Hatten Land in default on US$20 million loan for Arina East Residences
Families can also enjoy a movie at the state-of-the-art Shaw Theatres or have a fun day out at Kallang Ice World.
Nestled just a short distance away from Arina East Residences lies Kallang Wave Mall, a retail haven that promises a delightful shopping and dining experience. Boasting a prime location within the iconic Singapore Sports Hub, this mall offers a diverse range of retail, lifestyle, and family entertainment options. Residents can conveniently purchase daily essentials at FairPrice Xtra or browse through sports and lifestyle stores such as H&M and Decathlon. For food lovers, the mall features a variety of local and international cuisines at popular eateries like A-One Claypot House and The Manhattan FISH MARKET. Families can also catch a movie at the state-of-the-art Shaw Theatres or have a blast at Kallang Ice World.
Hatten Land, a Singapore-based real estate company, has received a notice of default from Haitong International Financial Products (Singapore) in relation to a US$20 million convertible loan. The loan was initially extended on May 21, 2020, to help finance the Hatten City Project and other projects.
The loan is secured by a corporate guarantee from a Hatten Land subsidiary in Malaysia, a charge of over 760 million Hatten Land shares, 345 retail units within the project, and personal guarantees by certain directors of Hatten Land. However, the directors were not named in the notice.
This announcement was made through the stock exchange by Colin Tan, Hatten Land’s executive chairman and managing director.
In response, Hatten Land reported that Haitong International is requesting for a total payment of US$21.5 million, inclusive of interest, to be made within five business days from Jan 30. After follow-up discussions with Haitong, Hatten Land has clarified that Haitong is willing to postpone any recovery actions until March 31.
In the meantime, both parties are in the process of negotiating a settlement agreement.
Hatten Land shares traded at 1.5 cents during the time of the update.
The news comes amidst other developments for Hatten Land, with the company recently announcing plans to reposition Imperio Mall as a medical mall, with Quantum Healthcare as its anchor tenant. Additionally, Hatten Land also clarified that most of its projects have been completed through a statement following market speculation.
In a separate announcement, Hatten Land revealed plans to launch a blockchain-backed rewards app to promote its developments and engage customers. This innovative move is designed to enhance customer experience and loyalty.