ONE announcement, page-10

I don't necessarily agree with your logic here.

The property buyer/developer would be inherently leveraged through the buying and development of the property, which would provide far more leverage than they could hope to achieve buying an illiquid small cap on the ASX which is likely outside of their home country and carries fx risk, the burden of buying on an international stock exchange, etc.

Agents may be shrewd about property, but they are likely clueless about the share market and uncomfortable buying shares as it's outside their comfort zone.

Lawyers same as property agents, majority are not clued up or comfortable with shares. They have a very niche or specialised knowledge/expertise.

The COVID-19 situation is not so good in the Philippines right now. My guess is that it has dented confidence to buy a piece of land and develop it with the uncertainty of what the future looks like - will life return to normal as we knew it before COVID-19, or is there going to be a new way of life moving forward where white collar workers primarily work from home? The vaccine roll out and how it helps (if any) is probably something they are watching with interest to see if there is a sign that life can return to normal. So until that uncertainty is removed, confidence to do a deal and getting a fair price is going to be difficult to achieve I feel.