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Singaporean prop agency sets right discrepancies over DWR transaction

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Certain issues posted in recent media reports needed clarifying by Singapore's real estate agency that its transaction that Dennis Wee Realty (DWR) was associated with sans monetary terms. The Singaporean real estate agency also mentioned discrepancies between its audited revenue and profit for FY2016 to the figures in its preliminary prospectus.

“As at the date of the press conference, the memorandum of understanding entered into between PropNex Realty and DWR had set out the understanding, intention and agreement-in-principle for, among others, DWR to assist in the transfer of DWR salespersons to PropNex,” said PropNex.

“Neither the company nor (PropNex CEO) Mohamed Ismail had indicated that the transfer of DWR salespersons would be free.”

The statement also clarified that the unaudited revenue of $278.9 million and a net profit of $9.23 million reportedly provided by the company were “announced prior to the group’s consolidation of its business entities in the lead-up to the proposed initial public offering”.

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