Hiap Hoe

Singapore developer Hiap Hoe has sold a property in downtown Melbourne, Australia, for A$116.3 million (S$117.9 million).

Hiap Hoe announced on the Singapore Exchange website yesterday that the freehold property in Bourke Street in the central business district will be transferred to Australian property fund manager ISPT by late next month .

The proposed sale will be made through its subsidiary, Meteorite Property (Bourke Street).

Five per cent of the sale price, or A$5.8 million, has been paid upon signing of the contract on Monday. The remaining 95 per cent, or A$110.47 million, will be paid upon full settlement of the contract, which is scheduled to take place on Jan 21 next year.

Raffles Education

Raffles Education has appointed 25-year-old Mr Chew Han Wei to oversee the group's businesses in Europe, including developing a new campus at Nendaz, Switzerland.

Mr Chew is the eldest son of company chairman, chief executive officer and controlling shareholder Chew Hua Seng.

The younger Mr Chew's appointment as assistant vice-president of Raffles 4 Vallees SA takes effect on Jan 1, the company said in a Singapore Exchange filing yesterday.

Mr Chew graduated from Cornell University with a degree in civil engineering and holds a Master of Science in sustainable design and construction from Stanford University.

He previously worked at Montfort 3300 SA, where he was engaged in preconstructon work on the Nendaz campus and other commercial and residential projects in the region, the statement said.

Raffles Education said last year that it acquired land and several properties in Nendaz for 29.12 million Swiss francs (S$39.8 million) to set up hospitality management, design and International Baccalaureate schools.

AnnAik

AnnAik said yesterday it plans to transfer its listing from the mainboard to the Catalist board, where there is no minimum trading price.

The firm added that it believes the size of its business, market capitalisation and investor profile "better resemble that of the companies listed on the Catalist", and that the planned transfer is part of its longer-term business strategy to ride out the instability of the global financial environment.