emerging markets in asia pacific

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EXECUTIVE SUMMARY Real estate investment sentiment is turning favourably towards the emerging markets. In the first half of 2013, capital into the region’s emerging markets grew 49.3%, as compared to the same period last year.

State-linked companies account for a bigger portion of the capital, as compared to core markets. Institutional funds remained sidelined by a lack of investment grade assets.

While an outright rebound in sentiment is not likely, with higher volatility due to tapering risks and lingering trade and fiscal deficits, the long-term growth story has not gone out of fashion with investors.

On the whole, real estate investment in the region’s emerging markets are still evolving, with transparency and market access as well as political risks continually being assessed against the region’s economic potential.

NOVEMBER 2013

EMERGING MARKETS IN ASIA PACIFIC A Cushman & Wakefield Research Publication

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EMERGING MARKETS IN ASIA PACIFIC

NOVEMBER 2013

A Cushman & Wakefield Research Publication


EMERGING MARKETS OVERVIEW Real estate investment sentiment in Asia Pacific has turned favourably towards the emerging markets. In the first half of 2013, capital into the region’s emerging markets grew 49.3%, as compared to the same period last year.

Deals in the emerging markets have mainly surged due to the amount of capital being invested into development land sites in China’s tier two and three cities. The majority of land deals were done in the second and third tiered Chinese cities, where development opportunities, especially in residential developments, drove investments.

Land sales in these markets increased by 60.7% year-on-year as compared to the first half of 2012. Despite the clampdown in credit growth, rapid urbanization and infrastructure needs will drive growth in these lower-tiered cities, where an estimated 200 million people is expected to flock to the cities in the next decade.

Excluding land sales, investment volume fell 49.6% across the region. The fall was experienced across the region, save for Vietnam, which saw some sizable deals struck for its retail and hotel assets.

All sectors, save for industrial properties, declined. The increased outlay into the industrial sector was seen across the region. Investor interest into the region’s industrial sector this year is palpable, driven by increasing intra-Asian trade, which spurs demand for logistical infrastructure, in addition to the higher yields that industrial assets provide, as compared to those in the office or retail sector.

Foreign capital comprises about 5.6% of total capital invested in the region’s emerging markets, down from the 7-9% achieved in previous quarters. An overwhelming majority, at 90.7%, was ploughed into development land sites, of which the bulk was bound for the Chinese cities. Hospitality and retail investments made up slightly more than 2% of foreign investments each. The bulk of foreign investments were largely from within the region.

Similar to core markets, developers still remain the largest investor group in the emerging markets; state-linked companies account for a bigger portion of the capital, as compared to core markets. State-linked companies ploughed in US$26.5 billion into emerging markets’ real estate, an increase of 13.3% from the same period in 2012, which formed 23% of the capital invested. Institutional funds remained sidelined by a lack of investment grade assets.

While an outright rebound in sentiment is not likely, with higher volatility due to tapering risks and lingering trade and fiscal deficits, the long-term growth story has not gone out of fashion with investors. Capital raisings for Asia-focused funds have increased from 2012 and the region continues to dominate in the emerging market space.

On the whole, real estate investments in the region’s emerging markets are still evolving, with transparency and market access as

well as political risks continually being assessed against the region’s long-term economic potential as well as a deep structural shortage of real estate. The challenge and the solution, to a certain extent, lies in structuring investments, while positioned for the longer term, mitigates medium-term uncertainty.

INVESTMENT VOLUME

Source: Real Capital Analytics, Cushman &Wakefield Research

STATS ON THE GO (FIGURES IN USD MILLION) SECTOR H1 2012 HI 2013 Y-O-Y CHANGE

Development Site 94,440.65 151,426.35 60.3%

Office 3,678.55 1,883.24 -48.8%

Industrial 249.79 395.46 58.3%

Retail 4,497.68 2,400.89 -46.6%

Residential 1,198.54 189.43 -84.2%

Hospitality 967.53 467.75 -51.7% Source: Real Capital Analytics, Cushman & Wakefield Research

INVESTMENT VOLUME (BY COUNTRY AS OF H1 2013)

Source: Real Capital Analytics, Cushman & Wakefield Research

NB: excludes land

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Core Emerging

China 62%

India 14%

Vietnam 12%

Malaysia 7%

Thailand 4%

Macau 1%

Philippines 0.3%

Indonesia 0.3%

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CHINA INVESTMENT CLIMATE/ECONOMIC OVERVIEW China’s real estate investment landscape has been impacted by the government’s clampdown on credit and cooling measures implemented in the residential sector. In order to curb soaring property prices, China’s securities watchdog stopped reviewing any fundraising proposals from Chinese developers. The new administration has signaled it is ready to tolerate a slower pace of growth to remain on a long-term path of sustainable expansion. In June, attempts to rein in the shadow banking system sparked a mini credit crunch. Still, land transactions have rebounded this year in tandem with the rise in property prices, as many went overseas to source for funding sources.

TRANSACTIONS OVERVIEW In the first half year of 2013, in addition to the durative upswing of the first-tier cities’ land market, the second and third-tier cities have also witnessed a higher growth rate in land transaction, in terms of covered area and transfer fee. For example, in June, four well-located parcels in Wuhan were sold at a bidding price of RMB2.5 billion, among which one parcel was won by Yangtze River Land at RMB512 million – a new historic high in the city.

The fast growth of land transactions in the second and third-tier cities is promoted by three major stimuli. First of all, the implementation of the sustainable urbanization policy has encouraged the development of the second and third-tier cities and the expectation of a rigid demand in real estate market. In the face of stiff competition and limited land supply in the first-tier cities, more investments of developers have been attracted to markets in the second and third-tier cities.

Secondly, with the influence of the policy of “New State 5” being absorbed by the market gradually and the gradual recovery of the global and domestic economies, a favorable expectation is generated for the real estate market and real estate investment still remains as an effective means for the maintenance or increase of value.

With cheaper price and more effective supply, more individual and institutional investors have been attracted to the second and third-tier cities, promoting the development of local real estate market and the increase of land transactions.

Thirdly, although it is less sophisticated and sustainable for a city’s development, land transfer still remains as the major channel of income for most local governments.

In recent years, to accelerate the urbanization process, many local governments start large-scale constructions simultaneously through debt financing. According to the auditing of local governments of provincial cities last year, nine of them bore a debt ratio which was higher than 100%. Approaching the due date of debts, land transfer become the most effective way of reimbursement of debt. Therefore, land transactions are becoming even more active this year

STATS ON THE GO (FIGURES IN USD MILLION) SECTOR H1 2012 HI 2013 Y-O-Y CHANGE (%)

Development Site 92,324.43 148,381.08 60.7

Office 2633.56 944.76 -64.1

Industrial 40.14 222.10 4.5

Retail 4,284.89 1,918.76 -55.2

Residential 811.18 105.29 -87.0

Hospitality 459.45 109.47 -76.2 Source: Real Capital Analytics, Cushman & Wakefield Research

INVESTMENT VOLUME (TOP CITIES AS OF H1 2013)


SELECTED MAJOR TRANSACTIONS (YTD) PROPERTY NAME PROPERTY

TYPE PROVINCE/CITY PURCHASER SELLER CONSIDERATION / PURCHASE PRICE UNIT PRICE

US$/SF (NLA) RMB$ MILLION US$ MILLION

Huangpu Avenue Devt site Guangzhou Greenland Group Govt 6,400.0 1,028.1 1,640.7 Section G Gailanxi Group Devt site Chongqing China Vanke Govt 5,372.2 875.6 288.1 Yunpu Industrial Park Devt site Guangzhou Kaisa Govt 4,556.6 742.7 361.7

Huangpu Avenue Devt site Guangdong Changjiang Enterprise Group

Govt 3,990.0 640.9 2,545.3

Shenzhen Century Place (27 Flrs) Office Shenzhen Bank of Communications Hutchison Whampoa 4,000.0 642.8 1,012.2 Tianjin City Tower Office Tianjin China Pacific Insurance City Developments 585.0 94.8 248.3 Suzhou CS INCITY Retail Suzhou Carlyle Group SCP Group 2,312.9 183.8 256.2 Source: Real Capital Analytics, Cushman & Wakefield Research

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2,125

4,250

6,375

8,500

10,625US$m

LandOthers

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INDIA INVESTMENT CLIMATE/ECONOMIC OVERVIEW Though the first five months of the year saw net foreign institutional investor inflows, there has been a large exodus of capital from stock markets since June due to the likelihood of tapering by the US Fed, which led to global markets being in turmoil.

A high trade deficit on account of petroleum and gold imports caused the current account deficit to touch a record high of 4.5% of GDP at US$87.8 billion in 2012-13 according to Reserve Bank of India. This led the government to reduce non-essential imports by imposing restrictions as well as raising duties. The deficit was further compounded from May to June as the Rupee depreciated by approximately 10% against the US Dollar since the beginning of the year.

Meanwhile, in order to revive investor interest in Special Economic Zones (SEZ), minimum land requirements were reduced by half, while they were done away with for IT-ITeS SEZ during the first half year. The government also permitted the transfer of ownership of SEZ units through sale. Other regulatory reforms saw a relaxation in the norms for availing External Commercial Borrowings by housing finance companies. Additionally, FDI norms were enhanced in a number of sectors such as insurance, aviation, defense production, etc.

TRANSACTIONS OVERVIEW PRIVATE EQUITY INVESTMENTS While private equity (PE) investments in real estate, which reached US$276 million in the first half of 2013, fell 46% as compared to first half of 2012, PE funds continue to show keen interest in the market with a number of deals in discussion. This decline in the quantum of PE investments was essentially due to the lower number of deals (13 in the first half of 2013), as the average ticket size of deals remained same.

The total value of investments in the residential segment reached US$156 million in the first half of 2013, a drop of 48% over last year. The total value of investments in the office segment was also lower at US$118.1 million. However, investments in ready office space are strong, reflected by the continuous growth of core investors with over US$1.3 billion invested in ready office spaces during the last three years. In 2013, the highest value of PE investments was in Pune at US$131.6 million, followed by Mumbai at US$67.5 million, NCR at US$38.8 million and Bengaluru at US$16.9 million.

CORPORATE TRANSACTIONS In contrast to private equity transactions, corporate transactions in real estate increased by 8% over the same quarter last year, to hit US$614 million in the first half of 2013. Both the number and quantum of transactions increased over the last quarter. NCR saw the highest amount of transactions worth US$253 million due to a single transaction in the peripheral location.

OUTLOOK Investments in the real estate sector are expected to be stable in the next six months, as many investors remain cautious due to the rupee’s weakness. However, they are still committed to investing in the Indian markets as developers continue to face liquidity issues and are in dire need of funding. In addition, income-generating assets are expected to remain popular with funds. Structured deals involving debt financing is also being embraced by investors to take indirect stakes in projects, which mitigates short-term risk and allows long-term exposure to one of the world’s emerging giants.

STATS ON THE GO (FIGURES IN USD MILLION) SECTOR H1 2012 HI 2013 Y-O-Y CHANGE

Development Land 945.5 612.7 -35.28

Office 421.4 193.4 -54.1

Hospitality 78.2 - NA

Residential 306.9 152.2 -50.4

Others 20.2 - NA


INVESTMENT VOLUME (TOP CITIES AS OF H1 2013)


Note: USD 1 = INR 59.27

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NCR Pune Mumbai Chennai Hyderabad Bengaluru Others

US$m

PE Corporate Transactions

SELECT MAJOR TRANSACTIONS (H1 2013) PROPERTY NAME PROPERTY TYPE CITY PURCHASER SELLER CONSIDERATION / PURCHASE PRICE UNIT PRICE

US$/SF (NLA) INR MILLION US$ MILLION

DLF Hyderabad Devt Site Hyderabad Suvarnabhoomi Developers DLF 6,500 109.6 NA

Chennai Project Devt Site Chennai Ceebros Viceroy 4,800 80.9 NA

Eon Free Zone Office Pune Blackstone Panchshil Realty/Ireo Mgmt Ltd. 4,500 75.9 NA

Blue Ridge Office Pune IDFC Alternatives Paranjape Schemes 2,500 42.1 NA Source: RCA, Cushman & Wakefield Research

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VIETNAM INVESTMENT CLIMATE/ECONOMIC OVERVIEW As of the end of the first half of 2013, there have not been clear signals of market recovery although a period of stabilization has set in. Growth in second quarter GDP remained at 4.9%, similar to that in the first quarter and is expected to pick up speed in the later part of the year, while inflation is expected to slow to 6.8% this year from 9.3% in 2012. Despite recent volatility in emerging market currencies, the Dong has remained relatively stable. Although the interest rate is on a downward trend, currently at 12-13%, bank loans in real estate developments are still limited.

MARKET OVERVIEW Vietnam has witnessed the most active first six months of a year in the property investment market since the Global Financial Crisis, signaling a rebounding foreign investment appetite into Vietnam and an increasingly more sophisticated market.

Investments into Vietnam’s real estate market for the half year through June more than doubled from a year ago to reach US$669.4 million. This was mainly due to the sale of Vincom Centre A, which was snapped up by Vietnam Infrastructure and Property Development Group for US$313.97 million.

Operating assets, particularly office buildings, are the most popular investment targets for foreign investors, notably Singaporean, Japanese and Korean organizations that are reducing their construction and leasing exposure on new developments. However, there remains a distinct lack of good quality, well-managed saleable stock in both HCMC and Hanoi.

Well-situated development sites in both major cities remain sought after. However, prospective developers anticipate a 30-40% correction in land values before taking on green field development investments. This shift has not been evident, despite the recent correction in the market, and as a result, a lot of development projects still remain unfeasible.

OUTLOOK 2013 will likely see the highest transaction volumes in operating assets to date. There is an expectation that regional and international investor interest will gain as the real estate market reaches the bottom of the cycle. Merger and acquisition activity

increasing at a local level and will be the focus of investment activity in the short to medium term.

However, distressed assets have not been in abundance despite the ongoing Non-Performing Loans of local banks. Lack of liquidity in the financial markets will mean there will be more forced sales in 2014.

The uncertain legal infrastructure continues to contribute to a lack of transparency in the market, as do the opaqueness of domestic firms. The government’s move to establish a state company, the Vietnam Asset Management Company, to mop up the financial sector’s soured loans has not had an immediate impact, and its effectiveness remains to be seen.

STATS ON THE GO SECTOR H1 2012 HI 2013 Y-O-Y CHANGE

Office 133.3 50.2 -62.3%

Hospitality 179.2 246.0 37.3%

Retail - 319.3 NA

Residential 11.9 34.7 191.6%

Source: Real Capital Analytics

INVESTMENT VOLUME


SELECTED MAJOR TRANSACTIONS (YTD) PROPERTY NAME PROPERTY TYPE CITY PURCHASER SELLER CONSIDERATION/PURCHASE PRICE UNIT PRICE

US$/SM (NLA) VND MILLION US$ MILLION

Centre Point Office HCMC Mapletree Investments Japan Asia Land 52 1,900 Vincom A Complex HCMC VIPD Vingroup 470 NA Sheraton Nha Trang (66% stake) Hotel Nha Trang Kinh Do Corp VinaLand 42 NA Life Resort Hoi An Resort Hotel Hoi An MINT IBUS 9.6 NA Life Resort Quy Nhon Resort Hotel Quy Nhon MINT IBUS 6.4 NA Source: Real Capital Analytics, Cushman & Wakefield Research

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2008 2009 2010 2011 2012 H1 2013

US$m

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SOUTHEAST ASIAN CITIES REGIONAL OVERVIEW The success of the region in weathering the impact of 2008’s financial crisis has awoken the world to the economic potential of Southeast Asia. Favorable demographics and a large domestic consumption base have enabled economies like Indonesia and the Philippines, to remain relatively insulated to the drop in external demand. With costs in China spiraling after more than two decades of its economic liberalization, industrialists are also looking to plant their factories in the Indochinese economies.

However, while prospects of the Fed tapering have exposed the current account deficits that some economies are running, the consensus is that another 1997 Asian-styled crisis is unlikely to occur, due to the region’s better macroeconomic fundamentals. Investments will likely see a pullback in the short term, as asset returns will be impacted by further depreciation of currencies.

Real estate investments in the Southeast Asia region will remain dominated by intra-regional investors and funds with higher risk profiles. Operating assets in the retail sector have attracted the bulk of capital since 2008, due to the consumption story. However, the region’s potential goes beyond that and as investors look to diversify, along with rising foreign investments, the industrial sector should gain some traction. Investments into the region’s real estate markets are expected to be sustained, as its long-term fundamentals are played out, supported by intra-Asian capital flows.

STATS ON THE GO SECTOR H1 2012 HI 2013 Y-O-Y CHANGE

Development Site 1,189.42 2,225.38 87.1%

Office 264.49 301.91 14.1%

Industrial 209.66 90.87 -56.7%

Retail 191.14 448.12 134.4%

Residential 53.90 74.29 37.8%

Hospitality 418.38 358.28 -14.4%


INVESTMENT VOLUME H1 2013


INVESTMENT MARKET OVERVIEW/OUTLOOK JAKARTA Unexpectedly, there are signs of pressure in the Indonesia economy. Until the first quarter of 2013, the economy seemed to be doing well. But growth, as of September 2013, has slowed from 6.4% to 5.9%; inflation is rising while the balance of payments is under pressure along with a weakened Rupiah.

However, most economists believe it is too early to see the current developments as a threat to longer-term growth. Policy-makers have responded promptly. In August, Indonesia announced a package of fiscal and monetary policies in response to the pressures in the financial and trade markets. The central bank, Bank Indonesia, also increased interest rates to 7.25% in September.

The continuing economic growth, Rupiah currency’s stability, increasing household incomes, and potential market growth continues to be a pre-requisite to foreign property investors, even though the fundamentals for property demand and supply in Jakarta have not altered greatly.

Political uncertainty is becoming a concern to foreign investors. Even though the government has started to show its commitment for clean and pro-market governance, the real results of this initiative remain to be seen. Next year, Indonesia will hold a parliamentary election in April and a presidential election in July. In the past, the impact of these elections had proved temporary with little impact on the property market. Given the recent volatility in the emerging markets, investors are likely to adopt a wait-and-see attitude.

Limited investment transactions were recorded in Jakarta. While foreign investors are cautious, the lack of deals is also a result of the lack of good investment projects, rising land prices, and pending infrastructure improvements. As with the capital values, investment yields of the Jakarta property markets have been relatively stable.

There are still some opportunities for cash-rich investors, those who have secured reliable sources of finance or those who have secured prime lands for property development; they will still benefit from the property markets at various stages of the property cycles.

Local investors have been more successful in acquiring property assets in Jakarta, especially land, high-end residential and office buildings, as they are generally better acquainted with local conditions. Whereas Bali and Jakarta remain the preferred investment destination for hotels among foreign investors, very few deals have been struck. The limitation is only deal sizes as very few can secure local deals of more than US$100 million.

In addition, the slow disbursement of the state budget for infrastructure development is threatening growth, which has already been held up by a decline in the country’s exports. This condition and the lack of investors for public infrastructure developments, coupled with the associated problems in land acquisition and clearance, have caused uncertainty with regard to the completion schedule of planned infrastructure projects, and hence made property investment decisions difficult.

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2008 2009 2010 2011 2012

US$ Million

Kuala Lumpur Bangkok Manila Ho Chi Minh City Jakarta

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MANILA The economy continued to perform well in the second quarter of 2013, growing by 7.5% in the same period, spurred by aggressive government spending, increased investments in fixed capital, and high consumer expenditure. With the expected growth in demand for office spaces not only in Metro Manila but in provincial areas as well, investments in office properties are expected to continue through 2014. In 2012, foreign investments in real estate activities totaled US$163.5 million, up from 2011’s US$135.2 million. As of May 2013, foreign investments attributed to real estate activities already amounted to US$105.9 million, more than half of what was accumulated in 2012.

Recent investment upgrades by international rating agencies, the latest of which was Moody’s, have boosted business confidence in the country. Reasons for these upgrades include the country’s ability to moderate inflation, its economic resilience, improvement in fiscal management, and a strong policy-making framework.

There have been numerous development projects happening in different areas in the Philippines. These projects are visible not only within Metro Manila, but in other provincial areas as well. Developers have been snapping up opportunities to develop properties which have long been in the land bank, and newly acquired properties which have the potential to attract investments.

One of the more aggressive real estate developers, Ayala Land Inc. (ALI), has been investing in development land for commercial districts development. One of the significant investment projects of ALI is Vertis North, a mixed-use project located in Quezon City, where the company is investing PHP65 billion.

Another ALI investment project, the Circuit Makati, a redevelopment of the Sta. Ana race track, would entail an investment of PHP20 billion on the entertainment complex. Both of these developments are expected to be completed between 2015 to 2016. Moreover, another real estate developer, Megaworld, has recently increased its programmed investment project in the Iloilo Business Park to PHP35 billion, making it its single largest project located outside Metro Manila.

It is evident that most real estate developers are focused on investing in development land, and converting it to a mixed-use community, usually comprising office, residential and leisure developments.

With the economy on a firmer footing, investments into the country have become more viable. The Real Estate Investment Trust law, once passed, would also further strengthen the country’s real estate investment market. However, there are several key issues, such as stringent tax rules, which are blocking its implementation.

KUALA LUMPUR The capital remains the country’s most attractive real estate market, which is relatively well-regulated but is much more affordable when compared to the developed markets in the region. For Kuala Lumpur’s real estate, the biggest impediment to more investments is transparency, which has discouraged most foreign

institutional funds looking for core assets to park their money in. However, Malaysia’s legal system and lack of a capital gains tax (after holding a property for five years) are plus points, as well as its open-door policy to foreign investments.

For the first of the year, development sites attracted the bulk of the capital spent on investment deals, at US$565.0 million. The largest transaction was WCT’s acquisition of land, which the company intends to develop an integrated-use property.

Foreign capital came in the form of Mitsui Fudosan’s joint venture with Malaysian developer, E&O, to develop The Mews Services Residence in the heart of the capital’s CBD, a stone’s throw from the KLCC precinct. The city is reportedly to be on the radar of Japanese investors, who are looking to diversify from China and its home market.

Investments into the capital’s real estate market will likely gain momentum in the second half, after the country’s general election saw the ruling coalition retain power. As the government’s Economic Transformation Program revs into its mid-term, investments could pick up, due to multiplier effects from infrastructure projects. However, the program has elevated the country’s debt levels, which would probably weigh on some of the government’s plans in the short term.

One of the favored sectors in the capital is the retail sector, as the push towards a high-income economy is expected to boost wages and increase consumption; its urban population is also expected to increase. The city’s well-managed malls will continue to attract the entry of major international retailing brands.

BANGKOK Bangkok’s real estate market has remained resilient, weathering the uncertain global economic climate as well as a volatile domestic political situation. Still, investments into the capital’s real estate sector recovered somewhat in 2011, after the last election installed the current ruling party.

Having been through at least a coup in each decade since 1932, political instability remains a legitimate concern for investors in the kingdom. Other major bugbears include regulatory lags and political inertia, which frequently delay the implementation of policies and create uncertainty for investors, especially foreign capital, delaying funding for vital infrastructure projects which Bangkok’s real estate needs.

Still, there are number of positives for Thailand and its capital city.

The city’s popularity as a tourist destination means investors view hotel assets favorably, and the fundamentals are improving. Tourist arrivals to the country are expected to increase to 24 million this year, up by an expected 20% and a huge leap from the 3 million achieved 12-15 years ago. So far, occupancies and RevPAR figures are increasing, which would lead to higher room rates.

So far, foreign institutional funds have mostly banked on the prime residential sector in Bangkok, where development land is in short supply, placing upward pressure on prices and rentals of existing stock. In contrast, office investments remain relatively low, due to a lack of investable assets.

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In the first half of this year, the only foreign presence was a US$23.3 million investment in units of a condominium project, located in an expatriate community, by Aramis Capital.

However, expectations for a REIT framework to be introduced by next year should catalyze and transform real estate investment in Thailand. While there seems to be still some tax hurdles to clear,

developers are already expanding their sources of rental incomes, to be injected into REITs when the framework is successfully implemented. Big scale infrastructural projects should also give the real estate market a boost once they get off the planning stages.

SELECTED MAJOR TRANSACTIONS Q2 PROPERTY NAME PROPERTY TYPE COUNTRY/CITY PURCHASER SELLER CONSIDERATION / PURCHASE PRICE UNIT PRICE

US$/SF LCY MILLION US$ MILLION

Liberty Square Office Bangkok/Thailand KSL Group NA 1800.0 60.5 140.5 Bang Chalong Industrial Bangkok/Thailand WHA Fund WHA 1615.0 52.7 74.6 Ideo Thonburi Dev Site Bangkok/Thailand Ananda Devt NA 738.7 24.3 230.8 Epicentrum Plot Dev Site Jakarta/Indonesia BSD City Bakrieland 868,930.0 90.0 278.6 Mixed Development Office Jakarta/Indonesia GIC Singapore Ragawali Group 3,486,000 350.0 NA Jalan Awan Cina (future Mixed Development)

Dev Site Kuala Lumpur/ Malaysia

WCT Bhd Eng Lian Enterprise 450.0 147.2 58.8

Icon at Tun Tazak-East Wing

Office Kuala Lumpur/ Malaysia

Top Glove Law Tein Sing/Datin Saw Geo

226.0 72.9 262.2

Tower 6 Horizon Phase 2 Office Kuala Lumpur/ Malaysia

Lembaga Tabung Haji UOA Group 102.2 33.4 229.0

Midas Hotel Hospitality The Phillippines/ Manila

LRWC Eco Leisure & Hospitality 750.0 18.3 149,000/key


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