Boustead Singapore tweaks deal with Unified Industrial to retain control of Vietnam business
This allows the company to better manage its real estate and fund management business in one of Asean’s fastest growing economy
[SINGAPORE] Boustead Singapore on Monday (Jan 12) announced amendments to a master share subscription agreement between its subsidiaries and Hong Kong-based real estate company Unified Industrial.
The amendments will allow it to retain control of its real estate and fund management business segment in Vietnam. In March 2025, the group announced an agreement to transfer its real estate asset management and fund management business to Unified Industrial.
Under the amendments, the company will retain control of Echo Base-BP Capital (Vietnam), instead of transferring it to Unified Industrial. Other agreements, collectively known as the Vietnam obligations, will also not occur, Boustead Singapore said.
The amendments come as the growth of Boustead Singapore’s real estate and fund management business in Vietnam remains a “continual area of focus” for the company, with the country as a key strategic growth market.
“The termination of the Vietnam obligations under the master share subscription agreement would continue to give Boustead Singapore operational control of (its) real estate and fund management business segment in Vietnam,” the company said.
As Vietnam is a developing South-east Asian real estate market, the company noted that its industrial assets in the country would have a longer gestation and maturity period.
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“With a long-term view of its capital allocation strategies, (the group) would be better able to manage its real estate and fund management business segment in Vietnam through full operational control of the business,” Boustead Singapore said.
The company said that the transactions under the master share subscription agreement are separate and independent of the proposed initial public offering and listing of UI Boustead Reit on the Singapore Exchange.
Vietnam ended 2025 on a high note. Gross domestic product expanded 8 per cent from the year before, marking the second-fastest pace in 15 years and among the fastest for Asean economies.
Buoyed by the numbers, Hanoi is targeting double-digit growth in 2026, betting on higher public investment, export diversification, private-sector productivity gains and deeper capital markets.
Shares of Boustead Singapore closed on Monday S$0.03 or 1.7 per cent higher at S$1.82 before the news.
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