Last checked at 23 Nov 2009 07:00
Date: 23 November 2009
On behalf of: Aseana Properties Limited ("Aseana" or "the Company")
Embargoed for: 0700hrs
Aseana Properties Limited
Aseana Properties Limited (LSE: ASPL), a leading Asian property developer investing in Malaysia and Vietnam listed on the Official List of the London Stock Exchange, today announces that it has entered into a conditional Joint Venture Agreement with Nam Long Investment Corporation ("Nam Long"), to develop an upscale residential development in Tan Thuan Dong area, District 7 of Ho Chi Minh City. The completion of the Joint Venture Agreement is conditional upon the award of Investment License to a joint venture company which will be formed between the Aseana and Nam Long, and the transfer of the Land Use Rights Certificate for the development land to the joint venture company. Aseana will be taking an 80 percent stake in the joint venture company.
The development is strategically located in District 7 of Ho Chi Minh City, a prime suburban residential and commercial location of choice for many Vietnamese and expatriates. Located over approximately 20,158 square metres, and with a commanding view of the recently completed Phu My Bridge spanning the Saigon River, the development will consist of two towers of up-scale residences and a small purpose-built commercial area. The development is expected to derive a Gross Development Value of approximately US$120 million. Construction for the development is expected to start by the second quarter of 2010.
With over seventeen years of track record, and a land bank of over 570 hectares in prime location across Southern Vietnam, Nam Long has established itself as a leading player in the real estate industry in Vietnam. In July 2008, Aseana announced that it had acquired a strategic minority stake in Nam Long and established an exclusive agreement to develop property projects with Nam Long in Ho Chi Minh City.
Commenting on the investment, Dato' Mohammed Azlan bin Hashim, Chairman of Aseana Properties Limited, said:
"We are pleased to take our partnership with Nam Long to the next level by co-developing this project. With Nam Long's strong brand name and track record in Vietnam, combined with our expertise in developing up-scale residential properties, we are confident of the success of this project.
"The Vietnamese economy has shown impressive resilience towards the global financial crisis, boosting international confidence in the economy. With this in mind, as well as other positive macro-economic indicators including a stable and rising middle class, we believe the demand for quality residences will continue to remain strong in Ho Chi Minh City."
The Company is also pleased to announce that the Aseana Tracker for 3rd Quarter 2009 will be released shortly and will contain further news regarding the Wall Street Project and KL Sentral Project.
Ends
Enquiries:
| Aseana Properties Ltd | |
| Tan May Lee | Tel: +603 6203 6688 |
| Email: maylee.tan@ireka.com.my | |
| Redleaf Communications | Tel: 020 7566 6700 |
| Samantha Robbins / Adam Leviton / Kathryn Hurford | Email: aseana@redleafpr.com |
| Fairfax I.S. PLC | Tel: 020 7598 5368 |
| James King / Gillian McCarthy |
Notes to Editors