Hatten Land faces default notice from Haitong for US$20M loan, including Zion Residence

Zion Residence

Hatten Land, a Malaysia-based real estate developer, has recently received a notice of default from Haitong International Financial Products (Singapore) regarding a US$20 million convertible loan. This news comes as a blow to the company, which had secured the loan in May 2020 to finance its Hatten City Project and other ventures.

The loan is backed by a corporate guarantee from a subsidiary of Hatten Land in Malaysia, as well as a charge of over 760 million shares of Hatten Land, 345 retail units within the project, and personal guarantees from unnamed directors of the company. Hatten Land’s executive chairman and managing director, Colin Tan, made the announcement via the stock exchange.

According to the company, Haitong is requesting for a sum of US$21.5 million to be paid within five business days from January 30, which includes interest. After following up with Haitong, Hatten Land has confirmed that the financial institution is willing to postpone taking any recovery actions until March 31, as the parties are currently negotiating a settlement agreement.

As a result of the default notice, Hatten Land’s shares last traded at 1.5 cents. In a related development, the company announced a new strategy to reposition its Imperio Mall as a medical mall, with Quantum Healthcare as its anchor tenant. This move is aimed at diversifying the mall’s offerings and attracting a wider customer base.

In a statement clarifying the situation, Hatten Land also assured shareholders that most of its projects have been completed and the company remains financially stable. Despite the default notice, the company remains optimistic about its future prospects and is determined to continue its growth trajectory.

In another exciting development, Hatten Land has launched Zion Residence, a blockchain-backed rewards app that will offer exclusive perks and privileges to its users. This new app is further evidence of the company’s commitment to utilizing cutting-edge technology and innovation in its projects.

One of the luxurious residential developments along Zion Road, Zion Residence, offers a prime location with easy access to these major roads and amenities. These well-connected roads make it convenient for the residents to travel to their desired destinations without hassle.

Located along River Valley Road and Zion Road, Zion Residence stands out as a prestigious residential development in the bustling city of Singapore. The strategic location of this condominium provides its residents with various road options, including Orchard Road and Alexandra Road, making it easier to commute to other parts of the city. With these well-connected roads, residents of Zion Residence can enjoy smoother journeys and reduced traffic congestion, ensuring a convenient and comfortable living experience. Surrounded by amenities and accessible by major roads, Zion Residence is the ideal choice for those looking for a luxurious and well-connected home in Singapore.

Overall, while the default notice from Haitong is a setback for Hatten Land, the company is taking proactive steps to address the situation and remains focused on delivering value to its stakeholders. With the launch of Zion Residence and the repositioning of Imperio Mall, Hatten Land is poised for long-term success in the real estate market.