Alset soars 19.4% after Tesla partnership announcement
Singapore
SHARES of Alset International rose on Tuesday after the previous day's announcement of its partnership with electric vehicle (EV) company Tesla to deliver its first 20 eco-friendly homes (Ehomes) in the Houston area of Texas.
The stock rose 19.4 per cent, or 1.2 Singapore cents, to reach an intraday high of 7.4 cents. It ended the day at 6.6 cents, up 0.4 cent or 6.45 per cent higher than Monday's close of 6.2 cents, with 26.61 million shares changing hands.
No married deals were recorded throughout the day, according to ShareInvestor data.
The Catalist-listed property investment and development company formerly known as Singapore eDevelopment had earlier announced that its US-based indirect subsidiary, Alset EHome, had signed a strategic agreement with Tesla.
Under the agreement, an initial supply of photovoltaic (PV) solar panels, Powerwall battery systems and EV chargers will be installed in 20 single-family homes in Northpark Community in Porter, Texas.
The group also has 10 more such homes under contract in the same community scheduled for closing at end-June.
Together with an additional 70 units in the Houston area that it also intends to acquire, the group is targeting a total of 100 Ehome deliveries for 2021.
Homes in the first phase of one of its flagship developments, Alset at Black Oak, are nearly sold out, the group said.
Alset also aims to feature Tesla solar PV roof panels, Powerwall systems and EV chargers in the 650 units that are planned at this development in Magnolia, Texas, north of Houston. The group added that development in future phases is "progressing well".
The group reiterated in its announcement that the community will integrate a clean energy ecosystem encompassing housing, transport and electricity. For instance, each Alset Ehome will come with a Tesla vehicle to promote the use of electric vehicles.
Furthermore, the community's amenity centre will feature vegetable farming, a cafe, visitor residences, infant or childcare clubs and a social events venue.
Future homes will also be built with energy efficient platforms supporting clean, sterilised airflow and advanced communication systems, Alset said.
"We are delivering what we believe will be the model housing ecosystem of the future. As more people look to make sustainable choices in their selection of homes, we are keen on making the transition for our customers the easiest it can be," said Charley MacKenzie, US chief executive of Alset EHome, adding that this would help "accelerate the world's transition to sustainable energy".
Chan Heng Fai, chairman and chief executive of Alset EHome's parent company Alset EHome International, added that the plan is to develop over 5,000 Ehomes in the next three to five years while expanding this concept "on a global scale".
Alset's plans to build Ehomes were first unveiled on Oct 5, 2020, through an advertisement in The Business Times along with a bourse filing on the same day.
