Proforma Asia Limited, a subsidiary of the UK-listed VinaCapital, has announced plans for two residential projects in Ho Chi Minh City.
VinaCapital Phuoc Dien, Co., Ltd, joint venture between the British Virgin Islands-registered Proforma Asia Limited and the local Dien Phuoc Long Real Estate Trading Company, will build 55 villas and a 12-storey apartment block for sale and lease in district 9 at a cost of US$11.2 million.
It has also received the license from the city government for the purpose.
Another JV Proforma has formed with a local partner, International Consultant Company, has got the nod in principle to build an apartment complex project in Phu Huu Ward also in district 9.
To comprise three 12-storey blocks with 440 apartments in all and space for shopping malls, it is estimated to cost $15.6 million. The foreign partner will contribute 84% and the local firm the rest in terms of land.
The two projects are expected to begin soon.
Established in 2003, VinaCapital now manages three funds with a total corpus of $1.4 billion: the $800 million VOF and the $600 million Vinaland – both listed on London Stock Exchange – and the $50 million DFJ VinaCapital L.P., which invests in information and communication technology firms.
It is beefing up investment in real estate via Vietnam-focused funds and overseas subsidiaries.
It is also launching a new fund for investment in Vietnam's rapidly growing infrastructure sector, seeking to raise US$200 million in the first fundraising exercise this month.
The Vietnam Infrastructure Limited will seek admission to the Alternative Investments Market on the London Stock Exchange.
VIL will invest in Vietnam's infrastructure framework through a portfolio of infrastructure assets in key economic regions. It will be Vietnam's first fund fully dedicated to investment in this rapidly growing asset class.
VIL will focus on four key industries: energy, transport, water and telecommunications.
Source: Thanh Nien
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