Daily Briefing: oBike working on investor agreement for refund process; CDL may soon sell units in St Regis Residences

And fintech startup Credit Culture raises $40m in funding round.

From Channel News Asia:

Liquidators of oBike revealed that they have been “working actively” with the bike-sharing firm’s new investor to come up with an agreement where creditors retrieve their money.

Senior managing director for liquidators FTI Consulting, Joshua Taylor, explained that his team has met with oBike’s new investor thrice to provide the necessary information and has even provided a draft agreement.

These creditors include users who previously paid a $49 deposit to use oBike services, as well as former vendors for the bike-sharing company.

Read more here.

From Property Guru:

City Developments Limited (CDL) may consider to release apartment units currently held for investment in branded residence St Regis Residences, parent firm Hong Leong group revealed.

The 999-year leasehold St Regis Residences in District 10 along Tanglin Road was built in 2008. It consists of 173 apartments spread across two 23-storey towers. Adjacent to the residences is The St. Regis Singapore, a five-star hotel with 299 luxury guest rooms. Based on PropertyGuru listings, unit prices range from S$3.95 million to S$16 million.

“St. Regis Residences is the art of living. It is the mark of luxury and quality service buyers can recognise and cherish. With such brand awareness, it also makes a good long term investment,” said Kwek Leng Beng, Executive Chairman of CDL and Hong Leong Group.

Read more here.

From e27:

Fintech startup Credit Culture raised $40m worth of funding from Malaysian-listed investment holding company, RCE Capital Berhad.

The funding is to be directed to build up Credit Culture’s operational capability as it gathers pace to be one of the first pilot licensees to operate under the new pilot by the Ministry of Law on new business models for the personal loans industry.

“This investment aligns with RCE Capital’s core business of providing personal loans and bringing opportunities to the underbanked,” said Shahman Azman, Chairman of RCE Capital Berhad.

Read more here.

Photo from Property Guru.

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