SINGAPORE (Oct 31): Singapore eDevelopment (SeD) on Monday gave progress reports on its three core business units of International Property Development, IT and Investment businesses.

In its SGX filing, the company remains optimistic that its strategic actions will accelerate corporate recovery and enhance shareholder value in the mid to long-term.

International Property Development
SeD currently owns two US land sub-division projects, Black Oak and Ballenger Run under SeD Home. While Black Oak is affected by the uncertainty of the US Presidential elections and the possibility of renegotiated sales commitments, Ballenger Run has experienced opposite fortunes, with collaborations with NVR and QingJian International Group, underscoring its attractiveness to investors.

The company has embarked on a “home incubation” programme, where individual homes are bought to resale, and has sold 22 homes to date, complementing the property development business with shorter business cycles. SeD also intends to seek funding for SeD Home from external sources, and has restructured SeD Home’s balance sheet, started discussion to acquire smaller US homebuilding projects, exploring payment or financial structures to accelerate sales commitments as well as meet related needs for homebuyers.

IT Business
On the IT front, SeD’s subsidiary HotApp International has revamped its business model and technology platform to focus on business-to-business services. HotApp has secured two contracts worth S$325,000 to develop a mobile app and backend platform for a real-estate agency business in China and hospitality e-commerce business in Hong Kong and Japan.

HotApp has started discussions with a global communication service provider to form a strategic partnership to offer secure carrier-grade data, voice, video and instant messaging functions to enterprises.

Investment Business
SeD has been in talks with potential clients seeking business incubation, such as capital market opportunities in China. The company has secured about S$70,000 in cash and S$696,000 in convertible notes for projects such as a feasibility study for a Hong Kong firm to explore capital market options and a consultancy contract to restructure a US over the counter bulletin board listed medical company.

SeD is also exploring asset-light projects or opportunities such as alliances, partnerships, distribution rights such as for a mosquito repellent, a New York Stock Exchange-listed company that combats counterfeit products seeking to expand in Asia, and taking stakes in financial institutions in the US, Europe, China and Hong Kong to offer investment and commercial banking services.

Shares of SeD are trading flat at 4 cents.