SingHaiyi has completed five development projects since 2013 and is anchored by a steady line-up of projects in Singapore and US slated to be completed by 2023. The Group has further strengthened its landbank with three new development projects in recent en bloc acquisitions.
We continue to strengthen our income stability and market diversification by taking up a 3.08% stake in Australia-listed Cromwell Property Group, one of the largest property players in Australia, in December 2017. This investment provides the Group with an additional stable income stream and is also a beachhead for us to better understand the Australian market giving us an edge to capitalise on any business opportunity.
We believe in expanding our business in a sustainable and prudent manner. Underscoring this, the Group undertook a 2-for-1 rights issue end 2017 and successfully raised gross proceeds of S$143.5 million. The company plans to utilise the bulk of the proceeds to pursue suitable property investments in future.
Our USA properties which were purchased at favourable distressed costs will present huge potential upsides. With our first-mover advantage in this unique market, we will leverage our experience and on-ground knowledge to establish our foothold where new entrants may otherwise face high entry barriers. In the US, the Federal corporate tax rate has been reduced which will give companies a break on taxes and allow them to reinvest and/or remit their net profits in development properties in the US.
Forging ahead, SingHaiyi is well-positioned for the future as we continue expanding our network capabilities to deepen knowledge in overseas markets, diversify investments and expand current portfolio of property developments and acquisitions that yield growth and profitability.