Business
Second investment in Vietnam
Second investment in Vietnam.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n Aseana Properties Limited\n25 March 2008\n\nDate: 25 March 2008\n\nOn behalf of: Aseana Properties Limited ('Aseana' or 'the Company')\n\nEmbargoed for: 0700hrs\n\n\nAseana Properties Limited\n\n • Second investment in Vietnam\n\n • To develop a prime city-centre site in Ho Chi Minh City, Vietnam\n\n\nAseana Properties Limited (LSE: ASPL), a leading Asian property developer on the\nOfficial List of the London Stock Exchange, today announces that it has paid a\ndeposit of approximately US$5 million and a contribution to the Fund of\nInfrastructure Development of District 1 of approximately US$640,000 to the\nPeople's Committee of District 1, Ho Chi Minh City to secure the development\nrights for a prime, city-centre site in Ho Chi Minh City, Vietnam. The\ndevelopment, to be named the Wall Street Centre ('Wall Street Centre'), is\nlocated on approximately 4,500 sq m in District 1 of Ho Chi Minh City. Aseana\nwill undertake this development jointly with Binh Duong Corporation, a Vietnam\nproperty development company, of which Aseana will own 65 per cent. of the\nventure.\n\n\nThe Wall Street Centre is estimated to have a gross development cost of\napproximately US$106 million. Development approvals from the appropriate\nauthorities for the project are currently expected to be obtained in the third\nquarter of 2008. The Wall Street Centre development is a prime Grade A office\ndevelopment consisting of two office towers. The development is expected to\nattract both local and international banks, brokerage and securities firms and\nprofessional services firms due to its location at the heart of the financial\ndistrict of Ho Chi Minh City.\n\n\nThis investment is the Company's second in Vietnam. In November 2007 Aseana\nannounced the acquisition of 202,800 sq m of sea-front land to develop a luxury\nresort hotel and residences on China Beach, Danang.\n\n\nCommenting on the latest investment, Dato' Mohammed Azlan bin Hashim, Chairman\nof Aseana Properties Limited said:\n\n\n'We are honoured to be given the opportunity by the Government of Vietnam to\ndevelop this prime location in Ho Chi Minh City, the commercial centre of\nVietnam. Vietnam's rapid economic growth, in particular since its accession\ninto the World Trade Organisation in January 2007, has made Ho Chi Minh City the\nspotlight of both multinationals and local corpor...