Chip Eng Seng takes 60% stake in Vietnam mixed-use project

By Angela Teo / EdgeProp | January 2, 2018 11:22 AM SGT
On Dec 31, 2017, Chip Eng Seng Corporation announced that it is taking a 60% stake in a Vietnam mixed-use development project. Located in District 5 of Ho Chi Minh City (HCMC), the project is named Soai Kinh Lam Apartment – Commerce Centre.
This move will allow the company to increase its footprint in HCMC, says Chip Eng Seng. The development will comprise two residential blocks 17 and 30 storeys high, which will sit above a five-storey commercial centre.
The project site spans 4,829 sq m and has an estimated total gross floor area of about 50,000 sq m.
Chip Eng Seng says it expects strong sales from the project’s residential component and strong recurring income from its commercial component