Friday, April 18, 2008

SGL Vietnam Development to buy development land in Ho Chi Minh City -

LONDON (Thomson Financial) - SGL Vietnam Development Ltd. said it has agreed with T&S Co. Ltd., a local partner, to buy land in the Binh Thanh district of Ho Chi Minh City for the development of residential and commercial property.
The company said it will have a 90 percent equity share in the joint venture company to be incorporated to develop the $40 million project funded by about 45 percent equity and about 55 percent through other sources including pre-sales and debt.
The company also said it plans to secure the construction permit and initiate pre-launch sales in first half of 2009.
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