** 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))