CapitaLand

CapitaLand: signs JV with Mitsubishi Estate and SECOM Home Life for the joint devt of The Parkhouse Nishi-Azabu Residence, a 190 unit residential project located in Minato Ward, Tokyo, Japan. CapitaLand’s share of invmt in the project is 20%, while Mitsubishi’s share is 70% and SECOM owns the remaining 10%. Planned for official launch in 4Q12, construction has begun and is targeted for completion by 2Q14. The 24 storey building when completed will be the tallest residential building in the Nishi-Azabu area in Minato Ward. Minato Ward is one of the 3 core wards in Tokyo, where business HQs, foreign companies and embassies are located. The property will have 156.7k sf NLA, with 1 retail and 190 residential units. This marks CapitaLand’s second collaboration in Tokyo, after The Parkhouse Shinjuku Tower. Mitsubishi has been CapitaLand’s strategic partner outside of Japan, with 3 ongoing JVs in Spore and Vietnam. Mgt notes the residential sector was the best performing real estate sector in the country in 2011 and mkt conditions continue to favor the sector. The stock trades at 12.1x P/E, 0.9x P/B.