The group also aims to wind up its inactive Malaysian subsidiary with zero equity value.
SINGAPORE - Real estate developer Hatten Land on Aug 5 filed an application to the general division of Singapore’s High Court to be placed under judicial management.
In the period after filing the application and before the court has made its decision, no step can be made to enforce security over the company’s property, or repossess any goods under any hire-purchase agreement, leasing agreement and retention of title agreement, except with the court’s permission.
The judicial management application is also in the light of the group’s latest developments, including the winding-up of its subsidiary Prolific Properties. Prolific Properties’ main asset is a parcel of land in Melaka, Malaysia, which was meant for the development of a project that had not yet been completed. The land parcel was also the subject of a security granted to a Malaysian bank to secure Prolific Properties’ loan, with an outstanding loan balance of approximately RM2.2 million.
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