Daily Briefing: Ofo faces suspension after breaching multiple regulatory requirements; Sunseap buys minority stake in Australian solar construction firm Todae Solar

And Tampines Avenue 10 executive condominium site receives seven healthy bids from developers.

From Channel News Asia:

Bike-sharing firm Ofo is facing suspension if it fails to meet all regulatory requirements by 13 February 2019 which includes downsizing fleet to 10,000 and implementing the Land Transport Authority’s (LTA) QR-code parking system.

Bike-sharing companies are now required to ensure that shared bicycles are parked within designated areas by using a QR-code system, which kicked in on 14 January.

"We view these as serious breaches of critical requirements. Therefore Ofo must meet all regulatory requirements by 13 February 2019, failing which LTA intends to suspend Ofo’s licence," said LTA.

Read more here.

From Deal Street Asia:

Renewable energy firm Sunseap Group has acquired a minority stake in Todae Solar which is one of Australia’s largest solar commercial and industrial engineering, procurement and construction (EPC) companies.

The deal will provide further growth opportunities for both companies to deliver larger and more complex projects in Australia, Sunseap said in a release. The financial terms of the deal were not disclosed.

“This is Sunseap’s first investment in Australia’s commercial solar market and we are excited to enter into this partnership with Todae Solar,” Sunseap co-founder and president Lawrence Wu said.

“We believe that this is a timely move as the outlook for solar photovoltaics in Australia is bullish and the market is growing fast. Through this partnership, we will be able to tap Todae Solar’s extensive network of commercial clients to build a solar portfolio in the country,” he added.

Read more here.

From PropertyGuru:

The tender for an executive condominium (EC) site at Tampines Avenue 10 drew in seven bids from developers, with Hoi Hup Realty and Sunway Developments submitting the highest bid at $434.45m.

“It is not often that you get an EC site in a mature estate,” Huttons Asia’s head of research Lee Sze Teck said. “Furthermore sales of new EC projects in Tampines have been well-received in the past. Plus there is a lot of latent demand in the market for EC units judging from the ground experience. That may explain why we see such robust bids put in by developers.”

Launched for sale in October, the 24,933.7 sqm EC site has a maximum gross floor area of 69,815 sqm and a gross plot ratio of 2.8. It comes with a 99-year lease and could yield 695 housing units.

Read more here.