The assets are located in Ho Chi Minh City (Photo: Unsplash)
SINGAPORE (EDGEPROP) - Oxley Holdings is proposing to sell its assets in Vietnam for a combined VND1.4 trillion ($84 million).
See also: CapitaLand Development signs $1.3 bil MOU for Vietnam investment
On April 27, the property group announced that it is proposing to sell the land at Thao Dien Ward, District 2 (currently Thu Duc City), in Vietnam’s Ho Chi Minh City for the sale price of VND350 billion.
The land has an area of 33,271 sq ft.
According to the group, a deposit agreement has already been entered into and a non-refundable deposit of VND35 billion.
The formal agreement will be signed by July 11, where it will receive another VND297.5 billion. The balance of VND17.5 billion will be received after the completion of the registration procedures.
The group has a 63.9% stake in the transaction through its subsidiary, Oxley MK Thao Dien Co.
In addition, the group has entered into a memorandum of understanding (MOU), where it will sell its 80% stake in Phu Thinh Land.
Oxley’s stake will be sold at the sale price of VND1.05 trillion. The figure may be subject to adjustment after the purchaser’s appraisal of Phu Thinh.
Under the MOU, Oxley has already received a refundable deposit of VND100 billion. The remaining balance will be paid upon the execution of the formal agreement. The MOU will be terminated if the parties cannot agree on the terms of the agreement.