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Mah Sing's condo project faces roadblock; Invincible Investment buys ¥8B hotel


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Mah Sing's condo project faces roadblock; Invincible Investment buys ¥8B hotel

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

* Mah Sing Group said May 26 that another party is claiming for the ownership of five adjoining land parcels in Kuala Lumpur, Malaysia, where it is planning to develop a condominium project with an estimated gross development value of up to about 650 million Malaysian ringgit.

* Invincible Investment Corp. completed May 29 the acquisition of Hotel MyStays Premier Hamamatsucho in Minato-ku, Tokyo, for ¥8.00 billion. The company earlier signed a ¥7.32 billion loan agreement with Mizuho Bank Ltd. to fund the purchase.

Southeast Asia

* PT Lippo Karawaci Tbk unit PT Siloam International Hospitals Tbk is looking to buy the 8,209-square-meter Rumah Sakit Umum Putera Bahagia hospital in Cirebon, Indonesia, for 130 billion Indonesian rupiah, subject to final due diligence review results. The hospital, which sits on a 5,329-square-meter site, has a 105-bed capacity, with a 63% occupancy rate on the 100 operational beds.

* Ascendas Real Estate Investment Trust agreed to divest its 10 Woodlands Link property in Singapore for S$19.3 million under a deal with Sengkang Import & Export Pte. Ltd. The company disclosed in a release that the proposed sale price is higher by 60.7% from its S$12.0 million purchase price in 2005. Net proceeds from the divestment is expected to come in at S$18.9 million.

* Central Pattana PCL entered into a joint venture agreement with its subsidiary, Bangna Central Property Co. Ltd., and Rightman Co. Ltd. to develop a theme park in Phuket, Thailand. The company noted in a filing that it will be investing 550 million Thai baht in the project.


* Comforia Residential REIT Inc. agreed June 1 to acquire beneficial interest in Maison Gyotoku in Japan's Chiba prefecture for ¥978.0 million from an unnamed seller. The company said it intends to rename the property to Comforia Gyotoku after the acquisition, which will be funded through loans.

* Japan Rental Housing Investments Inc. said it completed the purchase of three local properties with a total value of ¥4.00 billion. The addition of the acquired assets has increased the company's portfolio size to about ¥227.2 billion spread across 200 properties.

Additional coverage

Ayala Land launches 11.3B Philippine-peso residential development: Ayala Land launched Cerilo as its new high-end residential subdivision in Laguna, Philippines, the Philippine Daily Inquirer reported.

Hong Kong Kai Tak site sold for record-breaking HK$24.6B: The purchase price, which a Bloomberg News report described as the "highest amount ever for a commercial site sold by the government," translates to HK$12,864 per square foot.

Malaysian Resources enters JV to develop 3 land parcels: The leasehold for the three land parcels were acquired via a refurbishment deal entered into by Rukun Juang Sdn. Bhd. with the Malaysian government to renovate and upgrade the National Sports Complex in Kuala Lumpur.

Sunac China unit to buy stake in Chinese company in 2.10B yuan deal: The subsidiary agreed to buy the equity and debt interest of a company undertaking the development of a residential and commercial project in Chongqing, China.

Commonwealth Superannuation to sell 50% stake in Australian shopping center: The sale will help the company "achieve prudent portfolio reweighting and to allow the fund to pursue other investment opportunities," The Australian Financial Review reported.

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