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VinaLand expects $23M from project sale; Ascendas REIT sells asset in S$17M deal

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According to Market Intelligence, December 2022

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VinaLand expects $23M from project sale; Ascendas REIT sells asset in S$17M deal

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

Vietnam

* VinaLand Ltd. is expecting net proceeds of US$23.1 million from the sale of its entire shareholding in the 13.7-hectare Trinity Garden development site in Ho Chi Minh City. The company said the deal with Tran Thi Thu Ha was struck on a 2.5% premium to the Sept. 30 unaudited valuation of the project.

Singapore

* Ascendas Real Estate Investment Trust's trustee agreed to divest for nearly S$16.7 million the 11,917-square-meter industrial estate at No. 84 Genting Lane to Axxel Marketing Pte. Ltd. According to the trust, the proposed consideration for the property is 66.8% higher compared to the S$10.0 million it spent to purchase the asset, which has an estimated market value of S$15.8 million as of March 31.

The expected S$15.3 million in net proceeds from the JTC Corp.-approved deal, scheduled to be completed within the first quarter of 2018, will be recycled to finance committed investments, repay existing debt, provide loans to subsidiaries and for general corporate and working capital needs.

Malaysia

* UEM Sunrise Bhd. subsidiary Nusajaya Greens Sdn. Bhd. entered into an 82.0 million-Malaysian-ringgit agreement Dec. 20 to sell a 29.0-acre freehold site in Johor to Kimlun Corp. Bhd. subsidiary Kii Morris Sdn. Bhd.

Japan

* Industrial & Infrastructure Fund Investment Corp. paid ¥66 million to settle its acquisition of the extension building to the IIF Sendai Taiwa Logistics Center in Miyagi. With the extension development, the gross floor area of the logistics property occupying the 27,248.86 square meters of land was increased by 254.68 square meters to 12,244.92 square meters, the company said in a filing.

Additional coverage

Keppel Land unit wins tender for residential site in China with 2.53B yuan bid

Lippo Malls settles deals for 2 PT Lippo Karawaci properties in Indonesia

Ascendas REIT pays A$106M for suburban office property in Queensland, Australia

Beijing Capital Land agrees to acquire Beijing development project

CDL Hospitality unit to sell Australian hotels for A$77M

As of Dec. 25, US$1 was equivalent to ¥113.22, 4.08 Malaysian ringgit and S$1.34.