The trustee plans to appoint SCCPRE Hospitality REIT Management, a unit of locally based SC Group. The appointment is subject to four resolutions to be voted on in an EGM on Dec 30. Urban Commons was included in the RFP (request for proposal) process but failed to provide a credible and actionable plan for the management and recapitalisation of the REIT.
Based on various filings on SGXnet, Urban Commons appears not to have injected cash into the REIT since IPO. On the other hand, they have defaulted under the master lease agreements including their contractual obligation to pay rent for the properties.
