Frasers forms JV for Vietnamese mixed-use development

George Sell By George Sell
08 June 2016 | Updated 08 June 2016

Vietnam: Frasers Centrepoint (FCL) and Vietnam-listed developer An Duong Thao Dien Real Estate Trading Investment (ADTD) have formed a JV.

The joint venture company, called G Homes House Development, will develop a mixed-use project on a one-hectare prime residential site in Ho Chi Minh City, with an estimated development cost of US$85 million.

FCL, the parent company of Frasers Hospitality, has taken a 70 per cent stake in G Homes. ADTD and other existing shareholders shall continue to hold the remaining 30 per cent stake.

Located at a prime residential location in Thao Dien Ward (which will be served by the city's first metro line scheduled to be completed in 2020) the development will include serviced apartments, condominium units with views of the Saigon River, townhouses, villas, and shops. Thao Dien is a popular residential enclave for expatriates.

"The macro trends in Vietnam, such as a growing middle class, rising urbanisation and increasing income, coupled with the improving financial environment and relaxation of foreign investment rules, make this an exciting time for real estate in Vietnam," said Lim Ee Seng, the group chief executive officer of FCL.

FCL already has a presence in Vietnam. The company owns an office building, Me Linh Point, in Ho Chi Minh City, and is also managing two serviced apartment properties, the 185-unit Fraser Suites Hanoi and 175-unit Capri by Fraser, Ho Chi Minh City.

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