam (“Initial Development Plan”).
If the acquisition of the land parcels, which are subject to the Initial Development Plan, is successful and all requisite permits and licenses are secured, the Initial Development Plan is likely to yield approximately 4,000 affordable homes and 500 commercial units in purpose-built mixed-developments (“OTNHO Mixed Developments”). The Parties intend for the OTNHO Mixed Developments to showcase and deploy the Company’s integrated social impact solution, comprising quality affordable homes and a suite of accessible and customised community services.
Under the MOU, as an established developer in Vietnam with an approximately seven-year track record of developing and selling approximately 6,000 homes across 11 sites in Vietnam, NHO will provide general management support for the Initial Development Plan. Such support will include the provision of project management, architectural and design, sales and marketing, finance and administration, human resource, legal and such other services as the case may be. The Company will second such management and technical personnel to Vietnam to assist NHO and provide such general strategic oversight as may be required from time to time and also assist NHO with the financing and securing of finance for the OTNHO Mixed Developments.
Apart from the Initial Development Plan, the Company and NHO are actively sourcing for other suitable development projects in Vietnam for the purposes of principally residential real estate development.
The Parties are currently still in further discussions and no definitive agreements in relation to the Initial Development Plan have been entered into at this stage. The Company will make further announcements to keep shareholders informed upon execution of the definitive agreements or as and when there are further material updates and developments in respect of the Initial Development Plan.
Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company. In particular, shareholders and potential investors should note that the Initial Development Plan is subject to the execution of definitive agreements. Persons who are in doubt as to the action they should take should consult their stockbrokers, bank managers, solicitors or other professional advisers.
Unless otherwise expressly defined herein, all capitalised terms in this announcement shall bear the same meanings ascribed to them in (i) the announcements made by the Company on 2 October 2017, 15 November 2017, 31 January 2018 and 29 June 2018 in relation to the Kempas Agreement (the “Announcements”); and (ii) the shareholders’ circular dated 15 November 2017 (the “Circular”) despatched by the Company to the Shareholders in respect of the Proposed Transactions.
Further to the Announcements, the Circular and the Company’s update to shareholders via its recently announced financial results for the financial period ended 30 June 2018, in relation to the Kempas Acquisition, the Board wishes to announce that the Company’s subsidiary, Tree Top Realty Sdn. Bhd. and Regal Sapphire Sdn Bhd are currently still in the process of fulfilling the conditions precedent set out in the Kempas Agreement. As such, Tree Top Realty Sdn. Bhd. and Regal Sapphire Sdn Bhd have on 11 September 2018, mutually agreed to extend the date for the fulfilment of the conditions precedent to 31 December 2018.
BY ORDER OF THE BOARD
Long Chee Tim, Daniel
CEO and Executive Director
11 September 2018
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