Hiap Hoe eyes Superbowl to create billion-dollar powerhouse property entity

Pre-conditional general offer launched.

Hiap Hoe has launched a pre-conditional general offer for Superbowl Holdings with a cash offer of S$0.75/share, representing a 15% premium over the last traded price, reports OSK-DMG.

The combined Hiap Hoe-Superbowl entity will have S$800m of investment properties and S$600m of residential inventory with RNAV of ~S$1bn, which OSK-DMG believes will raise its profile in the listed property space league.

"We favour the combination of the two companies, which will bring the largest asset within the group, the S$702m Zhongshan Park complex under a single corporate entity, as well as save on dual-listing expenses should Hiap Hoe succeed in delisting Superbowl."