Imperium Crown receives interest for two properties in Japan for 3.05b yen

IMPERIUM Crown Limited said it has received letters of intent for the remaining two of its properties in Tokyo, Japan, for 3.05 billion yen (S$38.6 million).

These properties are namely Green Forest Itabashi, which comprises a 1,221.67 sq m leasehold land and an 11-storey retail cum apartment building; and Hatchobori Place, a six-storey retail cum office building and 579.98 sq m of the land that the building sits on.

Imperium Crown's Japanese portfolio consists of five properties in Tokyo. The group had earlier received letters of intent for three other properties for S$41.8 million. On April 7, it signed a sales and purchase agreement for one of the three properties for S$19.3 million.

The sale of its Japanese property portfolio is aimed at strengthening the group's cash and financial position to embark on its proposed business plans in the coming years.

It has, in recent months, set its sights on Australia and China as potential growth markets and it is exploring opportunities to enter these markets.

Group executive chairman and CEO Wan Jinn Woei said that the group has been approached by interested investors seeking to partner it 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," he added.