Business
Partnering Nam Long - residential dev't in Vietnam
Partnering Nam Long - residential dev't in Vietnam.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n \nRNS Number : 4295F Aseana Properties Limited 26 April 2011 \n \n\n26 April 2011\n \nAseana Properties Limited\n(\"Aseana\")\n \nAseana partnering Nam Long in residential development in Ho Chi Minh City, Vietnam\n \nAseana Properties Limited (LSE: ASPL), a property developer investing in Malaysia and Vietnam, listed on the Main Market of the London Stock Exchange, announces that it has entered into a conditional agreement with Nam Long Investment Corporation (\"Nam Long\") to develop a residential project on a 56,212 sq m parcel of land in District 9 of Ho Chi Minh City.\n \nCompletion of the agreement is conditional upon the award of an Investment License to the joint venture company which will be formed between Aseana and Nam Long, and the transfer of the Land Use Rights Certificates for the development land to the joint venture company from Nam Long. On completion, Aseana will own a 55% stake in the joint venture company through an equity investment of $7.92 million, and the remaining 45% stake will be owned by Nam Long.\n \nNam Long is a leading private property developer based in Ho Chi Minh City with over 18 years of experience in the region, and a land bank of over 550 hectares in prime locations across Southern Vietnam. Aseana owns a strategic minority stake of 16.4% in Nam Long, acquired in July 2008.\n \nLocated within a prime suburban residential area, the development will consist of 37 villas, built on land plot sizes ranging between 250 to 560 sq m, and approximately 460 apartment units in a single 15- storey tower block. With a low development density, the villas and apartments will be set in a lush green landscape, with the river-front view of the Rach Chiec River adding a sense of nature and tranquillity to the development. The project is expected to have a Gross Development Value of approximately US$100 million. Preliminary site preparation work has commenced and construction is expected to begin in Q4 2011.\n \nCommenting on the partnership with Nam Long, Mohammed Azlan bin Hashim, Chairman of Aseana Properties, said:\n \n\"We are pleased to take our partnership with Nam Long to the next level by developing another project together. This will be our second project with Nam Long since our initial investment in 2008. With Nam Long's strong brand name and track rec...