Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li>Government introduces fresh property cooling measures; Toughest measures yet</li><li>New private home sales rose 69.8% MoM in Nov21; Take-up rate saw slight decrease for the past 11mo</li><li><a href="https://www.smartkarma.com/entities/starhill-global-reit" target="_blank" data-smartkarma-citation="entities:10791" rel="noopener">Starhill Global REIT (SGREIT SP)</a> seeks out strata area of Wisma Atria owned by Isetan (ISET SP)</li></ul>

Government introduces fresh property cooling measures; Toughest measures yetNew private home sales rose 69.8% MoM in Nov21; Take-up rate saw slight decrease for the past 11moStarhill Global REIT (SGREIT SP) seeks out strata area of Wisma Atria owned by Isetan (ISET SP)

ASEAN Builder's Scoop (16Dec21) - Property Cooling Measures Toughest One Yet

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> enters into a JV agreement with Ho Bee Land (HOBEE SP) to develop a residential site in Tianjin</h3><p>YLLG together with Ho Bee Land  (HOBEE SP) jointly entered into a co-operation agreement to develop a residential site located in Hongqiao District, Tianjin, the PRC.  The land parcel with a total site area of ~53,200sqm, located at XiangDongNan Road in Hongqiao District, Tianjin, was acquired by YLLG through public land auction for a total consideration of ~RMB1.5bn. Upon completion of the transaction, YLLG and HOBEE shall hold 51% and 49% effective interest in the development, respectively. YLLG and HOBEE plan to jointly develop the site and transform it into a new high-end residential development with ancillary community retail space and educational facilities with a total GFA of ~117,100sqm.</p>

SingaporeYanlord Land (YLLG SP) enters into a JV agreement with Ho Bee Land (HOBEE SP) to develop a residential site in TianjinYLLG together with Ho Bee Land  (HOBEE SP) jointly entered into a co-operation agreement to develop a residential site located in Hongqiao District, Tianjin, the PRC.  The land parcel with a total site area of ~53,200sqm, located at XiangDongNan Road in Hongqiao District, Tianjin, was acquired by YLLG through public land auction for a total consideration of ~RMB1.5bn. Upon completion of the transaction, YLLG and HOBEE shall hold 51% and 49% effective interest in the development, respectively. YLLG and HOBEE plan to jointly develop the site and transform it into a new high-end residential development with ancillary community retail space and educational facilities with a total GFA of ~117,100sqm.

ASEAN Builder's Scoop (29Jun21) - YLLG/HOBEE in JV for Tianjin Project

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928" rel="noopener">Low Keng Huat Singapore (LKH SP)</a> to sell Westgate Tower 40% stake; Buy 45% of Paya Lebar Square in a shift move to retail from office</h3><ul><li>LKH has entered agreements to sell its interests in Westgate Tower for S$97.1m, while buying the remaining 45% of Paya Lebar Square that it does not already own for S$90.5m. LKH hopes to focus on retail instead of commercial office developments as it has more experience in managing the former. The buyer of the Westgate Tower stake and seller of the Paya Lebar Square shares are Sun Venture Homes (SVH) and Sun Venture Realty (SVR), respectively. They are the joint venture partners of LKH in both properties.  LKH's interests in Westgate Tower to be sold comprise a 40% stake in each of Westgate Tower (WTPL) and Westgate Commercial (WCPL). Both entities collectively own 295 office units in Westgate Tower, a commercial office development at 1 Gateway Drive</li><li>The sale price for the Westgate Tower interests represents an excess of S$14.33m over the net book value of the relevant sale shares. It also includes shareholders' loans of an aggregate amount of S$80.5m owing to LKH. For FY21, the net loss attributable to WTPL and WCPL were S$2.6m and S$3.2m, respectively. LKH said that there is a S$8.11m gain on disposal with WTPL and a S$6.23m gain on disposal with WCPL. In the other transaction, LKH will acquire shares of Paya Lebar Square (PLSPL), which owns the Paya Lebar Square commercial office and retail development at 60 Paya Lebar Road, with 159 retail units and one office unit. LKH already owns 55% of PLSPL. The S$90.5m purchase price for the PLSPL stake includes a shareholder's loan of S$47.6m owing to SVR.</li></ul>

SingaporeLow Keng Huat Singapore (LKH SP) to sell Westgate Tower 40% stake; Buy 45% of Paya Lebar Square in a shift move to retail from officeLKH has entered agreements to sell its interests in Westgate Tower for S$97.1m, while buying the remaining 45% of Paya Lebar Square that it does not already own for S$90.5m. LKH hopes to focus on retail instead of commercial office developments as it has more experience in managing the former. The buyer of the Westgate Tower stake and seller of the Paya Lebar Square shares are Sun Venture Homes (SVH) and Sun Venture Realty (SVR), respectively. They are the joint venture partners of LKH in both properties.  LKH's interests in Westgate Tower to be sold comprise a 40% stake in each of Westgate Tower (WTPL) and Westgate Commercial (WCPL). Both entities collectively own 295 office units in Westgate Tower, a commercial office development at 1 Gateway DriveThe sale price for the Westgate Tower interests represents an excess of S$14.33m over the net book value of the relevant sale shares. It also includes shareholders' loans of an aggregate amount of S$80.5m owing to LKH. For FY21, the net loss attributable to WTPL and WCPL were S$2.6m and S$3.2m, respectively. LKH said that there is a S$8.11m gain on disposal with WTPL and a S$6.23m gain on disposal with WCPL. In the other transaction, LKH will acquire shares of Paya Lebar Square (PLSPL), which owns the Paya Lebar Square commercial office and retail development at 60 Paya Lebar Road, with 159 retail units and one office unit. LKH already owns 55% of PLSPL. The S$90.5m purchase price for the PLSPL stake includes a shareholder's loan of S$47.6m owing to SVR.

ASEAN Builder's Scoop (14Jun21) - LKH Sells Westgate Tower Stake

Singapore

Isetan (Singapore) Limited operates department stores and trades general merchandise with wholesale and retail operations.

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Isetan Singapore (ISET SP)

ASEAN Builder's Scoop (16Dec21) - Property Cooling Measures Toughest One Yet

Property cooling measures toughest one yet; New private home sales rise 69.8% MoM in Nov21; SGREIT interested in ISET's WA space; PRMX sells 2ha...

SCCM Asia Research

ASEAN Builder's Scoop (29Jun21) - YLLG/HOBEE in JV for Tianjin Project

YLLG/HOBEE in JV for Tianjin project; Developers get 6mo relief extension; SSREIT rejects EGM request to remove a Director; EAGLEHT close to...

SCCM Asia Research

ASEAN Builder's Scoop (14Jun21) - LKH Sells Westgate Tower Stake

LKH sells Westgate Tower stake, buys PLS stake; ISET assess WA space again; FIL valuation boosts post REIT listing; IGB Comm REIT largest MY office...

SCCM Asia Research

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