Foreign-invested Firm Restlessly Sells Land Plots in Vietnam

Tuan Minh

17:59 25/06/2017

BizLIVE - Aseana will gain a net $5 million from selling two land plots in Vietnam’s hi-tech healthcare project.

Foreign-invested Firm Restlessly Sells Land Plots in Vietnam

A view of the Hoa Lam - Shangri-La hi-tech hospital in HCM City. Photo: TBKTSG

Aseana Properties Ltd, a real estate developer in Vietnam and Malaysia, has announced that Hoa Lam-Shangri-La Healthcare Ltd Liability Co (HLSL), in which Aseana holds a 72.4% stake, has sold two land plots in the International Health Park in Ho Chi Minh City to two companies for $13.2 million.
According to a filing, HLSL sold a plot of 1.23 hectares to Tien Phat Consultancy Investment Co Ltd for $5.5 million, through the sale of its 100% stake in HLSL 5 Limited Liability Company (HLSL 5).
It has also agreed to sell a 1.19 hectare plot of land through the sale of its subsidiary HLSL Six Ltd Liability Co to Tri Hanh Consultancy Co Ltd for $7.7 million.
Aseana will gain $1.2 million for the sale of HLSL Five, and $3.8 million for HLSL Six once that deal is completed.
The proceeds from these sale will be used as working capital and towards repaying bank borrowings at International Health Park, in line with Aseana's strategy to realize assets and reduce gearing.
Aseana has sold seven plots in the International Health Park. The remaining twelve plots of land, measuring 11.29 hectares, have a total appraised market value of approximately $37.9 million.  Significant marketing efforts are currently underway by the Aseana's development manager to dispose of these remaining plots.
The International Health Park project in Ho Chi Minh City has an area of 37.56 hectares and was licensed to HLSL in July 2008. It is set to include six hospitals with a combined 1,750 beds.

TUAN MINH

Từ khóa: Ho Chi Minh City