Aseana thinks big down south

July 14, 2008 | 18:29

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A joint venture between Malaysia’s Aseana Properties Limited and local Binh Duong Corporation will develop five luxury hotel, prime offices, apartments and urban infrastructure projects in Ho Chi Minh City.

A raft of projects are potentially impacted on by the merger

The joint venture received the investment certificate last week from the Ho Chi Minh City People’s Committee for a $200 million residential and commercial complex in District 4. Lai Voon Hon, general manager of the joint venture, said the venture would invest in further projects in the city. These include a five-star hotel and a financial building in District 1, a luxury apartment and commercial complex in Binh Thanh district, re-decorating urban view of District 8 and a resettlement project for the government.

The two sides will develop the Horizon Place covering two phases under the investment certificate. Of which, in the first phase, developers will build three 30-story towers, with seven storeys for commercial halls. “The Horizon Place will be a benchmark project for a modern view of the city in District 4,” said Hon.

The second phase of the project has yet been fixed as it depends on land allocation given by the local authorities. However, the total development value of the whole project is estimated at $200 million. The developers will break the ground the construction in the last quarter of this year and planned completion in 2012.
Aseana Properties Limited will own 65 per cent of the venture and contribute $11.5 million in the joint venture’s chartered capital in the first phase.

Aseana Properties Limited has also acquired a strategic minority stake in Nam Long Investment Corporation for approximately $18.03 million and established an exclusive agreement with the latter to co-develop four further projects in Ho Chi Minh City. Nam Long currently has over 500 hectares of land bank mainly in Ho Chi Minh City and neighbouring provinces.

By Hoang Giap

vir.com.vn

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