Category Archives: Overseas Property

Ascott secures contract for serviced residence in Vietnam

Posted on 30 Sep 2009 | Comments Off on Ascott secures contract for serviced residence in Vietnam

The Ascott Group has secured a contract to manage a serviced residence property in Vietnam’s third largest city, Hai Phong.

It clinched the contract through Thuy Duong Investment Joint Stock Company, an established real estate company with developments across Vietnam’s major cities.

To be called Somerset Central TD, this will be Ascott’s first serviced residence property in the coastal city of Hai Phong and its seventh in Vietnam.

It is slated to open in the second half of next year and will offer 132 units ranging from studio to three-bedroom apartments.

The new property brings Ascott’s portfolio in Vietnam to 1,182 units across three cities – Hanoi, Ho Chi Minh City and now Hai Phong.

Ascott is the serviced residence arm of property developer CapitaLand.

Source : ChannelNews Asia – 30 Sep 2009

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CapitaLand-linked units in asset swap

Posted on 30 Sep 2009 | Comments Off on CapitaLand-linked units in asset swap

CAPITALAND-linked entities have taken full ownership of 22 retail malls in China under an asset swap deal.

The asset swap arrangement is between two sponsored funds – CapitaRetail China Development Fund and CapitaRetail China Development Fund II – of the Singapore property giant and China’s SZITIC Commercial Property Co (SCP).

The two development funds, which already own 65 per cent of 16 retail projects, gained full control of them by taking over SCP’s 35 per cent stake. They also took over SCP’s 49 per cent interest in six other projects. Of these six projects, CapitaRetail China owns an existing 51 per cent stake in five of them and CapitaRetail China Trust (CRCT) holds an existing 51 per cent stake in the sixth.

In return, the two funds handed their 65 per cent stake in four retail projects and their half-interest in Shenzhen’s Xiangmihu Mall to SCP.

The arrangement also involved the development funds and SCP divesting their respective 65 per cent and 35 per cent equity stakes in six land parcels for which no substantial development work has commenced. The cooperative agreement with SCP will be terminated as the parties are moving in different strategic directions. Continue reading →

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Posted in Developers, Overseas Property

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