May 1, 2019 / 11:45 PM / 3 months ago

UPDATE 1-Australia's Villa World gets sweetened A$293.5 mln takeover bid from AVID Property

(Adds background on Australia housing market)

May 2 (Reuters) - Australian property developer Villa World on Thursday received a sweetened takeover offer from AVID Property Group Australia Pty, which now values the company at A$293.5 million($205.95 million).

AVID bumped up the offer to A$2.345 for each Villa World share from A$2.23 a share offered mid-March. Villa World said in a statement its directors intend to vote in favor of the revised proposal.

The increased bid for the company, which has been operating in Australia’s residential market for more than three decades, comes as the once booming local property market witnesses a rapid decline in prices since late 2017.

In December last year, the company said that it would be unable to achieve its fiscal 2019 guidance as a result of weakening residential housing market conditions and customer sentiment.

$1 = 1.4251 Australian dollars Reporting by Syed Saif Hussain Naqvi in Bengaluru; Editing by Bernard Orr

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