Singapore-based lifestyle real estate and investment company Rowsley Ltd, that is part-owned by billionaire Peter Lim, has called off its pact with Vietnam’s Hoang Anh Gia Lai Joint Stock Company (HAGL) to jointly build and manage a $550-million (S$748-million) mixed-use development in Yangon, Myanmar.
The two companies had announced the deal in February this year, under which Rowsley was to invest $275 million for 50 per cent stake in one of the largest mixed-use developments in Yangon, while HAGL would have to make the remaining investments, and undertake construction of the entire project.
Rowsley and HAGL Land were initially to hold 50 per cent stakes in the joint venture, with the Singapore-based having the option to increase its interest in the joint venture in the future.
“The company will not enter into the proposed joint venture as the conditions precedent under the Heads of Terms Agreement have not been satisfied. The company will continue to explore other investment and development opportunities,” Rowsley said in a filing with the Singapore stock exchange.
Peter Lim holds a 49.55 per cent stake in Rowsley whose two key assets include RSP Architects and Vantage Bay, Iskandar in Malaysia.
Last month, the company had tapped the bond markets at an initial price guidance of 6.50 per cent coupon, in its debut three-year bonds issue.
Rowsley’s other investments include, Streamax International Holding Co Limited, a stainless steel recycling company in China that has a proprietary nickel bean manufacturing process; Auhua Clean Energy PLC, an environmental technology group based in the Shandong province of China that specialises in the development and application of green energy and energy efficient water heating solutions; FJ Benjamin Holdings Ltd, a mainboard listed co that is principally engaged in the business of luxury fashion and timepiece distribution and retailing and Epicentre Holdings Limited, that is listed on the Catalist board of Singapore Exchange and is a one-stop premium retailer specialising in the sale of Apple brand products and its complementary products.