Frasers Centrepoint and An Duong Thao Dien Real Estate Trading Investment JSC will jointly develop a residential-cum-commercial project in HCM City. (Photo: Bloomberg)
Singapore-listed real estate developer Frasers Centrepoint Limited (FCL) has entered a deal with Hochiminh Stock Exchange-listed boutique developer An Duong Thao Dien Real Estate Trading Investment JSC (ADTD) to develop a residential-cum-commercial project in Ho Chi Minh City
The two firms, through their joint venture in G Homes House Development, will carry out the project on a one-hectare residential site in Vietnam’s southern metropolis at an estimated cost of $85 million, FCL said in a press release filed on its website.
The joint development will comprise condominium units with views of the Saigon River, townhouses and villas for sale, as well as serviced apartments and retail shops.
FCL said that it has inked a deal for a 70% stake in G Homes. ADTD and other existing shareholders will hold the remaining 30% stake.
“The macro trends in Vietnam, such as a growing middle class, rising urbanization and increasing income, coupled with the improving financial environment and relaxation of foreign investment rules in Vietnam, make this an exciting time for real estate in Vietnam,” said Lim Ee Seng, Group CEO of FCL.
FCL has been present in Vietnam for years. It owns an office building, Me Linh Point, in HCM City’s District 1, and manages two serviced apartment properties namely Fraser Suites Hanoi and Capri by Fraser in Ho Chi Minh City.
FCL's shares closed one Singapore cent lower at S$1.58 on Tuesday.