1 Oct 2009 10:13
RNS Reach
1 October 2009
VinaLand Limited
Sale of Central Garden condominium units complete
Ho Chi Minh City - VinaLand Limited ("the Company" or "VNL") (VNL.L), the AIM-quoted investment vehicle established to target key growth segments within Vietnam's emerging real estate market, announces today the sale of all 56 of its units at the Central Garden apartment block in Ho Chi Minh City.
Central Garden is composed of three towers with a total of 380 high-end apartments. The three towers were completed in the third quarter of 2008 and almost all units are now occupied. The Company acquired its block of 56 units in September 2006, when the developer needed additional capital to complete construction of the towers.
Central Garden in Ho Chi Minh City's District 1 is one of few completed high-end residential blocks in the central business district. High demand for residential space in Ho Chi Minh City saw the 56 units sell out less than four months after marketing and sales was initiated by Colliers Vietnam.
Total sales revenue was USD11.1 million, reflecting a USD1,365 per sq.m average sale price, with a return on capital of 57 percent.
David Henry, Managing Director of the Company's Investment Manager, comments: "The successful sale of the Central Garden units, all to domestic buyers, is yet another indicator that Vietnam's residential market is a welcome place for foreign investors to be.
"Particularly in the mid range of the market addressing Vietnam's growing middle class, demand is expected to remain strong for the foreseeable future as the population shifts to more modern accomodations."
Notes to Editors:
VinaCapital Group is a leading asset management, investment banking and real estate consulting firm with unrivalled experience in the Vietnamese market. VinaCapital Group was founded in 2003 and has grown from a single USD10 million fund to a diversified investment firm with over USD1.6 billion in assets under management as of July 2009.
VinaCapital manages three closed-end funds trading on the London Stock Exchange's AIM market. These are: VinaCapital Vietnam Opportunity Fund (VOF); VinaLand Limited (VNL); and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the DFJ VinaCapital technology venture capital fund with Draper Fisher Jurvetson. More information is available at www.vinacapital.com.
More information on VinaLand Limited is available at www.vinacapital.com/vnl
Enquiries:
Ms Chi Nguyen
VinaCapital Investment Management Limited
Investor Relations
+84 8 821 9930
chi.nguyen@vinacapital.com
Philip Secrett
Grant Thornton Corporate Finance, Nominated Adviser
+44 20 7383 5100
philip.j.secrett@gtuk.com
Hiroshi Funaki +44 20 7845 5960
LCF Edmond de Rothschild Securities, Broker
funds@lcfr.co.uk
Alastair Hetherington
Financial Dynamics, Public Relations (Hong Kong)
+852 3716 9802
alastair.hetherington@fd.com
David Cranmer
Financial Dynamics, Public Relations (London)
+44 207 269 7100
david.cranmer@fd.com