VinaCapital completely divests Dai Phuoc Lotus
AsemconnectVietnam - Vietnam Opportunity Fund Limited under VinaCapital, the leading asset management and real estate development firm in Vietnam, announced on April 10 that it has divested its entire stake in the Dai Phuoc Lotus real estate project located in the southern province of Dong Nai.
The site is a future residential township development with a total site area of 198.5 hectares and was acquired with VinaLand Limited in 2007. The project is currently undergoing its first phase in construction and sales.
Vietnam Opportunity Fund Limited (VOF), alongside VinaLand Limited, disposed of its entire stake in Dai Phuoc Lotus to China Fortune Land Development at a total valuation of 20.4 per cent above the March 31, 2017 unaudited net asset value.
This transaction will result in net cash proceeds of $16.5 million to VinaCapital. As a result of the sale, VOF’s holding in direct real estate development projects has been reduced to 5.2 per cent of the total NAV.
“This is a significant milestone in VinaCapital’s on-going strategy to reduce direct real estate holdings, and enables VOF to remain opportunistic in market areas where we see significant upside, namely privately negotiated deals and OTC investments,” Ho said.
Dai Phuoc Lotus consists of 332 high-end semi-detached and detached villas. Around 200 villas of the first phase have been handed over to buyers.
Located in Dong Nai, it takes only 30 minutes by river or 50 minutes by road to reach Ho Chi Minh City centre. Dai Phuoc is a perfect venue for vacations, meeting all demands of residents, such as large swimming pools and an open-door picnic area.
The developer has decided to reserve a large area particularly for farming in the project. This farm will supply clean vegetables to residents at the same time as being an ideal picnic venue for visitors in the future.
Dai Phuoc Island is considered a pearl in the east of Ho Chi Minh City, in the shape of a water drop, offering residents a very nice living environment.