Business
Aseana partnering Prudential
Aseana partnering Prudential.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n RNS Number : 5051R Aseana Properties Limited 24 August 2010 \n \n\n24 August 2010\n \nAseana Properties Limited\n(\"Aseana\")\n \nAseana partnering Prudential in residential development in Ho Chi Minh City\n \nAseana Properties Limited (LSE: ASPL), a leading property developer investing in Malaysia and Vietnam, listed on the Official List of the London Stock Exchange, has announced today that it has entered into a conditional agreement to sell a 49% stake in its wholly owned subsidiary, ASPL PV Limited (\"ASPL PV\") to the PRUPIM Vietnam Property Fund, which is managed by Prudential Property Investment Management (Singapore) Pte. Ltd. (\"PRUPIM Singapore\"), a subsidiary of Prudential plc, United Kingdom. \n \nASPL PV is a special purpose vehicle created to develop a residential development in the Tan Thuan Dong area, District 7 of Ho Chi Minh City, Vietnam (the \"Development\"). It owns 80% of the Development in a joint venture with Nam Long Investment Corporation (\"Nam Long\"). Nam Long is a leading private property developer based in Ho Chi Minh City with over 17 years of experience in the region, and a land bank of over 570 hectares in prime locations across southern Vietnam.\n \nCompletion of the sale is conditional upon the Development receiving the necessary consents including a transfer of Land Use Rights Certificate for the development land and authorities' issuance of an Investment Certificate, both of which are anticipated to be issued before the end of this year.\n \nThe 20,158 sq m Development is strategically located in District 7 of Ho Chi Minh City, a prime suburban residential and commercial location popular with many Vietnamese and expatriates. With a commanding view of the Phu My Bridge spanning the Saigon River, the Development will consist of two towers of residences and a small purpose-built commercial area. It is expected to have a Gross Development Value of approximately US$120 million. Preliminary site preparation work has commenced and construction is expected to begin in Q1 2011.\n \nAseana owns a strategic minority stake in Nam Long, acquired in July 2008.\n \nCommenting on the partnership with PRUPIM Singapore, Dato' Mohammed Azlan bin Hashim, Chairman of Aseana, said:\n \n\"We are delighted that PRUPIM Vietnam Property Fund is partner...