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LPN pays 233M baht for Bangkok land; VinaLand gains US$4.8M from hotel sale

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LPN pays 233M baht for Bangkok land; VinaLand gains US$4.8M from hotel sale

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

Thailand

* L.P.N. Development Pcl paid an estimated 233.0 million baht for the purchase of 2,518 square wah (10,072 square meters) of vacant land in Bangkok province. The residential site acquired from an unrelated third party seller will be used for the roughly 1.50 billion-baht development of a 32-story condominium building that will feature approximately 800 housing units.

* Real estate developer AP (Thailand) Pcl is buying a 51.00% stake in each of three project companies for a total consideration of about 932.3 million baht. The developer's board recently approved the proposed stake purchase, which will transform the three targets into 51/49 joint ventures with MEC Thailand Investment Pte. Ltd.

Vietnam

* VinaLand Ltd. gained US$4.8 million from its divestment of a 96-key hotel in the Binh Thuan province. The exact consideration for the transaction was undisclosed but the company noted in a news release that the sale of its entire interest in the property represented a 12.5% premium to the hotel's unaudited net asset value as of March 31.

Philippines

* Megaworld Corp. is expecting up to 1 billion pesos from the sale of lots in the 6.3-hectare Shophouse District estate, which forms part of the Filipino developer's Capital town project in San Fernando, Pampanga. In a filing, Megaworld said about 70% of the estate's 98 lots have been sold each for a price within the range of 12 million pesos to 32 million-pesos.

China

* Shimao Property Holdings Ltd.'s Shimao Property Investments Ltd. subsidiary and Shimao International Holdings Ltd. signed supplemental agreements in relation to the respective acquisition and sale of Perfect Run Group Ltd.'s entire issued share capital. Under the supplemental deal, Shimao International will be given additional time to secure permission to change the zoning of one of the three properties that Perfect Run holds.

Once the permit is obtained, the consideration for the transaction will be increased to about 197.6 million yuan from 138.7 million yuan pursuant to the terms of the deal signed May 29, 2017. Shimao International, according to an earlier release, is owned by Hui Wing Mau, Shimao Property' chairman.

Additional coverage

Far East Orchard subsidiary forms JV for ¥8.20B Tokyo site purchase

Hang Lung Properties unit submits winning bid of 10.73B yuan for Chinese site

Yida China unit to sell residential asset to Longfor unit for 2.60B yuan

Keppel Land China offers to sell stake in Beijing commercial site for US$298M

2 Singapore estates hit the market via separate en bloc sales for S$1.04B

As of May 28, US$1 was equivalent to 6.40 yuan, 52.58 Philippine pesos and 31.99 baht.