Sale of Land at International Healthcare Park
Aseana Properties has announced that its 72.35% owned subsidiary, Hoa Lam-Shangri-la Healthcare (HLSL), has completed the sale of a plot of 1.23 hectares of land at International Healthcare Park (IHP), in Ho Chi Minh City, Vietnam. The sale, to Tien Phat Consultancy, has been achieved through the sale of HLSL 5 for a total consideration of US$5.47 million.
Conditional sale agreement for an additional 1.19 hectares
Aseana Properties says that, in addition to the sale of the 1.23 hectares at IHP mentioned above, HLSL has entered into a conditional sale agreement with Tri Hanh Consultancy to dispose of HLSL’s 100 per cent stake in HLSL 6. Aseana Properties says that the sale of HLSL 6 is for US$7.73 million and that HLSL 6 holds a 1.19 hectare plot of land at IHP. The completion of this transaction is subject to approval from the local authorities, which Aseana Properties says is expected by the end of Q3 2017.
Aseana Properties to record approximate gains of US$1.21m and US$3.8m from sales
Aseana Properties says that it will record a gain of approximately US$1.21 million for HLSL 5 and upon completion, US$3.80 million for HLSL 6. It says that the total sale consideration for represents a 21.6% premium for HLSL 5 and a 40.5% premium for HLSL 6 compared to the appraised market value of the land.
Sale proceeds to be used as working capital and to repay debt
Aseana Properties says that the proceeds from the sales of HLSL 5 and HLSL 6 will be used as working capital and to repay bank borrowings at IHP. It says that the two transactions are part of its strategy to realise assets and reduce gearing at the Group level.
Focused on the disposal of the remaining 12 plots
Aseana Properties says that the sale of these two plots of land brings the total number of plots divested at IHP to seven, and that the remaining twelve plots of land, measuring 11.29 hectares, have a total appraised market value of approximately US$37.9 million. It says that the Significant marketing efforts are currently underway, by its Development Manager, to dispose of these remaining plots.
About Aseana Properties
Listed in London in April 2007, Aseana Properties is a property development company that was established to take advantage of the upmarket segment of property development opportunities in Vietnam and Malaysia.
Aseana Properties’ investment objective is to provide shareholders with an attractive overall total return achieved primarily through capital appreciation by investing in property in Vietnam and Malaysia. The company seeks to achieve its investment objective through the acquisition, development and redevelopment of upscale residential, commercial and hospitality projects. Aseana Properties typically invests in development projects at the pre-construction stage. It will also selectively invest in projects-under-construction and completed projects with the potential for high capital appreciation.
Ireka Development Management Sdn Bhd (IDM) is the exclusive Development Manager for Aseana Properties. According to Aseana Properties, it is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 50 years of experience in construction and property development. IDM is responsible for the day-to-day management of Aseana’s property portfolio and the divestment of existing properties.
Aseana Properties announces land sale at International Healthcare Park : ASPL