PROSPECT REIT debuts on SET with optimism

BANGKOK, Aug 20, 2020 – (ACN Newswire) – The Prospect Logistics and Industrial Leasehold Real Estate Investment Trust (PROSPECT) made a debut on the Stock Exchange of Thailand (SET) today (Aug 20) amid optimism for it being well accepted by investors. PROSPECT invested in the Bangkok Free Trade Zone (BFTZ) which offers outstanding rental rates and strategically located in the industrial and logistics zone that is attracting the movement of production bases from other countries to the ASEAN region. The expected strong response from the investors is primarily driven by the PROSPECT's attractive 1st year yield of 11.1% or 1.112 baht per unit in the first year of operation.

Vorasit Pokachaiyapat, Chairman of Prospect Development Co., Ltd, which is the developer and operator of BFTZ, said the company is confident in the potential of PROSPECT's portfolio in terms of financial performance, the economic recovery and relocation of industries from other countries to Southeast Asia should benefit BFTZ, is strategically located on Bangna-Trad Road km.23, near strategic ports, airports and well connected to major roads with transportation linkages between Bangkok and other provinces in all regions.

Aon-Anong Chaithong, Co-Chief Executive Officer of Prospect Management Co.,Ltd, said PROSPECT was listed on the Stock Exchange of Thailand (SET) on August 20, 2020, we expect that in the future the investors will respond as well as the initial offering. "PROSPECT invests in BFTZ, a quality income-producing real estate of Prospect Development Co., Ltd. which is a subsidiary of M.K. Real Estate Development Plc. and Finansa Plc.," she pointed out.

PROSPECT invested in the sub-leasehold right of parts of land and buildings in the BFTZ which consisting of 63 buildings (183 units), approximately 219,116 Sq.m. of leasable area and approximately 214-1-88.8 Rai of land area from the date of lease registration until 22 December 2039.

BFTZ is an industrial zone for manufacturing & warehousing, strategically located on Bangna-Trad Road km.23, near strategic ports, airports and well connected to major roads with transportation linkages between Bangkok and other provinces in all regions. PROSPECT will invest in the sub-leasehold right of parts of land and buildings which include warehouses and factories in the BFTZ from the date of lease registration until 22 December 2039. And Prospect Development Co., Ltd., who has long experience in developing and managing the BFTZ since 2010 will be appointed as the Property Manager of PROSPECT.

For the year 2017, 2018, 2019 and Q1/2020 the occupancy rate was 89.1%, 96.4% 93.1% and 93.6% (including the Built-to-Suit's contract started on May 1, 2020). PROSPECT initial investment asset has well diversified tenants profile in terms of industry and nationality. The expected yield of 11.1% or 1.112 baht per unit in the first year of operation is based on pro forma income statement for projection period from October 1, 2020 to September 30, 2021.

Paiboon Nalinthrangkurn, Chief Executive Officer and Director of TISCO Securities Co.,Ltd. which acts as the financial advisor and underwriter for PROSPECT, noted that REITs has increasingly become a popular investment due to the constant dividend payment policy and the opportunity to receive return on the REITs unit price. "So we believe that PROSPECT will be one of the REITs which attract a keen interest from investors mainly for its quality asset and the high occupancy rate," he concluded.

This press release is issued by MT Multimedia Co Ltd on behalf of Prospect Development Co Ltd.

For more information, please contact:
Ornanong Phattharawetkul (Fah)
Tel: +66 2 612 2081 ext. 129 or +66 86 884 4458
E-mail: ornanong.p@mtmultimedia.com

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Hatten Land Secures New Strategic Investor for Harbour City Project in Melaka in a US$323 Million Transaction

SINGAPORE, Aug 12, 2020 – (ACN Newswire) – Hatten Land Limited ("Hatten Land" or the "Company" and together with its subsidiaries, the "Group"), the leading developer in the Malaysian city of Melaka, is pleased to announce that the Company has signed an agreement with Tayrona Capital Pte Ltd ("Tayrona Capital") relating to the Harbour City project ("Harbour City"), which is held under Gold Mart Sdn. Bhd. ("Gold Mart"), in a US$323 million transaction.

Incorporating elements of retail, hospitality and entertainment within an integrated mixed development, Harbour City aims to transform Melaka's tourism and entertainment landscape. The marine-themed mixed development comprises the thematic Harbour City Mall, Melaka's largest 'Sky' water theme park of 500,000 square feet as well as luxury hotel.

As a UNESCO World Heritage Site, Melaka is Malaysia's second-most visited destination after Kuala Lumpur, and having been rated among Lonely Planet's Top 10 must-visit destinations in the world.

Tayrona Capital is part of the Tayrona group of companies headquartered in Singapore. Tayrona group is in the business of hospitality and investment and Tayrona Capital is interested to acquire and complete Harbour City as an addition to its Sagana Hotels & Resorts network of 32 hotels/resorts worldwide, and Ultra Luxury Integrated Destinations Collection which currently has operations and developments in 22 countries.

Under the agreement, Tayrona Capital will invest US$23 million in Gold Mart via the issuance of new shares, allowing Tayrona Capital to obtain a 99% equity stake in Gold Mart. In addition, Tayrona Capital will inject US$240 million to improve and to complete the development and marketing of Harbour City.

As the concept originator and project developer of Harbour City, Hatten Land will assign various intellectual property such as project design and concept, domain names, internet site and marketing materials ("Intellectual Property") to Tayrona Capital for a consideration of US$60 million.

As at 31 March 2020, Hatten Land had net assets and net current assets of RM370 million and RM307 million respectively. In addition, the Group has approximately RM1.3 billion of unsold completed properties.

The Company will be convening an Extraordinary General Meeting to seek shareholders' approval for the proposed transaction.

Dato' Colin Tan, Executive Chairman and Managing Director of Hatten Land, said: "The transaction is a testament to our ability in creating innovative property concepts, developing quality property assets and unlocking value.

We are thrilled that the Tayrona Capital recognises the potential of Harbour City and shared our optimism for the long-term prospects in Melaka. With Tayrona Capital's international track record and expertise in hotel development and hospitality management, there are strong potential and synergies for both companies to collaborate together in other projects in Melaka moving ahead.

The proceeds from the transaction will strengthen the Group's balance sheet and provide us with greater financial flexibility to pursue new growth initiatives."

Mr James Ordonez. CEO of Tayrona Capital, added: "Harbour City's avant-garde design and innovative concept is a strategic fit to our portfolio of global hospitality assets.

We look forward to work closely with Hatten Land to create new tourism and economic opportunities in Melaka from this project."


Issued on behalf of Hatten Land Limited by 8PR Asia Pte Ltd.
Media & Investor Contacts:
Mr. Alex TAN
Mobile: +65 9451 5252 Email: alex.tan@8prasia.com

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

ECXX Secures RMO Sandbox Approval from MAS; to Launch Asset-based Digital Securities Exchange

SINGAPORE, Aug 4, 2020 – (ACN Newswire) – ECXX Global Pte. Ltd. (ECXX), a pioneer in operating a digital asset exchange using blockchain technology, is pleased to announce that it has secured admission from the Monetary Authority of Singapore (MAS) to the Fintech Sandbox Express* under the Recognised Market Operator (RMO) regime.

With the approval, ECXX targets launch of the blockchain-based digital securities exchange platform ecxx.co, which offers various asset-based digital securities such as real estate, private equity, venture capital and investment funds to institutional and accredited non-individual investors.

The tokenisation of assets refers to the process of issuing a blockchain token (specifically, a security token) that digitally represents a real tradable asset (such as real estate) – in many ways similar to the traditional process of securitisation.

These digital securities could represent a share in the ownership of a real estate, a share in the ownership of a company or participation in an investment fund. These digital securities can then be traded on a secondary market.

With its own in-house proprietary system, ECXX has been operating a digital asset exchange that allows both professional traders and retail investors to buy, sell and store digital assets. Its digital exchange platform is integrated with MyInfo, the one-stop Singapore government identity platform. This integration allows seamless Know-Your-Customer checks on members of MyInfo who can log-in to ECXX's digital asset exchange using their SingPass.

ECXX has also applied for a license under the Payment Services Act and once approved, it will be the first exchange in Singapore to offer both digital payment tokens and digital securities under two different platforms.

Led by an experienced management team well versed in digital assets and blockchain ecosystem, ECXX has been backed by prominent venture capital firms CapitalX, Epsilon Investment, Ariki Asia and ChainUp.

In June 2020, Hatten Land announced a proposed investment of US$6 million for a 20% equity stake in ECXX.

Commenting on this milestone, Mr Branson Lee, Chief Executive Officer of ECXX, said: "There are a multitude of applications of blockchain technology within the financial industry, and the tokenisation of assets has the potential to fundamentally change how we invest in assets.

"With S$3.4 trillion of assets under management in Singapore, we aim to utilise the Recognised Market Sandbox admission to develop our securities exchange platform and create asset-based securitised tokens that can be regulated and traded, paving the way for mainstream adoption."

Issued on behalf of ECXX Global Pte. Ltd. by 8PR Asia Pte Ltd.

Media & Investor Contacts:
Mr. Alex TAN
Mobile: +65 9451 5252
Email: alex.tan@8prasia.com

*https://www.mas.gov.sg/development/fintech/sandbox-express


Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

DL Holdings (1709.HK) intends to acquire ONE Carmel luxury residential project in California to accelerate its diversification

HONG KONG, Jun 12, 2020 – (ACN Newswire) – On June 11th, 2020, DL Holdings (1709.HK) announced a MOU for a significant transaction involving a capital of approximately $40 million HK dollars. According to the announcement, DL Holdings Group Ltd. will invest $5 million US dollars in Carmel Reserve LLC for a 28.5% stake in the company. Carmel Reserve LLC owns 891 acres of land in Carmel Valley which is located at San Francisco Bay Area in California, US. This project, ONE Carmel, planes to develop a premier community with 73 ultra-high-end residential lots. After acquiring securities business and establishing fund investment business, DL Holdings further added real estate development and global fund portfolios to expand its total asset and business lines.





U.S. real estate has always been an important part of global asset allocation, especially in San Francisco Bay Area and Silicon Valley. These places have been the favoured region in recent years. Due to the impact of the COVID-19, property prices in some areas have witnessed declines. However, both the volume and value of transactions of High-end houses and prime land lots have increased as more people chose to work from home. Particularly, in Bay Area and Silicon Valley, the new tech billionaires and wealthy families are actively purchasing land and even moving their corporate headquarters to more suitable areas for future working and living environment.

The core business of DL Holdings is the Multi-family office services for ultra-high-net-worth family clients and it has been in stable operation for nearly 10 years. The growing demand for real estate investments from Asian clients have prompted the firm to look around the World for high quality properties. This investment transaction will accelerate the expansion of DL Holdings, serve more family office clients, and contribute to the development and sales of the ONE Carmel project. DL Holdings is expected to benefit from the long-term asset appreciation and penetrate into a broader set of real estate investment opportunities globally. Headquartered in Hong Kong, DL Holdings has also established offices in San Francisco, Singapore, and Shanghai, to serve the global investment needs of family offices and family businesses.

For more details, please refer to WeChat official account: ONE Carmel

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

LHN Records Net Profit of S$3.5 million in 1H2020

SINGAPORE, May 14, 2020 – (ACN Newswire) – Real estate management services group LHN Limited ("LHN", and together with its subsidiaries, the "Group") achieved a net profit after tax of approximately S$3.5 million for the six months ended 31 March 2020 ("1H2020").







The Group's revenue decreased by 3.7% from approximately S$53.6 million in 1H2019 to approximately S$51.6 million in 1H2020, due to decrease in revenue from the Industrial Properties and Commercial Properties from the Space Optimisation Business and the Facilities Management Business. The decrease was partially offset by the increase in revenue from the Residential Properties of our Space Optimisation Business and Logistics Services Business.

Cost of sales decreased by 28.3% from approximately S$41.4 million in 1H2019 to approximately S$29.7 million in 1H2020, due to a decrease in (i) manpower cost under the Facilities Management Business as a result of the disposal of the security services business in May 2019; and (ii) rental costs due to the adoption of IFRS 16 on 1 October 2019. The decrease was partially offset by the increase in (i) depreciation of right-of-use assets due to adoption of IFRS 16; (ii) upkeep and maintenance costs mainly from the Facilities Management Business and Logistics Services Business; and (iii) depreciation of property, plant and equipment.

Space Optimisation Business contributed 56.5% of the Group's total revenue for 1H2020. Residential Properties segment contributed a rise of 294.2% in revenue mainly due to increase in revenue of approximately S$3.2 million mainly from the co-work co-live business at 31 Boon Lay Drive Singapore which started to generate revenue from the second quarter of our financial year ended 30 September 2019 ("FY2019"); and (ii) revenue of approximately S$0.6 million from our new serviced residence project in Myanmar which started to generate revenue in the fourth quarter of FY2019.

However, revenue from Industrial Properties declined by 21.1% in 1H2020 as compared to 1H2019 mainly due to derecognition of revenue of approximately S$5.1 million from subleases classified as finance lease and the net gain was recognised to retained earnings on 1 October 2019 upon adoption of IFRS 16.

The decrease for the Industrial Properties was partially offset by (i) increase in rental income as a result of higher occupancy rates; and (ii) the contribution of rental income from one new property acquired and tenanted since the second quarter of FY2019.

The average occupancy rate of the Group's Industrial Properties increased by 2.1 percentage points to approximately 89.9% in 1H2020 as compared to 87.8% in 1H2019.

For the Commercial Properties, revenue declined by 16.7% in 1H2020 as compared to 1H2019 mainly due to (i) the movement of tenants due to expiry of subleases; (ii) renewal of subleases at lower rate; and (iii) derecognition of revenue of approximately S$0.8 million from subleases classified as finance lease and the net gain was recognised to retained earnings on 1 October 2019 upon adoption of IFRS 16.

The average occupancy rate of the Group's Commercial Properties decreased by 6.0 percentage points to approximately 84.5% in 1H2020 as compared to 90.5% in 1H2019.

The Group's Facilities Management Business declined by 7.8% in 1H2020 from approximately S$10.5 million in 1H2019 to approximately S$9.7 million in 1H2020 due to the absence of revenue of approximately S$2.6 million from the security services business as a result of the completion of the disposal of the security services business as disclosed in the announcement dated 31 May 2019. This was partially offset by the increase in (i) revenue of approximately S$1.5 million from the management of new carparks in Singapore and Hong Kong; and (ii) revenue of approximately S$0.3 million from the increase in facilities management services provided.

The Group's Logistics Services Business continued to produce incremental revenue growth, rising 7.9% from approximately S$11.8 million in 1H2019 to approximately S$12.7 million in 1H2020 mainly due to increase in transportation services provided from the trucking business and an increase in demand for storage and repairs of leasing containers in Thailand.

Table 1: http://www.acnnewswire.com/topimg/LHN_1H20201.jpg
Table 2: http://www.acnnewswire.com/topimg/LHN_1H20202.jpg

Business Outlook

The coronavirus ("COVID-19") pandemic has led to a severe contraction in economic activity both in Singapore and globally, due to the combination of supply chain disruptions, travel restrictions imposed in many countries and a sudden decline in demand. The Singapore economy will enter a recession this year, with GDP growth projected at -4% to -1%[1].

Based on advance estimates as announced in the press release dated 26 March 2020 issued by the Ministry of Trade and Industry Singapore[2], the Singapore economy contracted by 2.2% on a year-on-year basis in the first quarter of 2020, reversing the 1.0% growth in the preceding quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 10.6%, a sharp pullback from the 0.6% growth in the previous quarter.

As announced on 29 April 2020, the Group is assessing the potential impact of the circuit breaker measures announced by the Singapore Government on 3 April 2020[3] and 21 April 2020[4] and the Covid-19 (Temporary Measures) Act 2020 which was passed on 7 April 2020. For further details, please refer to the Company's announcement dated 29 April 2020.

In view of the abovementioned, the Group expects that rental collections under its Space Optimisation Business are likely to be affected, in particular, for rental collections for subleases of the Group's commercial and industrial properties.

For our overseas projects under the Space Optimisation Business, the spread of COVID-19 around the world has also resulted in the delay of the renovation of our leased property in Nanan City, Quanzhou, Fujian Province, the People's Republic of China and the construction of our Axis Residences property in Cambodia. However, the Group expects both projects to be operational by the end of our financial year ending 30 September 2020.

As announced on 4 February 2020, Work Plus Store (Kallang Bahru) Pte. Ltd., a joint venture company of the Group, has completed the acquisition of a property at 202 Kallang Bahru in Singapore and is expected to commence renovations on or after 1 June 2020 due to the circuit breaker measures and subject to any further directive(s) from the Singapore Government.

With respect to the Facilities Management Business, the Group continues to seek more external facilities management contracts by providing integrated facilities management services covering repair, maintenance and cleaning of buildings and offices, pest control and fumigation.

For the carpark business in Singapore, the Group expects a potential decrease in parking activity in view of the circuit breaker measures and safe distancing measures implemented by the Singapore Government since March 2020.

With respect to the Logistics Services Business, the Group remains cautious as a decrease in logistics services and a delay in collection of receivables may be possible in the coming periods given the decline in global economic activity.

Looking ahead, the Group will monitor the situation carefully and will make further announcement(s) as and when there are material development(s) to the abovementioned matters.

[1] https://www.mas.gov.sg/-/media/MAS/EPG/MR/2020/Apr/MRApr20.pdf
[2] https://www.singstat.gov.sg/-/media/files/news/advgdp1q2020.pdf
[3] https://tinyurl.com/y76hlsuj
[4] https://tinyurl.com/y7xahhrz

About LHN Limited

LHN Limited (the "Company", and together with its subsidiaries, the "Group") is a real estate management services group, with the ability to generate value for its landlords and tenants through its expertise in space optimisation, and logistics service provider headquartered in Singapore.

The Group currently has three (3) main business segments, namely: (i) Space Optimisation Business; (ii) Facilities Management Business; and (iii) Logistics Services Business, which are fully integrated and complement one another.

Under its Space Optimisation Business, the Group primarily secures master leases of unused, old and under-utilised commercial, industrial and residential properties and through re-designing and planning, transforms them into more efficient usable spaces, which are then leased out by the Group to its tenants.

Space optimisation generally allows the Group to enhance the value of properties by increasing their net lettable area as well as potential rental yield per square feet.

The Group's Facilities Management Business offers car park management services and property maintenance services such as cleaning, landscaping, provision of amenities and utilities, and repair and general maintenance principally to the properties it leases and manages, as well as to external parties.

Under its Logistics Services Business, the Group provides transportation services, container depot management services and container depot services. The Group transports mainly ISO tanks, containers, base oil and bitumen, provides container depot management services and provides container depot services which include container surveying, container cleaning, on-site repair and storage of empty general purpose and refrigerated containers (reefer).

The Group currently operates mainly in Singapore, Indonesia, Thailand, Myanmar, Malaysia and Hong Kong.

Issued for and on behalf of LHN Limited
For more information please contact:
Jess Lim Bee Choo
Group Deputy Managing Director
E-mail: jess.lim@lhngroup.com.sg

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

LHN Records Net Profit of S$3.5 million in 1H2020

SINGAPORE, May 14, 2020 – (ACN Newswire) – Real estate management services group LHN Limited ("LHN", and together with its subsidiaries, the "Group") achieved a net profit after tax of approximately S$3.5 million for the six months ended 31 March 2020 ("1H2020").







The Group's revenue decreased by 3.7% from approximately S$53.6 million in 1H2019 to approximately S$51.6 million in 1H2020, due to decrease in revenue from the Industrial Properties and Commercial Properties from the Space Optimisation Business and the Facilities Management Business. The decrease was partially offset by the increase in revenue from the Residential Properties of our Space Optimisation Business and Logistics Services Business.

Cost of sales decreased by 28.3% from approximately S$41.4 million in 1H2019 to approximately S$29.7 million in 1H2020, due to a decrease in (i) manpower cost under the Facilities Management Business as a result of the disposal of the security services business in May 2019; and (ii) rental costs due to the adoption of IFRS 16 on 1 October 2019. The decrease was partially offset by the increase in (i) depreciation of right-of-use assets due to adoption of IFRS 16; (ii) upkeep and maintenance costs mainly from the Facilities Management Business and Logistics Services Business; and (iii) depreciation of property, plant and equipment.

Space Optimisation Business contributed 56.5% of the Group's total revenue for 1H2020. Residential Properties segment contributed a rise of 294.2% in revenue mainly due to increase in revenue of approximately S$3.2 million mainly from the co-work co-live business at 31 Boon Lay Drive Singapore which started to generate revenue from the second quarter of our financial year ended 30 September 2019 ("FY2019"); and (ii) revenue of approximately S$0.6 million from our new serviced residence project in Myanmar which started to generate revenue in the fourth quarter of FY2019.

However, revenue from Industrial Properties declined by 21.1% in 1H2020 as compared to 1H2019 mainly due to derecognition of revenue of approximately S$5.1 million from subleases classified as finance lease and the net gain was recognised to retained earnings on 1 October 2019 upon adoption of IFRS 16.

The decrease for the Industrial Properties was partially offset by (i) increase in rental income as a result of higher occupancy rates; and (ii) the contribution of rental income from one new property acquired and tenanted since the second quarter of FY2019.

The average occupancy rate of the Group's Industrial Properties increased by 2.1 percentage points to approximately 89.9% in 1H2020 as compared to 87.8% in 1H2019.

For the Commercial Properties, revenue declined by 16.7% in 1H2020 as compared to 1H2019 mainly due to (i) the movement of tenants due to expiry of subleases; (ii) renewal of subleases at lower rate; and (iii) derecognition of revenue of approximately S$0.8 million from subleases classified as finance lease and the net gain was recognised to retained earnings on 1 October 2019 upon adoption of IFRS 16.

The average occupancy rate of the Group's Commercial Properties decreased by 6.0 percentage points to approximately 84.5% in 1H2020 as compared to 90.5% in 1H2019.

The Group's Facilities Management Business declined by 7.8% in 1H2020 from approximately S$10.5 million in 1H2019 to approximately S$9.7 million in 1H2020 due to the absence of revenue of approximately S$2.6 million from the security services business as a result of the completion of the disposal of the security services business as disclosed in the announcement dated 31 May 2019. This was partially offset by the increase in (i) revenue of approximately S$1.5 million from the management of new carparks in Singapore and Hong Kong; and (ii) revenue of approximately S$0.3 million from the increase in facilities management services provided.

The Group's Logistics Services Business continued to produce incremental revenue growth, rising 7.9% from approximately S$11.8 million in 1H2019 to approximately S$12.7 million in 1H2020 mainly due to increase in transportation services provided from the trucking business and an increase in demand for storage and repairs of leasing containers in Thailand.

Table 1: http://www.acnnewswire.com/topimg/LHN_1H20201.jpg
Table 2: http://www.acnnewswire.com/topimg/LHN_1H20202.jpg

Business Outlook

The coronavirus ("COVID-19") pandemic has led to a severe contraction in economic activity both in Singapore and globally, due to the combination of supply chain disruptions, travel restrictions imposed in many countries and a sudden decline in demand. The Singapore economy will enter a recession this year, with GDP growth projected at -4% to -1%[1].

Based on advance estimates as announced in the press release dated 26 March 2020 issued by the Ministry of Trade and Industry Singapore[2], the Singapore economy contracted by 2.2% on a year-on-year basis in the first quarter of 2020, reversing the 1.0% growth in the preceding quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 10.6%, a sharp pullback from the 0.6% growth in the previous quarter.

As announced on 29 April 2020, the Group is assessing the potential impact of the circuit breaker measures announced by the Singapore Government on 3 April 2020[3] and 21 April 2020[4] and the Covid-19 (Temporary Measures) Act 2020 which was passed on 7 April 2020. For further details, please refer to the Company's announcement dated 29 April 2020.

In view of the abovementioned, the Group expects that rental collections under its Space Optimisation Business are likely to be affected, in particular, for rental collections for subleases of the Group's commercial and industrial properties.

For our overseas projects under the Space Optimisation Business, the spread of COVID-19 around the world has also resulted in the delay of the renovation of our leased property in Nanan City, Quanzhou, Fujian Province, the People's Republic of China and the construction of our Axis Residences property in Cambodia. However, the Group expects both projects to be operational by the end of our financial year ending 30 September 2020.

As announced on 4 February 2020, Work Plus Store (Kallang Bahru) Pte. Ltd., a joint venture company of the Group, has completed the acquisition of a property at 202 Kallang Bahru in Singapore and is expected to commence renovations on or after 1 June 2020 due to the circuit breaker measures and subject to any further directive(s) from the Singapore Government.

With respect to the Facilities Management Business, the Group continues to seek more external facilities management contracts by providing integrated facilities management services covering repair, maintenance and cleaning of buildings and offices, pest control and fumigation.

For the carpark business in Singapore, the Group expects a potential decrease in parking activity in view of the circuit breaker measures and safe distancing measures implemented by the Singapore Government since March 2020.

With respect to the Logistics Services Business, the Group remains cautious as a decrease in logistics services and a delay in collection of receivables may be possible in the coming periods given the decline in global economic activity.

Looking ahead, the Group will monitor the situation carefully and will make further announcement(s) as and when there are material development(s) to the abovementioned matters.

[1] https://www.mas.gov.sg/-/media/MAS/EPG/MR/2020/Apr/MRApr20.pdf
[2] https://www.singstat.gov.sg/-/media/files/news/advgdp1q2020.pdf
[3] https://tinyurl.com/y76hlsuj
[4] https://tinyurl.com/y7xahhrz

About LHN Limited

LHN Limited (the "Company", and together with its subsidiaries, the "Group") is a real estate management services group, with the ability to generate value for its landlords and tenants through its expertise in space optimisation, and logistics service provider headquartered in Singapore.

The Group currently has three (3) main business segments, namely: (i) Space Optimisation Business; (ii) Facilities Management Business; and (iii) Logistics Services Business, which are fully integrated and complement one another.

Under its Space Optimisation Business, the Group primarily secures master leases of unused, old and under-utilised commercial, industrial and residential properties and through re-designing and planning, transforms them into more efficient usable spaces, which are then leased out by the Group to its tenants.

Space optimisation generally allows the Group to enhance the value of properties by increasing their net lettable area as well as potential rental yield per square feet.

The Group's Facilities Management Business offers car park management services and property maintenance services such as cleaning, landscaping, provision of amenities and utilities, and repair and general maintenance principally to the properties it leases and manages, as well as to external parties.

Under its Logistics Services Business, the Group provides transportation services, container depot management services and container depot services. The Group transports mainly ISO tanks, containers, base oil and bitumen, provides container depot management services and provides container depot services which include container surveying, container cleaning, on-site repair and storage of empty general purpose and refrigerated containers (reefer).

The Group currently operates mainly in Singapore, Indonesia, Thailand, Myanmar, Malaysia and Hong Kong.

Issued for and on behalf of LHN Limited
For more information please contact:
Jess Lim Bee Choo
Group Deputy Managing Director
E-mail: jess.lim@lhngroup.com.sg

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Found8 coworking launches biggest COVID-19 membership relief

SINGAPORE, May 4, 2020 – (ACN Newswire) – In light of COVID-19, its effect on SMEs in Singapore and the extension of the Circuit Breaker, Found8 has launched a membership relief of 30% for the months of May, June and July to all of their active members. Found8 understands that this is the largest and longest relief passed to coworking users in Singapore to date





Found8 is a curated, innovation-focused, coworking provider with over 1000 members across Singapore and Kuala Lumpur, Malaysia. It is the leading coworking space for the startup and innovation community. Offering capacity-building programs, corporate innovation services, and access to capital, Found8 enables its game-changing members to collaborate and grow.

Found8 co-founder Grace Sai commented, "Although we've received support from only some of our landlords, we have decided to take on the bulk of responsibility of supporting our members by taking this relief primarily out of our own pocket. We are a community that has a set of strong values that includes 'Care Beyond Profit' and that has not wavered, even during a crisis. In fact, a crisis like this tests the values system of coworking operators, and whether they truly are member-centric as most claim to be, in good times."

Found8 co-founder Michelle Yong commented and continued "And this is our gesture to do just that; back our members, through good times and bad. This is a crucial time for startups and SMEs. We hope that with this relief, Found8 members will be able to see through these difficult times and stay with us as they continue to innovate with solutions for the local and global community."

Found8 continues to support the community with a free Resource Pack, conducting research on the challenges faced by business owners and employees via an Ecosystem Survey, as well as launching the F8 Virtual Community online.

For the members of Found8 KL Sentral in Malaysia, Found8 is currently working on a relief package in line with its landlord and the Malaysian government's relief schemes.

About Found8

Found8 is over 1000 members strong across KL and Singapore. It is the leading coworking space provider and innovation community, enabling their game-changing members to collaborate and grow by providing the right network, knowledge, and environment.

Their 6 locations in central business locations in KL and Singapore including Amoy Street, Orchard, Tanjong Pagar, Prinsep and High Street Center and in the heart of KL at KL Sentral makes them one of the widest spread Singaporean coworking players on the market. Found8's goal is to support the development and creation of innovative companies of all sizes.

Questions? Email hello@found8.com to find out more.
Contact: Laura, Growth Marketing Manager, laura@found8.com


Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Startup Domineum.io Generates $5M for African Govts within 11 months

LONDON, Apr 29, 2020 – (ACN Newswire) – As blockchain technology is taking the market by storm and creating exponential growth, Africa would not be exempted. Delivering blockchain-as-a-service (BaaS) and AI enabled SaaS designed to increase the efficiency of marine services and land department real estate services for government agencies, blockchain startup Domineum.io and its founder, serial entrepreneur Geoffrey Weli Wosu, managed to create more than US$5 million for several African governments during the final 11 months of fiscal 2019.

What makes blockchain technology so powerful? Blockchain's data structure, immutability and tamper detection, data protection, distributed ledger technology, relative user anonymity, the promise of ever-increasing IT spend, to name a few. Blockchain technology is already changing the way many segments operate, while its technology market is expected to grow from US$1.2B in 2018 to US$23.3B by 2023, an annual growth rate of 80.2%.

Ken Griffin, Citadel founder and philanthropist, says, "Blockchain's a very interesting technology that will have very profound applications for society over the years to come." Vitalik Buterin, co-founder of Ethereum, says, "Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly."

Blockchain technology allows users to participate in peer-to-peer transactions without involving central mediators, Financial Services and Insurance (BFSI) logically emerged as an early adopter. But many believe the true value of this revolutionary technology will be best felt across the developing world. From elections to international remittances, energy services to alternatives to banking, many issues could potentially be solved by a few principles inherent to blockchain: transparency and decentralization.

As a distributed ledger, or blockchain, technology company, Domineum Blockchain Solutions was established to assist Governments and Companies integrate Blockchain into their operations. Headquartered at Level39, London, with an R&D unit in San Francisco, a technology resource centre in Tallinn, and a current operational base in Nigeria and Sierra Leone, Domineum aims to disrupt several sectors in the emerging markets and leapfrog the current infrastructure with blockchain technology.

Domineum.io has quickly become a major developer of AI-enabled Blockchain Solutions for government agencies, financial institutions, and real estate and marine authorities interested in achieving the agility and capability needed to compete in current and future markets. In 2019, Weli Wosu and Domineum signed strategic Government alliances with Sierra Leone and Nigeria's Abia State, producing revenues of more than $5 million within the fiscal year for the Government agencies.

No stranger to the markets, Geoffrey co-founded Voguepay.com, a payment processing platform established in 2012 with over 100,000 global merchants today; and invested (Level39) in Analytics Intelligence, an artificial intelligence (AI) technology start-up that provides solutions for data collection and analysis to a wide variety of customers in Europe, America and Africa.

Geoffrey studied Business (2006) and Law (2009) at the University of Bolton in the UK, he's an Associate Member of the British Computer Society (AMBCS), Member of Level39, and author of "E-Government Solutions for the Developing World", "How to Simplify the Work of Governments in Developing Countries", and "Combining Blockchain and AI to Grow the Global Digital Economy" (ref: academia.edu).

For more information on the project pipeline, or to enter the discussion, please visit:

Website: https://www.domineum.io
Twitter: https://twitter.com/domineum
LinkedIn: https://www.linkedin.com/company/domineum/
Telegram: https://t.me/domineum

Media Contact:
Geoffrey Weli-Wosu
geoffrey.weliwosu@domineum.io
www.linkedin.com/in/geoffreyweliwosu
Level39, One Canada Square,
Canary Wharf, London, UK.


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ZALL Smart Commerce Group Sends Medical Supplies from Across Asia to Fight the Outbreak

SINGAPORE, Feb 28, 2020 – (ACN Newswire) – ZALL Smart Commerce Group (ZALL), the premier e-commerce group in Asia, is leading the charge to provide medical supplies and humanitarian aid to the field hospitals and quarantine facilities in Hubei and Wuhan, as they continue their battle against the coronavirus (2019-nCoV) outbreak.

To date, ZALL has provided six air cargo shipments of emergency medical supplies, including masks, protective clothing, goggles, gloves, and disinfectants sourced from Asian countries including Cambodia, India, Japan, and the Philippines for the equivalence of RMB60 million (S$11.9 million).

Mr Peter Yu, ZALL Deputy Chief Executive said, "We were the first company to react to the shortage of medical resources in Wuhan, mobilizing partners across the Asian region to deliver emergency medical supplies including 3.2 million facemasks and 210,000 of medical protective clothing on 26 January, within 48 hours of the city's lockdown, tapping our global end-to-end supply chain networks and resources in Asia."

On the ground, ZALL partnered with local facilities to set up seven emergency hospitals and two quarantine field facilities in Wuhan and Hubei comprising of 7,500 beds, helping to alleviate the severe hospital bed shortage at the epicentre, and donated 10 new negative-pressure ambulances to transport coronavirus patients.

Since the lockdown, all flights and passenger train services from Wuhan have been cancelled and stopped, while intra-city transport such as buses, subways, and ferries are being suspended. The Hubei government has further imposed a ban on vehicle transport across the province to curb the spread of the virus.

Despite these restrictions, ZALL was able to secure the assistance of governments, embassies and civil aviation authorities in China, Cambodia and Japan, designating green lanes for expedited customs clearance, and arrange air cargo shipments for the emergency medical deliveries to Hubei and Wuhan.

"We have our eyes on global supply chains, and our immediate efforts have been to provide assistance to areas where we are seeing the greatest shortages in medical aid and equipment. We have been working with our best efforts to alleviate the crises," added Mr Yu.

ZALL incorporates environmental and social sustainability as part of its long-term growth strategy, and has invested in a number of sustainable development initiatives across the region. These include building schools to provide equal access to quality education, supporting the breeding of critically endangered species to protect terrestrial ecosystems and biodiversity, investing in clean and affordable energy to tackle climate change, and digital banking to cater to the underserved SMEs and retail customers in Asia.

Since 2018, ZALL has invested in four projects in Singapore, including the Commodities Intelligence Centre (CIC), Singapore's first physical commodity eTrading platform (B2B) powered by blockchain technology; ZMA Smart Capital, an online trade finance company; ZALL Chain Technology, a blockchain solutions company; and the recent application for the Singapore digital banking licence. Through these and future initiatives, ZALL hopes to contribute to the development of digital finance, blockchain solutions and the trading ecosystem in Singapore.

[1] The seven emergency hospitals and two quarantine facilities are ZALL Changjiang Emergency Hospital; ZALL Jianghan Emergency Hospital; ZALL Dabieshan Emergency Hospital; ZALL Panlong Cheng Emergency Hospital; ZALL Luotian Emergency Hospital; ZALL Jingjiang Emergency Hospital; ZALL Suizhou Emergency Hospital; ZALL (Wuhan Keting) Quarantine Facility; Wuhan International Exhibition Centre ZALL (Jianghan) Quarantine Facility.
[2] ZALL donated RMB60 million towards building the Sanli Fan Dehe Primary School with 36 classes for over 1,500 students in support of access to quality education worldwide.
[3] ZALL supports the breeding program of the Aythya Baeri (Baer's Pochard), a critically endangered diving bird, to protect terrestrial ecosystems and biodiversity. Only 1,000 remain globally, of which 300 gather in Wuhan.
[4] ZALL invests in affordable and clean energy, cooperating with mining companies such as Indonesia's PT AME, to enable independent power plants to generate less coal ash and comply with global emissions standards through clean coal technology. ZALL further facilitated the shift towards clean energy with the international procurement and distribution of LNG in China through Singapore.
[5] ZALL operates Z-Bank, a digital bank in China which supports more than 12 million SMEs and retail customers (as of 12/2019). The Group currently leads a consortium for the digital bank license in Singapore.

About ZALL Smart Commerce Group Ltd

ZALL (2068.HK) is Asia's leading business-to-business ( B2B ) e-commerce group, with a footprint wrapping the globe. ZALL is engaged in businesses across many sectors, including the property development of wholesale trade centres; hotels, exhibition and tourism; port construction and operation, port and warehouse leasing, logistics services and supply chain management and trading services; e-commerce platforms; and digital banking business.

ZALL develops and operates Asia's largest B2B offline-to-online trade ecosystem, in China / Southeast Asia / Singapore, with more than 30 B2B platforms across China, US and Singapore, and a GFA of more than 10 million sqm of wholesale trade centres in China. In 2018, ZALL achieved a GMV of more than RMB 600 billion (US$85.2 billion), serving over 1 mil SME customers worldwide. For more information, please visit http://en.zallcn.com/

Media enquiries:
PRecious Communications for ZALL Smart Commerce
Email: ZALL@preciouscomms.com
Phone: +65 6303 0567


Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

LHN Limited continues to deliver steady performance and achieves revenue of S$111.1 million in FY2019; net profit of S$8.7 million

SINGAPORE, Feb 7, 2020 – (ACN Newswire) – Real estate management services group LHN Limited ("LHN", and together with its subsidiaries, the "Group") reported a revenue of approximately S$111.1 million for its full year ended 30 September 2019 ("FY2019"), an increase of 1.7% compared to the corresponding period last year ("FY2018"). Such increase was mainly attributed to an increase in revenue from the (i) commencement of operations of two new premises under the Residential Properties' co-work co-live business; (ii) management of carparks under the Facilities Management Business; and (iii) Logistics Services Business.

FY2019 also recorded (i) a gain on disposal from our security business; and (ii) an increase in share of results of associates and joint ventures ("JV") mainly from increase in share of operating profits and net increase in fair value gain on investment properties. These were partially offset by an increase in cost of sales mainly due to the increase in rental costs relating to the new co-work co-live business, upkeep and maintenance costs and container depot management charges. As a result of the above factors, the Group's net profit increased by 51.2% to approximately S$8.7 million in FY2019.

Revenue from the Group's largest segment, Space Optimisation Business, dropped 2.7% year-on-year mainly due to movement of tenants due to expiry of sub-leases and renewal of sub-leases at lower rental rates. On a positive note, the average occupancy rate of the Commercial Properties increased by 4.6 percentage points to approximately 90.8% in FY2019.

Revenue derived from our Facilities Management Business increased by approximately S$0.9 million or 4.6% from approximately S$19.5 million in FY2018 to approximately S$20.4 million in FY2019 mainly due to increase in revenue from the management of new carparks in Singapore and Hong Kong and full-year revenue contribution in FY2019 from some carparks secured in the second and fourth quarter of FY2018. This was partially offset by the decrease in revenue from the security services business as a result of the completion of the disposal of the business on 31 May 2019.

Revenue derived from our Logistics Services Business increased by approximately S$2.7 million or 12.3% from approximately S$22.2 million in FY2018 to approximately S$24.9 million in FY2019 mainly due to increase in transportation services provided from the trucking business and increase in demand for storage and repairs of leasing containers in Thailand.

Having delivered a better performance this year, the Group proposed a final dividend of 0.5 Singapore cents per share, subject to approval by shareholders at the forthcoming annual general meeting.

Business Outlook

Under the JTC Market Report for the industrial property market (3Q2019), the occupancy rate of the overall industrial property market in Singapore remained unchanged at 89.3%. However, compared to a year ago, occupancy rate of the overall industrial property market rose by 0.2 percentage points. The prices and rentals of the industrial spaces remained stable, with the price index of overall industrial space increased marginally by 0.1% as compared to the previous quarter while the rental index remained unchanged during the same period. In view of the abovementioned, the Group will continue to focus on tenant retention to maintain a stable occupancy rate for its industrial properties.

Based on the latest statistics from the Urban Redevelopment Authority, the rental index of office space decreased by 0.6% in 3Q2019, compared with the 1.3% increase in the previous quarter. Our Space Optimisation Business which involves leasing out commercial properties, is expected to remain cautious in view of the uncertainties in the business outlook.

Looking ahead, the Singapore economy is expected to remain volatile and the Group is cautiously exploring new opportunities in Singapore and also other growth markets in the ASEAN region to expand its current business offerings.

In China, the Group had entered into a 15-year lease agreement to set up the co-living and co-working space business in Nanan City, Quanzhou, Fujian Province, the People's Republic of China (the "Nanan Project"). The leased property of the Nanan Project is a 10-storey building with a total gross floor area of approximately 7,400 square metres. It is expected that the renovation will be completed in the first quarter of our financial year ending 30 September 2020 with operation commencing in the following quarter. As at the date of this announcement, the Group has injected capital of RMB9.9 million (equivalent to approximately S$2.0 million) into its wholly-owned subsidiary in Nanan to fund part of the renovation costs of the building of the Nanan Project. For further details, please refer to the Company's announcement dated 22 March 2019.

In Cambodia, the construction of the serviced apartments, Axis Residences at Street Duong Ngeap III, Phum Teuk Thla, Sangkat Teuk Thla, Khan Sen Sok, Phnom Penh City, Kingdom of Cambodia is also expected to be completed in the second quarter of our financial year ending 30 September 2020.

Besides focusing on growing the co-living space business under the Space Optimisation Business, we will continue to look for new properties and opportunities to grow and expand our Space Optimisation Business in Singapore and in China, in other regions that we currently have a presence in as well as into other countries in Asia.

In Singapore, our carpark management under the Facilities Management Business had successfully retendered for a 3-year carpark lease for the second time by the Parliamentary Secretariat on behalf of the Government of Singapore.

With respect to the Facilities Management Business, the Group will continue to seek more external facilities management contracts by providing integrated facilities management services covering repair, maintenance and cleaning of buildings and offices, pest control and fumigation. In addition, the Group will continue to look for more locations for its car park management business in both Singapore and Hong Kong and also intends to expand the car park management business to Cambodia.

According to the Singapore Economic Development Board monthly manufacturing performance for September 2019, the manufacturing output of chemicals decreased 3.9% year-on-year in September 2019. Despite the slowdown, the Group's trucking business performed relatively well in FY2019, attributable to our competitive pricing, on-time delivery and good relationships with our customers.

The Port of Singapore maintained a stable performance in 2018 with an 8.7% increase in container throughput from 2017. In Thailand, Hutchison Ports Thailand opened Terminal D, a state-of-the-art facility, at Laem Chabang Port this year. Laem Chabang, already Thailand's biggest port, is also in line for an 88 billion baht infusion from the Thai government, which is keen to make the berthing spot a core piece of a grand economic project known as the Eastern Economic Corridor. Besides the Thai government's infusion, Hutchison Ports Thailand has announced that it will invest US$600 million to further develop Terminal D. This will help the port as a whole increase its cargo handling capacity by 37%, to 13 million twenty-foot equivalent units. Looking ahead, our container depot business is expected to benefit and expand from this positive outlook.

With respect to the Logistics Services Business, the Group is optimistic on the demand for container storage and repair services and transportation services. As part of the expansion plan in ASEAN countries, the Group has incorporated a subsidiary in Myanmar and intends to set up a new container depot there. In addition, the Group intends to set up a joint venture in Thailand to provide logistics services there.

As announced on 17 May 2019, the Group has received an option to purchase a property at 7 Gul Avenue, Singapore 629651, where the property will be used to operate a parking yard for our logistics vehicles, ISO tank depot and provide logistics services. The property has a total land area of approximately 22,479.7 square meters, gross floor area of approximately 8,284 square meters with a remaining leasehold life of approximately 13 years. The consideration of the property is S$13.0 million and a 5% deposit has been paid. In the event that our Group accepts the offer to purchase the property, the consideration will be funded from net proceeds of approximately S$1.8 million from the global offering of the Company in Hong Kong and the balance will be funded by internal sources of funding and bank borrowings. The sale and purchase of the property is conditional upon, among others, the Group obtaining approval from JTC Corporation ("JTC") for the sale and purchase of the property within 12 weeks from the date of the option to purchase (being 9 August 2019) which has been extended to 27 December 2019. All other terms of the option to purchase remain the same. Please refer to the announcements of the Company dated 17 May 2019, 8 August 2019 and 26 September 2019 for further details. As at the date of this announcement, the option to purchase has yet to be counter-signed by the Group and still remains non-binding on the Group. The Company will make further announcement(s) as and when there are material development(s) to the proposed acquisition.

About LHN Limited

LHN Limited (the "Company", and together with its subsidiaries, the "Group") is a real estate management services group, with the ability to generate value for its landlords and tenants through its expertise in space optimisation, and logistics service provider headquartered in Singapore.

The Group currently has three (3) main business segments, namely: (i) Space Optimisation Business; (ii) Facilities Management Business; and (iii) Logistics Services Business, which are fully integrated and complement one another.

Under its Space Optimisation Business, the Group primarily secures master leases of unused, old and under-utilised commercial, industrial and residential properties and through re-designing and planning, transforms them into more efficient usable spaces, which are then leased out by the Group to its tenants. Space optimisation generally allows the Group to enhance the value of properties by increasing their net lettable area as well as potential rental yield per square feet.

The Group's Facilities Management Business offers car park management services and property maintenance services such as cleaning, landscaping, provision of amenities and utilities, and repair and general maintenance principally to the properties it leases and manages, as well as to external parties.

Under its Logistics Services Business, the Group provides transportation services, container depot management services and container depot services. The Group transports mainly ISO tanks, containers, base oil and bitumen, provides container depot management services and provides container depot services which include container surveying, container cleaning, on-site repair and storage of empty general purpose and refrigerated containers (reefer).

The Group currently operates mainly in Singapore, Indonesia, Thailand, Myanmar, Malaysia and Hong Kong.

Issued for and on behalf of LHN Limited
For more information please contact:
Jess Lim Bee Choo
Group Deputy Managing Director
E-mail: jess.lim@lhngroup.com.sg

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