LONDON (Alliance News) - VinaLand Ltd on Wednesday said it has sold its stake in villa resort development site Project Ceana for net proceeds of USD7.6 million.
The Vietnam-focused real estate investor said the disposal of its entire stake in the project was completed at a total valuation 13% above the September 30 unaudited net asset value, but 43% below the net asset value of the property in November 2012.
Project Ceana was purchased by VinaLand in 2007 and is a 7.34 hectare parcel of land located in Dien Ban District, Quang Nam Province. The site has approval for a future resort development.
VinaLand said it has received the entire proceeds.
"The disposal was approved by the board prior to November 21, 2015 and in accordance with the previously stated policy, the proceeds received from this exit in conjunction with those collected from past and future disposals will be used to cover VinaLand's commitments including operating costs and distributions to shareholders," said Managing Director David Blackhall.
Shares in VinaLand were untraded on Wednesday, having last traded at USD0.690.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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