JSM Indochina Limited was formed to engage in property investment and development opportunities, located mainly in Indochina. The investment objective of the Company is to provide shareholders with total returns over the mid-to-long term, with an emphasis on capital growth.
The Company’s portfolio of properties comprises both operating assets and projects under construction, principally in Ho Chi Minh City, Vietnam and in Phnom Penh, Cambodia.
Vietnam and Cambodia focused residential and retail investor and developer JSM Indochina (LSE: JSM) announced the acquisition of the Prince and Princess properties in Thao Dien, which it said was the “Belgravia” of Vietnam’s Ho Chi Min City.
The company dished out US$14 million for the Prince and US$12 million for the Princess, planning to combine them into a single entity with its US$10 million Peninsula property, also located in Thao Dien to develop them as luxury apartments for either sale or lease.
The three projects, which have almost 600 apartments ranging from 135 sq m (square meters) to 400 sq m, will be jointly developed by JSM and local company Hai An Corp, which has completed several projects in Thao Dien.
JSM will own 80% of the joint venture with a preferred return over the remaining 20% held by Hai An Corp, which will be charged a 10.5% interest, the maximum rate allowed by the State Bank of Viet Nam.
JSM said it was looking to increase its footing in the property market of Viet Nam, which it said was among Asia’s fastest growing economies until the economic downturn kicked in.
“The purchase of this land through a distressed sale, at an extremely competitive price, underlines JSM's key strengths and our commitment to providing investors with exposure to this fast growing property market without the risks associated with many of our competitors,” said JSM’c Chief Executive Craig Jones.
The total project cost of the combined projects is estimated at US$175 million with US$53 set to be paid in cash and US$122 million in construction financing.
JSM Indochina was unmoved in early trade following the release of the announcement. The company plans to be admitted to the London Stock Exchange’s Main Board by the end of the year.
Source: Proactiveinvestors
The Company’s portfolio of properties comprises both operating assets and projects under construction, principally in Ho Chi Minh City, Vietnam and in Phnom Penh, Cambodia.Vietnam and Cambodia focused residential and retail investor and developer JSM Indochina (LSE: JSM) announced the acquisition of the Prince and Princess properties in Thao Dien, which it said was the “Belgravia” of Vietnam’s Ho Chi Min City.
The company dished out US$14 million for the Prince and US$12 million for the Princess, planning to combine them into a single entity with its US$10 million Peninsula property, also located in Thao Dien to develop them as luxury apartments for either sale or lease.
The three projects, which have almost 600 apartments ranging from 135 sq m (square meters) to 400 sq m, will be jointly developed by JSM and local company Hai An Corp, which has completed several projects in Thao Dien.
JSM will own 80% of the joint venture with a preferred return over the remaining 20% held by Hai An Corp, which will be charged a 10.5% interest, the maximum rate allowed by the State Bank of Viet Nam.
JSM said it was looking to increase its footing in the property market of Viet Nam, which it said was among Asia’s fastest growing economies until the economic downturn kicked in.
“The purchase of this land through a distressed sale, at an extremely competitive price, underlines JSM's key strengths and our commitment to providing investors with exposure to this fast growing property market without the risks associated with many of our competitors,” said JSM’c Chief Executive Craig Jones.
The total project cost of the combined projects is estimated at US$175 million with US$53 set to be paid in cash and US$122 million in construction financing.
JSM Indochina was unmoved in early trade following the release of the announcement. The company plans to be admitted to the London Stock Exchange’s Main Board by the end of the year.
Source: Proactiveinvestors
Post a Comment
Post a Comment