Ascendas REIT rides on the Iskandar property craze

A 60:40 JV is already in talks.

According to Nomura, Ascendas REIT is keen to explore opportunities in Iskandar Malaysia where sponsor Ascendas (unlisted) and UEM Land (ULHB MK, Buy) have a 60:40 JV to develop an integrated tech park.

Nomura also said that the manager has unveiled three new projects – DBS Asia Hub Phase II (over 7,000 sq m to be added to existing building at an estimated cost of SGD21.8mn) as well as asset enhancement at Techpoint and 5 Toh Guan Road East (each estimated to cost SGD7mn).

"The Jinqiao business park project in Shanghai has secured its first tenant (c.3% of the space) during the quarter and negotiation is underway for another 18% of the space," Nomura said.