Ho Bee Land, a company controlled by Singaporean billionaire Chua Thian Poh, is seeking to buy out Australian property developer AVJennings for AUD$391 million (US$242 million).
The Singaporean firm now owns a 5.49% stake in AVJennings and is now looking to purchase the rest of the company, according to a filing.
A property project developed by Ho Bee Land in Singapore. Photo courtesy of the company |
Ho Bee Land offers to pay AUD0.70 per share, higher than an offer of AUD0.67 which American property developer Proprium Capital Partners has made to the Australian company earlier.
“The proposed transaction represents a good opportunity for the group to enhance its scale and capabilities in Australia,” Ho Bee Land said in a statement.
It added that the merged Australian business would have a stronger financial position, increased revenue potential and enhanced business capability to compete on a national level.
Ho Bee Land manages SGD$7 billion ($5.1 billion) worth of properties, including office buildings in Singapore and London as well as residential projects in Australia, according to Forbes.
The company was founded in 1987 by Chua Thian Poh, who now has a net worth of $1.2 billion and ranks 38th in Forbes list of Singapore’s richest individuals last year.
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