Sapphire divests shareholding with Refico and exits the City Garden JV

February 23, 2016 | 14:10

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Sakkara Asia Pacific Project Holding Investment Real Estate JSC (Sapphire) announced today that it had divested its minority shareholding in both Refico Real Estate Group and in the City Garden joint venture.

“Sapphire has successfully delivered high quality projects in Vietnam both independently and through managing joint venture partnerships,” said Sapphire’s joint managing director David Bedingfield. “As our business grows, we recognise that when we are a meaningful shareholder and are able to manage the project, the outcome is better.”

Sapphire recently topped out the first of its prestigious villas at HOLM, a residential community in Thao Dien in Ho Chi Minh City, and has commenced selling for the second phase of Sanctuary Resort, a luxury beachfront residential community in Ho Tram in the southern province of Ba Ria-Vung Tau.

In addition to existing projects, Sapphire has a strong project pipeline and is actively seeking well-located, medium to large-scale projects for office, industrial, residential apartments and houses and mixed-use developments. The group is willing to acquire land or joint venture with landowners. Together with established investor relationships, Sapphire is supported by Sakkara Group, Australia, whose global experience spans 86 projects valued at more than $2.5 billion since 1997.

“Sapphire is an innovator and we have evolved cutting-edge solutions to answer the needs of an ever more sophisticated customer,” Bedingfield said. “From Centrepoint, which was the country’s first true eco-office building to President Place, which provides a true balance of work and lifestyle in the heart of the city, we feel it is important to continue to add value to our projects, particularly in an increasingly competitive and dynamic marketplace.”

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