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Singaporeans buy 65% stake in HCMC firm
Joint-stock property development company Quoc Cuong Sai Gon has sold a 65 per cent stake to CapitaValue Homes Limited, Singapore-based CapitaLand Group's strategic business unit that focuses on building value homes in Asia.
CapitaValue Homes' wholly-owned subsidiary CVH Sparkle Pte Ltd bought the stakes for VND121.2 billion (US$6 million).
The deal values QCSG at VND186.5 billion as of 30 May, according to Chen Lian Pang, CEO of CapitaValue Homes.
The remaining stake in QCSG is held by the HCM Stock Exchange-listed Quoc Cuong Gia Lai JSC (30 per cent) and Gach Do Co., Ltd (5 per cent).
QCSG owns around 9,000sq.m of land in HCM City's Binh Chanh District, and has already received the green light from the Department of Planning and Investment to develop it.
QCSG intends to build around 800 value-for-money houses and CapitaValue Homes will lead the development.
The project is estimated to cost VND906 billion (US$4.4 million).
It will be CapitaLand's third value-home and seventh residential development in Viet Nam. Overall in this country, CapitaLand has a residential portfolio of more than 6,400 units in HCM City and Ha Noi.
vietnamnews
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