Malaysia-headquartered property company United Overseas Australia (UOA) said on Monday its Vietnamese unit had inked a joint venture agreement with CapitaLand (Vietnam) Holdings for a $247.1 million property project.
Under the deal, UOA Vietnam BDC will hold a 30% stake in the joint venture entity with CapitaLand (Vietnam) holding the remaining 70%, according to a statement. UOA Vietnam BDC’s share is worth $74.13 million, it added.
The proposed project would comprise the construction of four high-rise towers including residential, commercial and retail space, one medium-rise tower with residential and retail areas and two low-rise residential towers, UOA said.
CapitaLand (Vietnam) is part of Singapore-headquartered CapitaLand, which is one of Asia’s largest diversified real estate groups, according to its website.
Reuters