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Indochina Land invests in affordable housing project

Update: November, 13/2013 - 08:33
The real estate fund manager Indochina Land officially become yesterday a partner of the Nam Long Investment JSC after investing in the on-going Ehome 3 Western Saigon, an affordable apartment project of Nam Long.— File Photo

HCM CITY(VNS)—The real estate fund manager Indochina Land officially become yesterday a partner of the Nam Long Investment JSC after investing in the on-going Ehome 3 Western Saigon, an affordable apartment project of Nam Long.

Indochina Land has a 35 per cent stake in the VND1.47 trillion (US$70 million) project, which covers six hectares of land in HCM City's Binh Tan District.

The project will develop 14 buildings offering more than 2,000 units. Sales began in August last year and 630 units found buyers. In September, 331 apartments were handed over to customers.

Indochina Land's CEO Peter Ryder said Nam Long's solid development and strong commitment to its EHome brand was a major factor in his decision to invest in the project.

"We appreciate Nam Long's long-term vision on the affordable and value-for-money EHome product in its plan to develop 14,000 such apartments over the five coming years," said Ryder.

He added that the product suits the demand of the majority of Vietnamese.

According to Nam Long chairman Nguyen Xuan Quang, the cooperation with Indochina Land will add value to the project, thanks to its reputation in the real estate sector.

Mekong Capital and the London Stock Exchange listed fund ASPL are among foreign shareholders of Nam Long JSC.

Indochina Land manages three funds totalling $500 million. Among its developments are Indochina Plaza Hanoi, Hyatt Regency Danang Residence, The Nam Hai – Hoi An (resort and villas) and River Garden (residence) in HCM City. — VNS

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