<article>Keppel Land launches a Thai JV, Natural Cool Holdings disposes of a property and Chip Eng Seng acquires West Australian properties.</article>

Keppel Land launches a Thai JV, Natural Cool Holdings disposes of a property and Chip Eng Seng acquires West Australian properties.
<h3>Keppel Land launches Thai JV</h3>
Keppel Land, the property arm of Keppel Corporation, is launching a joint venture (JV) with Thai property developer KPN LAND Co. to acquire two separate prime sites in Bangkok for a total of 2.2 billion baht ($67.3 million). The JV partners will develop two premium freehold condominiums projects on the sites, which are located along Sukhumvit Road.
The JV will be jointly managed, with Keppel Land holding a 49 per cent stake in the condominium projects. Its share in the total development cost for both projects would amount to an estimated 2.8 billion baht ($85.6 million).
The first site with an area estimated at 1600 sqm, is located in a prime residential enclave on Sukhumvit soi 19. Landmarks in the vicinity include the Terminal 21 shopping mall as well as five-star hotels such as Westin Grande Sukhumvit and Sheraton Grande Sukhumvit. The proposed development is a 24-storey condominium tower comprising about 140 units with a net saleable area of about 8,000 sqm.
The second site, which spans about 3200 sqm, is located in an established residential district on Sukhumvit soi 28, in close proximity to the EmQuartier and Emporium shopping malls. The development is a 30-storey, 265-unit condominium tower with a net saleable area of about 16,000 sqm.
Both developments will offer luxury apartments in one- and two-bedroom configurations, with construction to commence around Q3 2018.
<h3>Natural Cool Holdings sells property to Hwee Metal Works</h3>
Natural Cool Holdings is selling its property at 38 Lok Yang Way for a consideration of S$4.3 million to Hwee Metal Works, a manufacturer of steel structures and components.
The sale is through Natural Cool’s subsidiary, Loh &amp; Sons Paint (L&amp;S). 38 Lok Yang Way is valued at S$4.2 million as of 15 November and formed part of L&amp;S assets when it was acquired in 2015.
It was previously used to house the manufacturing, warehousing, and administrative functions of Natural Cool Holdings upon its acquisition. The asset disposal will improve L&amp;S’s overall cash flow position while strengthening its balance sheet and reducing interest expense.
L&amp;S has relocated most paint manufacturing activities to rented premises in Malaysia to reduce production costs, with 38 Lok Yang Way being retained as a warehousing and administrative office.
Given it is an unrequired asset, Natural Cool Holdings estimates a loss on disposal of approximately S$1.95 million, based on projected net proceeds of S$4.08 million from the transaction.
<h3>Chip Eng Seng acquires West Australian properties</h3>
Construction and property group Chip Eng Seng is jointly acquiring two adjoining properties in South Perth, Western Australia, for A$10.9 million ($8.31 million).
Located at 31 Labouchere Road and 24 Lyall Street and with an aggregate site area of 2040 sq m, the acquisition is to be accomplished through a new JV firm, CES Sirona Lyall (WA). The 70:30 JV has been formed by its wholly-owned subsidiary CES South Perth (WA) in collaboration with Sirona Lyall Street.
Sirona Lyall Street is a subsidiary of Sirona Capital, a specialist alternative funds manager with a focus on urban renewal and private real estate development in Western Australia.
The three vacant residential buildings that occupy the lots will be redeveloped into mixed-use development comprising residential apartments and retail/office suites.
This capital expenditure of the CES Sirona Lyall (WA) sees CES South Perth and Sirona Lyall Street securing shareholder loan agreements to provide an interest-free shareholder loan not exceeding A$14.5 million and A$6.2 million respectively.
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Keppel Land is launching a JV with Thai property developer KPN LAND to acquire two separate prime sites in Bangkok for a total of $67.3 million.

SG Realty: Keppel Land's Thai JV; Natural Cool's property sale; Chip Eng Seng's Australia buys

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SG Realty: Keppel Land's Thai JV; Natural Cool's property sale; Chip Eng Seng's Australia buys

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