AVJennings (ASX:AVJ) has agreed to allow Singapore-based residential property manager Ho Bee Land access to due diligence as part of its competing acquisition proposal, following advice from the company's financial and legal advisors, according to a Friday filing with the Australian bourse.

The Ho Bee Land offer, proposes to acquire all outstanding AVJennings shares not already owned by Ho Bee for AU$0.70 per share under a scheme of arrangement, the filing said.

This follows a previous proposal from AVID, which offered AU$0.673 per share. The company entered into exclusivity arrangements with AVID in relation to this proposal, which remains in effect until Jan. 31, the filing added.

The agreement with AVID included a fiduciary exception, allowing AVJennings to engage with competing proposals despite the "no talk" and "no due diligence" provisions, the company said.

Following financial and legal advice, the Board decided that the fiduciary exception applies to the Ho Bee Land Proposal.

AVJennings clarified that shareholders do not need to take any action at this time, and added that there is no certainty that either proposal will lead to a transaction.

Shares of the company rose nearly 1% in recent Friday trade.