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>Ascott acquires 2 properties in Ningbo and Amsterdam for S$190m via its PE fund ASRGF</li><li><a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952" rel="noopener">Singapore Press Holdings (SPH SP) </a>shareholders vote overwhelmingly for Cuscaden offer; Potential chain offer for SPHREIT</li><li><a href="https://www.smartkarma.com/entities/tuan-sing-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17234" rel="noopener">Tuan Sing Holdings (TSH SP)</a> and Mitsubishi Estate to jointly develop phase 1 of Karawang mall</li></ul>

Ascott acquires 2 properties in Ningbo and Amsterdam for S$190m via its PE fund ASRGFSingapore Press Holdings (SPH SP) shareholders vote overwhelmingly for Cuscaden offer; Potential chain offer for SPHREITTuan Sing Holdings (TSH SP) and Mitsubishi Estate to jointly develop phase 1 of Karawang mall

ASEAN Builder's Scoop (23Mar22) - Ascott Buys Ningbo/Ams Props Via ASRGF PE Fund

<ul><li><a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994" rel="noopener">SPH REIT (SPHREIT SP)</a> 1QFY22 Business Updates – Prioritizing high occupancies</li><li><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> receives compulsory expropriation of Fu Zhuo Industrial</li><li>Ascott Limited achieves record growth in 2021 amidst pandemic; China and Vietnam in focus</li></ul>

SPH REIT (SPHREIT SP) 1QFY22 Business Updates – Prioritizing high occupanciesEC World Reit (ECWREIT SP) receives compulsory expropriation of Fu Zhuo IndustrialAscott Limited achieves record growth in 2021 amidst pandemic; China and Vietnam in focus

ASEAN Builder's Scoop (10Jan22) - SPHREIT Prioritizing High Occupancies

<ul><li>Cromwell REIT (CREIT SP) acquires GBP57.8m logistics properties in the UK and Netherlands with 5.6% NOI yield</li><li>De Nassim luxury project targets super wealthy with an eye on S$6,000psf price tag</li><li>Rebound in PH tourism to face setbacks (Regina Capital)</li></ul>

Cromwell REIT (CREIT SP) acquires GBP57.8m logistics properties in the UK and Netherlands with 5.6% NOI yieldDe Nassim luxury project targets super wealthy with an eye on S$6,000psf price tagRebound in PH tourism to face setbacks (Regina Capital)

ASEAN Builder's Scoop (5Jan22) - CERT Acquires UK/Netherlands Logistics at 5.6% NOI Yield

<ul><li><a href="https://www.smartkarma.com/entities/oxley-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1097" rel="noopener">Oxley Holdings (OHL SP)</a> has sold ~95% of its Singapore residential units</li><li><a href="https://www.smartkarma.com/entities/singhaiyi-group-ltd" target="_blank" data-smartkarma-citation="entities:19307" rel="noopener">Singhaiyi (SHG SP)</a> plans to delist from SGX - As at 16Dec21, the total number of Offer Shares owned, controlled or agreed to be acquired by Haiyi Treasure Ltd amounted to an aggregate of 4,035m Offer Shares, representing approximately 95.81% of the total number of issued Offer Shares</li><li>Bukit Timah condo Perfect Ten offers 5% discount during cooling measures</li></ul>

Oxley Holdings (OHL SP) has sold ~95% of its Singapore residential unitsSinghaiyi (SHG SP) plans to delist from SGX - As at 16Dec21, the total number of Offer Shares owned, controlled or agreed to be acquired by Haiyi Treasure Ltd amounted to an aggregate of 4,035m Offer Shares, representing approximately 95.81% of the total number of issued Offer SharesBukit Timah condo Perfect Ten offers 5% discount during cooling measures

ASEAN Builder's Scoop (17Dec21) - OHL Sold ~95% of SG Resi Units

<h2>Singapore</h2><h3>IOI Properties (IOIPG MK) S$1.508bn sole bid for Marina View white site</h3><p>The white site along Marina View earmarked largely for private residences and hotel use drew just one bid at tender at S$1.508bn or S$1,379psf per plot ratio from a wholly-owned unit of IOIPG, and was just S$101 more than the price at which the group successfully applied for the site to be released from the reserve list of the 1H21 GLS Programme. The 0.78ha (about 84,000sqft) site can generate a maximum GFA of 1.09m sqft. Of this, at least 548,959sqft has to be for residential use and at least 279,861sqft for hotel use. The project can have up to 21,528sqft for optional office space and up to 21,528sqft of space for other commercial uses (including retail and F&amp;B). Most developers may have been put off by the huge total development cost, which a veteran developer estimates at S$2.3bn. Moreover, the development period for the Marina View site is likely to be longer than usual. The URA has stipulated a seven-year project completion period, compared with the usual five years for a typical residential development site.</p>

SingaporeIOI Properties (IOIPG MK) S$1.508bn sole bid for Marina View white siteThe white site along Marina View earmarked largely for private residences and hotel use drew just one bid at tender at S$1.508bn or S$1,379psf per plot ratio from a wholly-owned unit of IOIPG, and was just S$101 more than the price at which the group successfully applied for the site to be released from the reserve list of the 1H21 GLS Programme. The 0.78ha (about 84,000sqft) site can generate a maximum GFA of 1.09m sqft. Of this, at least 548,959sqft has to be for residential use and at least 279,861sqft for hotel use. The project can have up to 21,528sqft for optional office space and up to 21,528sqft of space for other commercial uses (including retail and F&amp;B). Most developers may have been put off by the huge total development cost, which a veteran developer estimates at S$2.3bn. Moreover, the development period for the Marina View site is likely to be longer than usual. The URA has stipulated a seven-year project completion period, compared with the usual five years for a typical residential development site.

Malaysia

Mah Sing Group Berhad is a property developer. The Company's principal activity is in property development where the group develops commercial, residential (both high-rise and landed) as well as industrial properties. The Group is also involved in plastic manufacturing manufacturing and trading in Malaysia and Indonesia.

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Mah Sing Group (MSGB MK)

ASEAN Builder's Scoop (23Mar22) - Ascott Buys Ningbo/Ams Props Via ASRGF PE Fund

SPHREIT potential chain offer; Rising mortgage rates inevitable; NWP/CRE Indo logistics platform; MAR opening 7-8 hotels in Thai in 2022

SCCM Asia Research

ASEAN Builder's Scoop (10Jan22) - SPHREIT Prioritizing High Occupancies

SPHREIT prioritizing high occupancies; ECWREIT compulsory expropriation of Fuzhou Industrial; Ascott 2021 record growth; MSGB +50% YoY sales target

SCCM Asia Research

ASEAN Builder's Scoop (5Jan22) - CERT Acquires UK/Netherlands Logistics at 5.6% NOI Yield

CERT acquires UK/Netherlands logistics at 5.6% NOI yield; De Nassim luxury project targets S$6,000psf tag price; PH tourism rebound facing...

SCCM Asia Research

ASEAN Builder's Scoop (17Dec21) - OHL Sold ~95% of SG Resi Units

OHL sold ~95% of SG resi units; SHG plans to delist; Perfect Ten offers 5% disc amidst cooling measures; MREIT details asset infusion; CPG new...

SCCM Asia Research

ASEAN Builder's Scoop (22Sep21)

IOIPG sole bid for Marina View white site; OHL divests Sydney CBD land parcels; MSGB focuses on affordable homes; Phils demand for large condo...

SCCM Asia Research

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