KUALA LUMPUR: Skyworld Development Bhd has signed a contract to buy land in Ho Chi Minh City, Vietnam for RM136 million for the development of a commercial apartment complex.
The agreement was signed between the company’s unit SkyWorld Development (Vietnam) Co Ltd and Le Van Phong as well as MTV Vina An Thuan Phat (ATP) Co Ltd.
Le is the sole shareholder of ATP, while ATP is the sole ATP legal investor of the project.
The land spans 0.94-hectare and is earmarked for high-rise apartment building combined with commercial and service facilities.
“The memorandum of understanding presents an excellent opportunity for SkyWorld Development to kick-start its property development business in Binh Duong province given that the project is on track for a swift launch supported by an approved 1/500 masterplan which aligns with SkyWorld Development regional expansion plan,” SkyWorld said in a filing with Bursa Malaysia.
SkyWorld’s share price closed 2.02 per cent or one sen higher at 50 sen, valuing the company at RM505 million.
© New Straits Times Press (M) Bhd
