Today: November 14, 2018, 6:09 pm

Singapore eDevelopment Announces Corporate and Business Update

Singapore eDevelopment Announces Corporate and Business Update 2018-06-19 03:54:16
SINGAPORE, June 18, 2018 - (ACN Newswire) - The Board of Directors of Singapore eDevelopment Limited ('SeD'; SGX 40V) wishes to provide shareholders an update on the Group's operations.

1 - Review of Core Businesses

SGX Catalist-listed SeD (Stock Code: 40V) has strategically positioned itself as an investment holding company and embarked into new ventures whilst keeping on track with its existing businesses. The Group is involved in incubation of companies and the development of innovative and disruptive technologies and its business has undergone transformation to enable the Group to compete in the new economy so as to generate benefits for its shareholders.

2 - Our Business Operations

2.1 - International Property Development

The Group has successfully completed the internal restructuring exercise in relation to the corporate shareholding structure for subsidiaries of the Group engaged or involved in the property development business in North America. Under this restructuring, the Group's indirect holding of 100% of SeD Home Inc. where all our US property assets are, has been transferred to SeD Intelligent Home Inc., an Over-the-Counter (OTC) company in Nevada, USA; resulting in the Group's effective shareholding of SeD Home Inc. being reduced to 99.99%.

Our international property development division's main assets are two property development projects: one located north of Houston, Texas (referred to as our 'Black Oak' project) and one located near Washington D.C. in Frederick, Maryland (referred to as our "Ballenger Run" project).

Black Oak - Development work for the Black Oak project continues on critical infrastructure and the Group is focused on improving the cashflow of the project by sourcing financing, securing sales contracts, and seeking infrastructure reimbursements from the relevant improvement district. The Group has received several non-binding letters of intent to purchase lots and have progressed to more detailed discussions with potential purchasers. In addition, the Group has been informed by Harris County Improvement District 17 (HCID17) that they are in the advanced stages of fund-raising activities which could potentially result in some infrastructure reimbursements for the Black Oak Project.

Ballenger Run - 42 residential lots of the Ballenger Run project were sold in FY2017 generating S$7.6 million in revenue. Thus far, in FY2018, there have been 40 residential lots of the Ballenger Run project sold, generating S$6.0 million in revenue. The Group expects continued lot purchases in 2018 in accordance with the lot purchase agreements signed with NVR Inc. We also expect to complete the sale of the Ballenger Run multi-family parcel in FY2018 as per the agreement signed with Orchard Development Corporation. In addition, we have received letters of intent with interest in purchasing the remaining portion of Ballenger Run, which is the continuing care retirement community parcel.

Perth - The Group originally owned three plots of lands in Mandurah City, Perth. As our focus is in the development of Black Oaks and Ballenger Run, the Group is not looking into commencing any development of the lands in Perth. In FY 2017, we sold one plot of land and the Group has offered the remaining two plots of lands for sale in the market.

The Group will continue to develop our two main property development projects, Black Oak and Ballenger Run whilst looking for other opportunities to improve the performance of the international property development division.

2.2 - Information Technology Business

Our Information Technology division, HotApp BlockChain Inc. ("HotApp") had seen the successful transition to focus on business to business services. Its multi-level marketing ("MLM") mobile application was revamped with frontend and backend integration to serve global MLM organisations.

HotApp has secured a twelve months' retainer contract with Document Security System, Inc. ("DSS") a U.S. New York Stock Exchange-listed company, to provide HotApp's expertise in the enhancement and development of DSS's mobile authentication product serving Fortune 500 companies. DSS specialises in combating counterfeit products through its proprietary technology and we look forward to more collaborations with DSS which is seeking to expand to Asia.

HotApp has also been actively participating in blockchain opportunities and has initiated efforts to build blockchain systems architecture as part of the development efforts.

HotApp has strengthened its management by appointing Mr Sanjiv Kalita as a nonexecutive Director. Mr Kalita is presently the Chief Executive Officer of the Guppy Group, a next generation credit bureau built on blockchain technology. He is well known in the fintech industry and has helped set up various fintech events including Money 20/20 in 2013. Mr. Kalita has also worked for Intel and Citibank and holds an MBA from the Kellogg School of Management, as well as a BSc and Mechanical Engineering from Cornell University where he majored in Electrical Engineering.

Mr Kalita comes with a vast experience in the technology arena and we hope to tap on his expertise and contacts as we expand into new territories.

2.3 - Capital Services

In May 2017, SeD acquired Hengfai Asset Management Pte Ltd ("HFAM") which is a registered fund management company regulated by the Monetary Authority of Singapore. The acquisition includes four funds under management, out of which two of the funds, Global Systematic MultiStrategy Fund ("GSMS") and Global Opportunity Fund ("GOF") are live.

GSMS - The Group is pleased to note that GSMS has welcomed onboard, its maiden external institutional investor. This is an encouraging endorsement of our fund's performance and track record. GSMS has achieved a net return of approximately 20% in the financial year ended 31 December 2017 based on calculations by its fund administrator, Maples Fund Services (Singapore) Pte Ltd. GSMS intends to distribute these net returns to its investors according to their respective investment sums.

HFAM continues to look out for external investors whilst continuing to build a credible and solid performance track record to draw in funds for management and help its investors generate substantial appreciation in wealth. In line with this, it has also set up feeder funds which will expand its target group of investors to include US accredited investors.

Full release can be viewed at

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