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Essential IR Insights Newsletter - February 2023

Malaysia revives deal for US$33.8B project; trio buys 4.55B-yuan Shanghai site

* The Malaysian government revived a US$1.79 billion agreement with a consortium comprising Iskandar Waterfront Holdings Sdn. Bhd. and China Railway Engineering Corp. for the sale of a 60% stake in the roughly US$33.8 billion Bandar Malaysia integrated property development, the Nikkei Asian Review reported. Earlier in December, Iskandar Waterfront, which controls 60% of the consortium, was reported to be considering an IPO to raise funds for the 1Malaysia Development Bhd.-conceived project that could be the biggest Chinese investment in Malaysia to date.

* China Energy Conservation and Environmental Protection Group, Shanghai Huayi Group Corp. Ltd. and Shanghai Yangshupu Real Estate Co. paid 4.55 billion yuan for the acquisition of a 36,847.4-square-meter development site in Shanghai's Yangpu district, according to an announcement from the Shanghai Land Exchange. The trio placed the only bid for the property that is earmarked for an up to 147,000-square-meter office-and-research property project, Mingtiandi reported.

Greater China

* The Straits Trading Co. Ltd. established a joint venture with Ara Asset Management Ltd. and ICBC International Investment Management Ltd. for the 2.42 billion-yuan acquisition of a retail mall in Shanghai. Through SRE Venture 16 Pte. Ltd., the Singapore-listed Straits Trading will contribute 441.9 million yuan for the transaction, according to a news release.

* Wharf (Holdings) Ltd. agreed to purchase a residential development in Fuyang, China, with a total gross floor area of approximately 328,436 square meters for HK$1.36 billion from a Singapore-incorporated unit of Wheelock & Co. Ltd.

* MTR Corp. Ltd. commenced an expression of interest process for the phase 12 of the Lohas Park residential estate in the Tseung Kwan O area of the New Territories, Hong Kong. Submissions for the over 320,000-square-meter site with a maximum residential gross floor area of 89,290 square meters will be accepted until Dec. 23, according to a news release.

* Longfor Group Holdings Ltd. said its dividend for the six months ended June 30 is expected to be paid on Jan. 17. By the payment date, shareholders on record of the Chinese developer as of Dec. 24 will receive 40.11 Hong Kong cents per share, equivalent to the 36 fen announced in the company's financial results for the first half of 2019.


* Gaurav Sawhney, president for sales and marketing at Piramal Realty Pvt. Ltd., told Mint (New Delhi) that the company is considering a foray into the affordable housing sector. He added that the affordable homes will be integrated with the larger residential projects of the developer.


* The Sim Lim Square shopping center is making a comeback in the collective sales market with an unchanged asking price of more than S$1.25 billion, The (Singapore) Business Times reported. The latest reiteration of the marketing campaign for the property with a net lettable area of 237,066 square feet will run until Dec. 30.

Other real estate news

* The Wall Street Journal reported that flexible office space operator Ucommune Group Holdings Ltd. is aiming to raise US$100 million from an IPO on the New York Stock Exchange. People familiar with the matter told the publication that the offering could happen as soon as January 2020 after WeWork Cos. Inc.'s Beijing-based rival filed a prospectus for the listing earlier in December.

* Singapore-listed Cromwell European REIT is selling 12 properties in France, Denmark and the Netherlands to funds advised by The Blackstone Group Inc. affiliates for €65.7 million. The transaction price reflects a 15.2% premium to the portfolio's original purchase price and a 4.1% premium to the properties' latest market value, according to a news release.

The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.