** Shares of AVJennings AVJ.AX rise 6.3% to A$0.68, hitting their highest since March 22, 2018
** Real estate developer receives an unsolicited competing proposal from Singapore-based real estate firm Ho Bee Land HBEE.SI to acquire all AVJ's shares it does not already own for A$0.7 per share
** Offer price represents a 9.4% premium on stock's last close of A$0.64
** Proposal comes after AVJ entered into exclusivity deed with investing firm Proprium Capital Partners (Australia) and AVID Property for their proposal to acquire co
** AVID cash proposal of A$0.67 per share valued co at A$373 mln ($230.59 mln)
** Stock rose as much as 8.6% during the session so far, their largest intraday pct gain since late Nov
** More than 1.5 mln shares change hands vs 30-day avg volume of around 985,000 shares
** Stock up ~7.1% YTD, including current session's moves
($1 = 1.6176 Australian dollars)
(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com))
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