Imperium Crown receives interest for remaining two Japanese properties

SINGAPORE (April 12): Imperium Crown, the Catalist-listed property developer and property investment company, has received letters of intent for the remaining two properties within its Japanese property portfolio, namely Green Forest Itabashi and Hatchobori Place properties, for a total sale price of S$38.6 million (RM130 million).

Imperium Crown’s Japanese property portfolio originally consisted of five properties in Tokyo, Japan. On March 24, the company announced that it had received LOIs for its Green Forest Kuramae, New City Apartments Kuramae and New City Apartments Minowa properties for S$41.8 million.

On April 7, the company announced its subsidiary which owns Green Forest Kuramae, signed the sales and purchase agreement for Green Forest Kuramae whose sale price is S$19.3 million.

In a Tuesday night filing, Imperium Crown says the sale of its Japanese property portfolio, when fully completed, will strengthen the company’s cash and financial position and enable it to move forward with its proposed business plans in the coming years.

Wan Jinn Woei, the group’s Executive Chairman and CEO, says, “As we look towards new and exciting projects to deliver higher returns for our shareholders, Imperium Crown has also been approached by interested investors seeking to partner us on potential projects. The Company and the Board will carefully evaluate these opportunities and look into partnerships that can bring to fruition the Company’s long-term growth strategies.”

In recent months, the company has set its sights on Australia and China as potential growth markets and is exploring opportunities to break into them. The company has announced the proposed acquisition of a 27% interest in Richardson Trust, the developer of a commercial and residential complex at 1 Richardson Street, South Perth, Western Australia.

As announced on March 2, the company is also in the midst of conducting due diligence in relation to the proposed acquisition of a 27% stake in Global Entertainment Media (GEM), which holds 40 years of operating rights to Wonder Stone Park, a historical park showcasing naturally occurring stone boulders and rocks native to the Shandong region in China. GEM also owns a hotel situated within Wonder Stone Park.

Shares of Imperium Crown closed yesterday at 7 Singapore cents. — theedgemarkets.com.sg

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