Daily Briefing: LTA mulls penalising ofo for excessive bicycle fleet; Real estate firm Hiap Hoe buys Australia properties for $99.16m

And Four Seasons Hotel completes revamp.

From Channel News Asia:

The Land Transport Authority (LTA) is eyeing to impose regulatory actions against ofo for possessing an excessive fleet of bicycles from what was allowed.

In its statement, LTA said ofo was "originally in principle granted" a maximum fleet size of 25,000 bicycles. However, this figure was reduced to 10,000 bicycles "at ofo's request".

"All licencees have complied with the requirement to right-size their fleets by 1 November 2018, except for ofo ... As of 1 November 2018, ofo still has a fleet size that is significantly above its maximum fleet size of 10,000 or even the fleet size of 25,000 that LTA was originally prepared to grant," said LTA.

Read more here.

From Deal Street Asia:

SGX-listed real estate firm Hiap Hoe acquired Australia properties including a hotel and an office building for $99.16m (A$100m) from manufacturing firm BGC Australia’s affliate BAAC.

According to an official statement, the property presents a “prime investment opportunity with high occupancy levels and a diverse mix of blue-chip tenants.” It also added that the property provided the opportunity to increase the company’s recurrent income streams.

The hotel is managed by Starwood Australia Hotels. It is located along the Great Eastern Highway corridor close to several blue-chip companies. It also sits equally between Perth central business district and Perth Airport.

Hiap Hoe has already paid $10.91m (A$11m) on 1 November, and will pay the remaining through a combination of internal resources and debt. The completion of the acquisition is still subject to relevant approvals and agreements from the regulatory authorities of Australia, including the Foreign Investment Review Board of Australia.

Read more here.

From TTG Asia:

Four Seasons Hotel Singapore finished its year-long room renewal programme of its 225 guestrooms including its four suites.

All refurbished rooms and suites now boast large floor-to-ceiling windows, providing sweeping views of the city and allowing plenty of natural light in. In addition, the design of the four suites – the Royal Suite, Governor Suite, Ambassador Suite and the Presidential Suite – takes a leaf from Singapore’s storied history.

For instance, the Royal Suite on the 18th floor is inspired by the nearby Singapore Botanic Gardens, while the 19th floor Ambassador Suite is as colourful and rich as the Peranakan (Straits Chinese) culture it takes after.

Aside from F&B venues such as the one-Michelin-star Jiang-Nan Chun, other amenities include the Four Seasons Spa, rooftop pool on the 20th floor, four tennis courts, and a fitness centre.

Read more here.