AVJennings (ASX:AVJ) entered into confidentiality and exclusivity agreements with Singapore-based residential property manager Ho Bee Land for discussions on a potential buyout proposal, granting it exclusivity and access to due diligence access until Feb. 21, according to a Monday filing with the Australian bourse.

Ongoing discussions with AVID, another potential bidder, are permitted under an exception, with AVID's exclusivity and due diligence period running until Jan. 31, the filing said.

AVJennings stated that shareholders need not take any action at this time, as there is no certainty that either proposal will lead to a binding offer or transaction.

Shares of the company rose past 2% in recent Monday trade, hitting a new 52-week high.