RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Daily Briefing: More than 70% of oBike's fleet removed in Singapore; Online financing platform Validus Capital pours out $100m for SMEs

And Dalvey Road Bungalow expected to get an offer of more than $100m.

From Yahoo! News Singapore:

More than 70% of oBike’s fleet size of around 40,000 to 50,0000 bicycles have been removed from public spaces in Singapore after its exit in June.

The LTA told Yahoo News Singapore that oBike’s provisional liquidators have made “significant progress” in removing its bicycles. The company have removed more than 35,000 bicycles since 5 July.

The authority also said that oBike’s provisional liquidators have arranged for a creditor’s meeting to address questions pertaining to the closure of its business in Singapore. Amongst the issues to be discussed is “user deposits, for which oBike founder Shi Yi had personally committed on 1 July to provide a full refund”, added the LTA.

“The LTA and the relevant organisations, such as Personal Data Protection Commission (PDPC) and Consumers Association of Singapore (CASE), will continue working closely with the company’s provisional liquidators and oBike’s global office to ensure that oBike exits the market in a responsible manner,” said the authority.

Read more here.

From Deal Street Asia:

Online financing platform Validus Capital deployed $100m small and medium enterprises (SMEs) in Singapore with average funding amount of $70,000 per request.

“We have innovations in the pipeline that will give SMEs even more capital flexibility and choice to suit their business strategies, accelerating Validus towards our billion-dollar
financing milestone by mid-2020,” said Validus co-founder and CEO, Ajit Raikar.

Against the backdrop of a $20b SME financing gap in Singapore, Validus Capital aims to finance at least $1 bof the gap in the coming three years and it aims to raise a Series B by end of the year, Raikar said.

Read more ​here​. 

From Property Guru:

A 51,058 sq ft Good Class Bungalow (GCB) at Dalvey Road which is up for sale is expected to get an offer of $100m, JLL revealed. 

Located within White House Park GCB Area, the two-storey bungalow sits on elevated grounds at No. 81 Dalvey Road. The GCB for sale is built in the 1967, with the UNESCO World Heritage Site and the Singapore Botanic Gardens nearby.

Given its large plot size, the freehold property may be subdivided into three GCB plots – making it appealing to developers and investors planning to develop top notch homes within prime GCB areas.

Read more here.

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