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

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-china-trust" target="_blank" data-smartkarma-citation="entities:8859" rel="noopener">CapitaLand China Trust (CLCT SP)</a> maiden acquisition of four prime logistics properties; DPU accretive by +3.5%</h3><ul><li>CLCT has proposed to acquire a portfolio of four prime logistics assets in Shanghai, Kunshan, Wuhan and Chengdu, which are key logistics hubs in China. This marks CLCT’s first foray into China’s logistics sector and increases its exposure to new economy asset classes, following CLCT’s maiden purchase of a portfolio of five business park properties. The acquisition is based on an aggregate agreed property value of RMB1,683.4m (~S$350.7m), representing a discount of ~0.6% to the aggregate valuation by an independent valuer. CLCT’s total cost is estimated at ~S$297.7m</li><li>The portfolio of four modern logistics properties has a total GFA of 265,259sqm, with a committed occupancy of 96.3% and WALE of 2.1 years as at 31Aug21. Three of the properties were completed between 2016-18, while the fourth was completed in 2010. Classification of tenant base by GRI includes logistics and warehouse (57%), E-commerce (37%) and others (6%). More than 80% of the leases have rental escalations in place, with a step-up ranging from 3-5% per annum</li><li>The transaction implies NPI yield of 5.0% (including rent support and rent-free reimbursement). CLCT intends to finance the acquisition through a 60% debt and 40% EFR (raising of up to ~S$120m), which will be DPU accretive by +3.5% on a 31Dec21 pro forma basis. This transaction is expected to be completed by end of 2021. Post transaction gearing will be 38.2% (from 35.9%)</li><li>Post-acquisition, the proportion of new economy assets in CLCT’s enlarged portfolio will rise to 21.4% from 15.3% by asset value. AUM will increase by 8.0% to S$4,729.2m. Given the longer land tenure of China’s logistics properties at 50 years at inception compared with retail assets at 40 years at inception, the remaining weighted average land tenure expiry of CLCT’s enlarged portfolio will positively extend by 1.94 years post-acquisition</li><li>Under its five-year acquisition growth roadmap, CLCT plans to achieve a balanced portfolio mix of 40% in commercial/integrated developments, 30% in retail properties and 30% in new economy assets (including business parks, logistics and data centers) by 2026.</li></ul>

SingaporeCapitaLand China Trust (CLCT SP) maiden acquisition of four prime logistics properties; DPU accretive by +3.5%CLCT has proposed to acquire a portfolio of four prime logistics assets in Shanghai, Kunshan, Wuhan and Chengdu, which are key logistics hubs in China. This marks CLCT’s first foray into China’s logistics sector and increases its exposure to new economy asset classes, following CLCT’s maiden purchase of a portfolio of five business park properties. The acquisition is based on an aggregate agreed property value of RMB1,683.4m (~S$350.7m), representing a discount of ~0.6% to the aggregate valuation by an independent valuer. CLCT’s total cost is estimated at ~S$297.7mThe portfolio of four modern logistics properties has a total GFA of 265,259sqm, with a committed occupancy of 96.3% and WALE of 2.1 years as at 31Aug21. Three of the properties were completed between 2016-18, while the fourth was completed in 2010. Classification of tenant base by GRI includes logistics and warehouse (57%), E-commerce (37%) and others (6%). More than 80% of the leases have rental escalations in place, with a step-up ranging from 3-5% per annumThe transaction implies NPI yield of 5.0% (including rent support and rent-free reimbursement). CLCT intends to finance the acquisition through a 60% debt and 40% EFR (raising of up to ~S$120m), which will be DPU accretive by +3.5% on a 31Dec21 pro forma basis. This transaction is expected to be completed by end of 2021. Post transaction gearing will be 38.2% (from 35.9%)Post-acquisition, the proportion of new economy assets in CLCT’s enlarged portfolio will rise to 21.4% from 15.3% by asset value. AUM will increase by 8.0% to S$4,729.2m. Given the longer land tenure of China’s logistics properties at 50 years at inception compared with retail assets at 40 years at inception, the remaining weighted average land tenure expiry of CLCT’s enlarged portfolio will positively extend by 1.94 years post-acquisitionUnder its five-year acquisition growth roadmap, CLCT plans to achieve a balanced portfolio mix of 40% in commercial/integrated developments, 30% in retail properties and 30% in new economy assets (including business parks, logistics and data centers) by 2026.

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> sells Sincere stake for US$1; Raises stake in Shenzhen tech park</h3><ul><li>CIT has exited its investment in China-based Sincere Property Group for a consideration of US$1, while raising its stake in a technology park in Shenzhen. CIT has agreed to sell its 63.75% interest in HCP Chongqing Property Development (HCP Cayman) to an unrelated third party incorporated in the Republic of Seychelles. HCP Cayman holds an 80.01% equity interest in Sincere</li><li>The consideration was agreed upon after taking into account Sincere's current liquidity issues and its potential bankruptcy. For FY20, CIT had booked a S$1.78bn impairment for losses attributable to Sincere – effectively writing down 93% of its total investment in Sincere. Concurrently, CIT is increasing its stake in a company that owns 65% of Shenzhen Longgang Tusincere Tech Park. A Shenzhen Longgang District state-owned enterprise holds the remaining 35%</li></ul>

SingaporeCity Developments (CIT SP) sells Sincere stake for US$1; Raises stake in Shenzhen tech parkCIT has exited its investment in China-based Sincere Property Group for a consideration of US$1, while raising its stake in a technology park in Shenzhen. CIT has agreed to sell its 63.75% interest in HCP Chongqing Property Development (HCP Cayman) to an unrelated third party incorporated in the Republic of Seychelles. HCP Cayman holds an 80.01% equity interest in SincereThe consideration was agreed upon after taking into account Sincere's current liquidity issues and its potential bankruptcy. For FY20, CIT had booked a S$1.78bn impairment for losses attributable to Sincere – effectively writing down 93% of its total investment in Sincere. Concurrently, CIT is increasing its stake in a company that owns 65% of Shenzhen Longgang Tusincere Tech Park. A Shenzhen Longgang District state-owned enterprise holds the remaining 35%

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> – Strong Start to FY21; Riding on Co-living trend (BUY; TP S$0.42/Unit)</h3><ul><li>1H21 PATMI jumped 3.66x YoY to S$14.8m, boosted by dormitories mgmt. contracts, which added S$22.4m to top line. While the dormitories mgmt. contracts should taper off in 2H22E, LHN’s recent acquisitions spree of S$61.9m investments in 4 co-living assets (additional 166 keys by end-FY22E) should support earnings with 10-20% ROI upon stabilization. We maintain BUY with a higher TP of S$0.42/share.</li><li>Dormitories mgmt. contracts continue to propel FY21E results. 1H21 revenue +24.9% YoY to S$64.5m, primarily due to higher contributions from Facilities Management Business (+225.5% YoY to S$31.6m) and Logistics Services Business (+6.0% YoY to S$13.5m), partially offset by lower revenue from Space Optimisation Business (-33.6% YoY to S$19.4m). 1H21 PATMI +366.3% YoY to S$14.8m on better margins, higher other income and share of results from associates and JVs, as well as lower fair value loss on investment properties. 1H21 Revenue/PATMI form 52%/59% of our full-year FY21E forecasts as we expect higher 1H21 results vs. 2H21E’s due to the frontloading of dormitories mgmt. contracts, which started in 2H20 and added S$22.4m to 1H21 topline. With the resurgence of Covid-19 cases in Singapore, LHN has recently secured renewal of these contracts for another 6-9months into 1H22E, adding S$12.3m and S$3.4m to 2H21E and 1H22E revenues, respectively</li><li>Mixed performance within Space Optimisation Segment. Industrial Properties and Commercial Properties recorded lower revenues (-46.7% YoY to S$12.8m) due to expiry of 6 master leases (avg. NLA -36.4% YoY to 2.2m sqft), negative rent reversion, downtime at 1557 Keppel Road due to AEI works and IFRS 16 impacts. Meanwhile, Residential Properties revenue (+28.9% YoY to S$6.5m) was boosted by contribution from new serviced residence in Cambodia and higher revenue at 1A Lutheran Road. For the remaining of FY21E, we expect non-renewal of 2 expiring Commercial sites (aggregate NLA of c.63k sqft)</li><li>String of acquisitions for Co-living business should propel growth moving forward. The newly acquired 320 Balestier Road (16Dec20) and 40 &amp; 42 Amber Road (9Jun21), as well as proposed acquisitions of 75 Beach Road and 115 Geylang Road (both are expected to be completed by Jul21) are expected to add 166 keys to LHN’s co-living portfolio in FY22E. The 4 projects with S$61.9m total investments should generate 10-20% return to bottom-line upon stabilization from FY23-24E onwards</li><li>Maintain BUY with a higher TP of S$0.42/shr. Taking into account (i) non-renewal of leases; (ii) renewed dormitories mgmt. contract; (iii) better Logistics Services Business; (iv) the new Co-living keys in FY22E; and (v) higher finance costs, our FY21/22E EPS are adjusted by +10%/-13% to S$6.87c/S$4.55c, respectively. EPS should resume growth at 9% CAGR from FY22-25E as new Residential projects ramp up while Industrial and Commercial Properties improve alongside economy recovery. LHN is currently trading at FY21E P/E of 4.9x and 4.1% yield.</li></ul>

SingaporeLHN Ltd (LHN SP) – Strong Start to FY21; Riding on Co-living trend (BUY; TP S$0.42/Unit)1H21 PATMI jumped 3.66x YoY to S$14.8m, boosted by dormitories mgmt. contracts, which added S$22.4m to top line. While the dormitories mgmt. contracts should taper off in 2H22E, LHN’s recent acquisitions spree of S$61.9m investments in 4 co-living assets (additional 166 keys by end-FY22E) should support earnings with 10-20% ROI upon stabilization. We maintain BUY with a higher TP of S$0.42/share.Dormitories mgmt. contracts continue to propel FY21E results. 1H21 revenue +24.9% YoY to S$64.5m, primarily due to higher contributions from Facilities Management Business (+225.5% YoY to S$31.6m) and Logistics Services Business (+6.0% YoY to S$13.5m), partially offset by lower revenue from Space Optimisation Business (-33.6% YoY to S$19.4m). 1H21 PATMI +366.3% YoY to S$14.8m on better margins, higher other income and share of results from associates and JVs, as well as lower fair value loss on investment properties. 1H21 Revenue/PATMI form 52%/59% of our full-year FY21E forecasts as we expect higher 1H21 results vs. 2H21E’s due to the frontloading of dormitories mgmt. contracts, which started in 2H20 and added S$22.4m to 1H21 topline. With the resurgence of Covid-19 cases in Singapore, LHN has recently secured renewal of these contracts for another 6-9months into 1H22E, adding S$12.3m and S$3.4m to 2H21E and 1H22E revenues, respectivelyMixed performance within Space Optimisation Segment. Industrial Properties and Commercial Properties recorded lower revenues (-46.7% YoY to S$12.8m) due to expiry of 6 master leases (avg. NLA -36.4% YoY to 2.2m sqft), negative rent reversion, downtime at 1557 Keppel Road due to AEI works and IFRS 16 impacts. Meanwhile, Residential Properties revenue (+28.9% YoY to S$6.5m) was boosted by contribution from new serviced residence in Cambodia and higher revenue at 1A Lutheran Road. For the remaining of FY21E, we expect non-renewal of 2 expiring Commercial sites (aggregate NLA of c.63k sqft)String of acquisitions for Co-living business should propel growth moving forward. The newly acquired 320 Balestier Road (16Dec20) and 40 &amp; 42 Amber Road (9Jun21), as well as proposed acquisitions of 75 Beach Road and 115 Geylang Road (both are expected to be completed by Jul21) are expected to add 166 keys to LHN’s co-living portfolio in FY22E. The 4 projects with S$61.9m total investments should generate 10-20% return to bottom-line upon stabilization from FY23-24E onwardsMaintain BUY with a higher TP of S$0.42/shr. Taking into account (i) non-renewal of leases; (ii) renewed dormitories mgmt. contract; (iii) better Logistics Services Business; (iv) the new Co-living keys in FY22E; and (v) higher finance costs, our FY21/22E EPS are adjusted by +10%/-13% to S$6.87c/S$4.55c, respectively. EPS should resume growth at 9% CAGR from FY22-25E as new Residential projects ramp up while Industrial and Commercial Properties improve alongside economy recovery. LHN is currently trading at FY21E P/E of 4.9x and 4.1% yield.

<h2>Singapore</h2><h3><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> renews second major lease in Hengde Logistics (BUY; TP S$0.80/unit)</h3><p>ECWREIT has renewed a second major lease of some 74,057sqm in relation to Hengde Logistics with China Tobacco Zhejiang Industrial. The second major lease (Phase 2 renewal) came after a successful renewal of 152,752sqm of space in Oct20 (Phase 1 renewal). During the Phase 2 renewal, China Tobacco committed to a lease term of 2.65 years to coincide with the expiry of the Phase 1 renewal. Both leases with China Tobacco will expire on 31Dec23. Although the renewal rental rate contracted for the Phase 2 renewal is 8.8% lower than the existing rental rate, the effective blended rental rate of Phase 1 renewal and Phase 2 renewal is 2.2% lower than the effective blended rental rate of the expiring China Tobacco leases at Hengde Logistics Phase 1 and Phase 2. Similar to the Phase 1 Renewal, China Tobacco informed that they will no longer require the warehouse management services for the Phase 2 Renewal due to their internal restructuring. ECWREIT expects the Phase 2 Renewal to reduce ECWREIT’s revenue by 0.8%.</p><p>Comments: The Phase 2 renewal rate at -8.8% came as a surprise with a high single-digit negative reversion, compared the positive reversion of +1.1% in its Phase 1 renewal. This also deviates from mgmt.’s earlier guidance of “similar renewal terms as Phase 1”, which we expect should be “flattish”. While pending further information on the rationale behind such renewal, on a “all-in” basis, we expect a ~3% decrease from FY20 Gross Revenue following its two renewals. We currently have a BUY rating and TP of S$0.80/unit, and will review our recommendations upon results release tomorrow.</p><h3><a href="https://www.smartkarma.com/entities/eagle-hospitality-trust" target="_blank" data-smartkarma-citation="entities:28059" rel="noopener">Eagle Hospitality Trust (EAGLEHT SP)</a> Dallas hotel sale falls through after missed deposit deadline</h3><p>EAGLEHT will not be going ahead with the planned sale of its property in Texas, as the buyer missed the deadline for a deposit. The sale and purchase agreement for Crowne Plaza Dallas Near Galleria-Addison (CPDG) was thus terminated on 4May. EAGLEHT’s wholly-owned subsidiary will hold on to initial deposits of US$1.45m in the aborted US$18.5m deal with buyer Lockwood Development Partners. Numerous EHT entities had filed for Chapter 11 bankruptcy in a Delaware court in 2021. But CPDG is not directly owned by a Chapter 11 entity, so it does not enjoy bankruptcy protection under Section 363 of the United States Bankruptcy Code. Amid the Chapter 11 entities’ limited ability to support CPDG, the decision was made to sell off CPDG, in the face of potential difficulty fetching a higher price in an auction, and the risk that a lender would foreclose on the property after mortgage loan defaults. But the EAGLEHT unit involved in the sale axed the agreement as the buyer did not meet the 3May deadline for an extra deposit of US$1.05m.</p><h3>One Bernam records 80 units sales (23% take-up rate) on its opening weekend</h3><p>MCC Group and Hao Yuan Investment said that over 80 units or 80% of the first phase of 100 units released at their JV project, One Bernam, were sold. This means ~23% out of a total of the 351units in the 99-year leasehold, mixed-use development, has been sold at ~S$2,650psf ASP. More than 90% of the units that were taken up were one- and two-bedroom units sized from 441-872sqft, priced upwards of S$1.017m. Most of the buyers are said to be Singapore citizens and Permanent Residents. In addition to the 351 residential units, One Bernam contains a two-storey retail podium of 15,726sqft, and one floor of serviced apartments with 13 keys. While one- and two-bedroom units make up 91% of the residences in the project, there are 29 three-bedroom apartments of 1,421sqft. There are also two units of three-bedroom penthouses with sizes of 1,744-1,948sqft, while the largest penthouse is 4,306sqft in size and contains five bedrooms. </p><h3>Biggest penthouse at Park Nova sold at S$5,838psf, a record for Orchard Boulevard area</h3><p>Park Nova, Shun Tak Holdings’ luxury condo in Singapore’s Orchard Boulevard-Tomlinson area, has recorded five units sales for well over $100m. The two biggest five-bedroom penthouses in the 54-unit luxury condo at 18 Tomlinson Road fetched S$34.438m and S$26.026m, respectively. The biggest penthouse of 5,899sqft garnered interest from more than one party and almost had to be sold via balloting. However, one party prevailed and emerged the eventual buyer at S$34.438m or S$5,838psf. The transaction price of S$26.026m for the second biggest penthouse of 4,499sqft, worked out to S$5,785psf. The third and smallest penthouse of 3,229sqft is also believed to have been sold for above S$17m.</p>

SingaporeEC World Reit (ECWREIT SP) renews second major lease in Hengde Logistics (BUY; TP S$0.80/unit)ECWREIT has renewed a second major lease of some 74,057sqm in relation to Hengde Logistics with China Tobacco Zhejiang Industrial. The second major lease (Phase 2 renewal) came after a successful renewal of 152,752sqm of space in Oct20 (Phase 1 renewal). During the Phase 2 renewal, China Tobacco committed to a lease term of 2.65 years to coincide with the expiry of the Phase 1 renewal. Both leases with China Tobacco will expire on 31Dec23. Although the renewal rental rate contracted for the Phase 2 renewal is 8.8% lower than the existing rental rate, the effective blended rental rate of Phase 1 renewal and Phase 2 renewal is 2.2% lower than the effective blended rental rate of the expiring China Tobacco leases at Hengde Logistics Phase 1 and Phase 2. Similar to the Phase 1 Renewal, China Tobacco informed that they will no longer require the warehouse management services for the Phase 2 Renewal due to their internal restructuring. ECWREIT expects the Phase 2 Renewal to reduce ECWREIT’s revenue by 0.8%.Comments: The Phase 2 renewal rate at -8.8% came as a surprise with a high single-digit negative reversion, compared the positive reversion of +1.1% in its Phase 1 renewal. This also deviates from mgmt.’s earlier guidance of “similar renewal terms as Phase 1”, which we expect should be “flattish”. While pending further information on the rationale behind such renewal, on a “all-in” basis, we expect a ~3% decrease from FY20 Gross Revenue following its two renewals. We currently have a BUY rating and TP of S$0.80/unit, and will review our recommendations upon results release tomorrow.Eagle Hospitality Trust (EAGLEHT SP) Dallas hotel sale falls through after missed deposit deadlineEAGLEHT will not be going ahead with the planned sale of its property in Texas, as the buyer missed the deadline for a deposit. The sale and purchase agreement for Crowne Plaza Dallas Near Galleria-Addison (CPDG) was thus terminated on 4May. EAGLEHT’s wholly-owned subsidiary will hold on to initial deposits of US$1.45m in the aborted US$18.5m deal with buyer Lockwood Development Partners. Numerous EHT entities had filed for Chapter 11 bankruptcy in a Delaware court in 2021. But CPDG is not directly owned by a Chapter 11 entity, so it does not enjoy bankruptcy protection under Section 363 of the United States Bankruptcy Code. Amid the Chapter 11 entities’ limited ability to support CPDG, the decision was made to sell off CPDG, in the face of potential difficulty fetching a higher price in an auction, and the risk that a lender would foreclose on the property after mortgage loan defaults. But the EAGLEHT unit involved in the sale axed the agreement as the buyer did not meet the 3May deadline for an extra deposit of US$1.05m.One Bernam records 80 units sales (23% take-up rate) on its opening weekendMCC Group and Hao Yuan Investment said that over 80 units or 80% of the first phase of 100 units released at their JV project, One Bernam, were sold. This means ~23% out of a total of the 351units in the 99-year leasehold, mixed-use development, has been sold at ~S$2,650psf ASP. More than 90% of the units that were taken up were one- and two-bedroom units sized from 441-872sqft, priced upwards of S$1.017m. Most of the buyers are said to be Singapore citizens and Permanent Residents. In addition to the 351 residential units, One Bernam contains a two-storey retail podium of 15,726sqft, and one floor of serviced apartments with 13 keys. While one- and two-bedroom units make up 91% of the residences in the project, there are 29 three-bedroom apartments of 1,421sqft. There are also two units of three-bedroom penthouses with sizes of 1,744-1,948sqft, while the largest penthouse is 4,306sqft in size and contains five bedrooms. Biggest penthouse at Park Nova sold at S$5,838psf, a record for Orchard Boulevard areaPark Nova, Shun Tak Holdings’ luxury condo in Singapore’s Orchard Boulevard-Tomlinson area, has recorded five units sales for well over $100m. The two biggest five-bedroom penthouses in the 54-unit luxury condo at 18 Tomlinson Road fetched S$34.438m and S$26.026m, respectively. The biggest penthouse of 5,899sqft garnered interest from more than one party and almost had to be sold via balloting. However, one party prevailed and emerged the eventual buyer at S$34.438m or S$5,838psf. The transaction price of S$26.026m for the second biggest penthouse of 4,499sqft, worked out to S$5,785psf. The third and smallest penthouse of 3,229sqft is also believed to have been sold for above S$17m.

ASEAN Builder's Scoop (10May21) - ECWREIT renews major Hengde logistics lease

Singapore

Tuan Sing Holdings Limited an investment holding company with interest mainly in property development, property investment and hotel ownership.

Tuan Sing Holdings (TSH SP)

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 (12Oct21)

CLCT maiden acquisition of logistics assets; AREIT obtains SEC approval for swap deal; CLI 9M21 sales reached record level; LPKR 9M21 sales reached...

SCCM Asia Research

ASEAN Builder's Scoop (13Sep21)

CIT sells Sincere stake, raises stake in Shenzhen tech park; Hoi Hup/Sunway JV acquires Flynn Park enbloc; TSH focuses in SG, Indo, AUS; MREIT...

SCCM Asia Research

ASEAN Builder's Scoop (19Aug21)

LHN riding on Co-living uptrend; TSH bags Dunearn Rd freehold site; LMRT obtains S$30m credit facility; SPSB backed by 47 projects worth RM125bn

SCCM Asia Research

ASEAN Builder's Scoop (10May21) - ECWREIT renews major Hengde logistics lease

ECWREIT renews major Hengde logistics lease; EAGLEHT Dallas hotel sales fell through; ALI recovering slowly but surely, RLC 1Q21 results weighed by...

SCCM Asia Research