$39m offer for Catalist-listed Imperium Crown's two Japanese properties

SINGAPORE - Catalist-listed property development and investment firm Imperium Crown has received letters of intent (LOIs) for the remaining two of its Japanese properties, for a combined sale price of about $38.6 million.

The company is selling the properties in its Japanese portfolio to reallocate capital to new projects.

In particular, it has set its sights on Australia and China as potential growth areas and is exploring opportunities to enter these markets.

Its Japanese portfolio consists of five properties in Tokyo. It had received LOIs for three of the properties - Green Forest Kuramae, New City Apartments Kuramae and New City Apartments Minowa - in March, for a total of $41.8 million

The latest LOIs bring the total sale price received for the entire portfolio to $80.4 million.

The sale of Imperium Crown's Japanese property portfolio, when 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, the company said in a statement on Tuesday (Apr 11).

Chief executive Wan Jinn Woei added: "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."

The company has previously announced the proposed acquisition of a 27 per cent interest in Richardson Trust, the developer of a commercial and residential complex at 1 Richardson Street, South Perth, Western Australia.

It is also in the midst of conducting due diligence on the proposed acquisition of a 27 per cent stake in Global Entertainment Media (GEM), which holds 40 years of operating rights to Wonder Stone Park, a historical park showcasing uniquely formed, naturally occurring stone boulders and rocks native to the Shandong region in China.

GEM also owns a hotel situated within Wonder Stone Park.