19 Jan 2007 11:34
VinaLand Limited19 January 2007 19 January 2007 VINALAND LIMITED VinaLand Announces Investment Agreement with Saigon Port VinaLand Limited (AIM: VNL), the investment company admitted to trading on theAIM market of the London Stock Exchange plc, is pleased to announce that it hassigned a preliminary investment agreement with the Saigon Port Company toredevelop the 23-hectare site that currently houses the main port in District 4.VinaLand will make a US$11.25 million investment deposit to secure developmentrights over the site, and the Saigon Port Company will be responsible forrelocating the port. The agreement will allow VinaLand to initiate feasibilitystudies needed to determine the nature and extent of its involvement in futureprojects on the site. Saigon Port has been required to relocate as part of a Government plan to moveHo Chi Minh City's urban ports to outlying areas, and plans have been made tore-establish the port in Cai Mep, Ba Ria Province. VinaLand plans to redevelopthe site for mixed-use, including office, hotel, commercial, and residentialprojects. The site is adjacent to the Central Business District and is one of very fewlarge-scale sites near District 1 with only one occupier. Its riverfrontlocation and proximity to both the downtown area and the rapidly-developingSaigon South give it tremendous appeal for a range of potential users. Peter Dinning, Managing Director of VinaCapital Real Estate, described theproject as "a unique opportunity to create a large, multi-purpose development inan exclusive location, the value of which will increase as Ho Chi Minh Citydevelops." VinaLand is a major stakeholder in another large-scale, mixed-use developmentacross the river from the new site and the Central Business District, inDistrict 2. This area is often compared with Shanghai's Pudong New District,which in the last 15 years has been transformed from farmland into China'sfinancial hub and a national symbol of economic development. About VinaLand Limited VinaLand Limited (AIM: VNL) is a US$204 million, closed-end property investmentcompany admitted to trading on the AIM market of the London Stock Exchange plc.Admitted to trading in March 2006, the company focuses on key growth segmentswithin Vietnam's emerging real estate market, namely residential, office,retail, industrial, and leisure projects. VinaLand is managed by VinaCapitalInvestment Management Limited ("VinaCapital"), a fund management and advisorybusiness operating out of offices in Ho Chi Minh City and Hanoi. VinaCapitalReal Estate Limited acts as development adviser to VinaCapital. For further information, please contact: Ms. Chi NguyenInvestor Relations(84 8) 821 9930 Mr. Philip SecrettGrant Thornton Corporate FinancePhone: 0870 991 2578 This information is provided by RNS The company news service from the London Stock Exchange