Australian real estate firm Country State plans to invest US$200 million in Vietnam following a deal signed recently with a Vietnamese construction company.
Under the deal with Civil Engineering Construction Corporation 5 (Cienco 5), CS will initially invest in some projects undertaken by Cienco.
These include an urban area in the northern Ha Tay province’s Dan Phuong district, an urban-industrial complex in the southern Long An province, and a luxury apartment bloc in Ho Chi Minh City’s district 8.
CS will open a representative office in HCMC this month and apply to set up a portfolio fund in Vietnam to invest in both Cienco 5’s and others’ property projects.
The signing took place at the Vietnam-New Australia Business Forum on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum last weekend.
Cienco 5 has invested $40 million in 35 infrastructure and property projects in major cities and provinces like Hanoi, Ho Chi Minh City, Quang Ninh, Danang, and Can Tho.
The construction firm has recently entered into a deal with an arm of US property consultant CB Richard Ellish Group, CB Richard Ellis Korea, which will seek investors in Korea for Cienco 5’s projects.
Cooperation with foreign partners comes as part of the developer’s market development strategy between now and 2010.
Comments