AVJennings (SGX:A05, ASX:AVJ) has signed confidentiality and exclusivity agreements with Singapore-based Ho Bee Land (SGX:H13), granting due diligence access until Feb. 21, according to a Monday filing on the Singapore Exchange.

This follows Ho Bee Land's non-binding proposal to acquire the remaining AVJennings shares it does not own for AU$0.70 each, less dividends, via a scheme of arrangement.

Discussions with AVID Property Group, another bidder, will continue under separate exclusivity terms until Jan. 31. AVJennings said there is no certainty either proposal will result in a binding offer.