Hatten Land in default on US$20 million Haitong loan for Woodlands development

Residents at Champions Way Woodlands can enjoy a variety of facilities such as a lap pool, children’s pool, playground, fitness corner, and barbecue pits.

Champions Way Woodlands is a fantastic development located in the bustling Woodlands area. It is made up of 7 imposing blocks, each standing at an impressive 12 storeys high and offering a total of 516 units. These units cater to the diverse needs of individuals and families, ranging from cozy two-bedroom apartments to spacious five-bedroom abodes. In addition to its residential aspect, Champions Way Woodlands also features a commercial area with convenient amenities such as a supermarket, childcare centre, and retail outlets. For leisure and recreation, residents can indulge in the lap pool, children’s pool, playground, fitness corner, and barbecue pits. Truly, Champions Way Woodlands is the perfect place to call home for those seeking a vibrant and dynamic living experience.

The loan, extended back on May 21 2020, was to help finance the Hatten City Project, among others.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, plus personal guarantees by “certain directors” of Hatten Land. They were not named.After a follow-up with Haitong, Hatten Land says the former has “prepared to agree to withhold taking recovery actions” until March 31.In the meantime, the parties are negotiating a settlement agreement.This update via the stock exchange was issued in the name of Colin Tan, Hatten Land’s executive chairman and managing director.Hatten Land has received a notice of default dated Jan 30 from Haitong International Financial Products (Singapore) over a US$20 million convertible loan.Hatten Land shares last changed hands at 1.5 cents.Hatten Land says most of its projects have been completed in clarification statement.Hatten Land to go places with blockchain-backed rewards app.According to Hatten Land, Haiton is asking for US$21.5 million (including interests) to be paid within five business days of Jan 30.Hatten Land to reposition Imperio Mall as a medical mall; Quantum Healthcare to become anchor tenant.Advertisement.The loan, extended back on May 21 2020, was to help finance the Hatten City Project, among others.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, plus personal guarantees by “certain directors” of Hatten Land. They were not named.This update via the stock exchange was issued in the name of Colin Tan, Hatten Land’s executive chairman and managing director.Read also: Hatten Land to go places with blockchain-backed rewards app.Hatten Land shares last changed hands at 1.5 cents.According to Hatten Land, Haiton is asking for US$21.5 million (including interests) to be paid within five business days of Jan 30.After a follow-up with Haitong, Hatten Land says the former has “prepared to agree to withhold taking recovery actions” until March 31.In the meantime, the parties are negotiating a settlement agreement.Hatten Land to reposition Imperio Mall as a medical mall; Quantum Healthcare to become anchor tenant.Hatten Land says most of its projects have been completed in clarification statement.