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Frasers Centrepoint to build Ho Chi Minh City project with Vietnam-listed ADTD
FRASERS Centrepoint (FCL) and Vietnam-listed boutique developer An Duong Thao Dien Real Estate Trading Investment (ADTD) will, through their joint venture in G Homes House Development, develop a residential-cum-commercial project on a one-hectare prime residential site in Ho Chi Minh City, Vietnam at an estimated development cost of US$85 million.
Making this announcement on Tuesday, FCL said that it has inked a deal for a 70 per cent stake in G Homes. ADTD and other existing shareholders shall continue to hold the remaining 30 per cent stake.
Located at a prime residential location in Thao Dien Ward, which will be served by the city's first metro line scheduled to be completed in 2020, the joint development will comprise condominium units with views of the Saigon River, townhouses and villas for sale, as well as serviced apartments and retail shops. Thao Dien is a popular residential enclave for expatriates.
FCL has had a presence in Vietnam for years. It owns an office building, Me Linh Point, in District 1, Ho Chi Minh City, and is also managing two serviced apartment properties: the 185-unit Fraser Suites Hanoi and 175-unit Capri by Fraser, Ho Chi Minh City.
FCL's shares closed one Singapore cent lower at S$1.58 on Tuesday.