AVJennings could be the subject of a bidding war after Singapore-listed developer and investor Ho Bee Land launched a $391 million takeover proposal, topping an existing offer made late last year for one of Australia’s best-known home builders.

Ho Bee Land, which has more than a dozen housing projects under way or in planning in Victoria and Queensland, has made a conditional all-cash offer to acquire all the shares it does not already own in AVJennings for 70¢ each (less any dividends paid), valuing the home builder at $391 million.