32-storey residential-cum-commercial development in Thao Dien Ward in District 2 to be held by Thai billionaire
Singaporean Frasers Property Limited of Thai billionaire, the new shareholder of Sabeco, recently announced plans to buy 75 per cent of Phu An Dien Real Estate JSC (PAD), a subsidiary of Tran Thai Land Company Limited, for $35.2 million.
Frasers Property Investments (Vietnam) 2 Pte. Ltd., an indirect wholly-owned subsidiary of Frasers Property Limited (FPL) of Thailand’s billionaire Charoen Sirivadhanabhakdi has already entered into a conditional share purchase agreement to acquire 45 million ordinary shares, representing 75 per cent of the issued share capital of Phu An Dien Real Estate JSC.
If the proposed acquisition is successfully completed, PAD will become a subsidiary of Frasers Property Limited, and continue undertaking the development of a residential-cum-commercial project on a mixed-use development plot in Linh Trung Ward, Thu Duc District, Ho Chi Minh City.
Frasers Property Investments (Vietnam) 2 Pte. Ltd. proposed 47.33 million Singaporean dollar for the acquisition, equivalent to VND799 billion ($35.2 million)
Frasers Property Investments (Vietnam) made its maiden foray in Vietnam in 1999 with the development of a 22-storey retail/office building Me Linh Point Tower in District 1, Ho Chi Minh City.
Earlier, Frasers Property spent $18 million acquiring 24 million shares (equivalent to 75 per cent) of Phu An Khang Real Estate JSC, also a subsidiary of Tran Thai Group, for an apartment and office building development in District 2, Ho Chi Minh City.
Frasers Property is known as a subsidiary of Frasers Centrepoint Limited (FCL), a multinational company based in Singapore owning, developing and managing a diverse portfolio of properties across 80 cities over the world.
Meanwhile, Tran Thai holds big projects such as the 13.6ha premium urban area Tran Thai Village next to Phu My Hung, 3.2ha Phu An project in Thu Duc District; Palm City (District 2) a joint venture with Tien Phuoc and Keppel Land and Empire City super project (Thu Thiem) a joint venture with Tien Phuoc and Denver Power Ltd.
In the resort real estate sector, Tran Thai owns the super luxury 41ha Tran Thai Marina Resort & Villas and 26.5ha Cua Can Resort on Phu Quoc island; 27.5ha Tran Thai Cam Ranh Resort in Khanh Hoa province; 33ha Dong Ho Cultural Park and Eco-Village (in Ha Tien Ward, Kien Giang province); and five-star Le Meridien Hotel in Ho Chi Minh City.
The group also holds 16,000ha of rubber plantation in Cambodia and a concrete plant with capacity of 680,000 cubic metres per year.
By Nguyen Huong