7th January 1997
First Pacific Company Limited today announced that Straits Steamship
Land Limited of Singapore ("SSL") is acquiring the interest
held by First Pacific Land (Hong Kong) Ltd ("FPL"),
a wholly-owned subsidiary of First Pacific Company Limited,
in the Saigon Centre development in Ho Chi Minh City, Vietnam.
SSL will own 68 per cent of Saigon Centre while the remaining
32 per cent stake is held by Vietnamese partners, the Waterborne
Transport Corporation No. 2 and the Housing Management Trading
Company of Ho Chi Minh City.
In the agreement, SSL will buy over First Pacific Land's 50 per
cent interest in the joint venture company formed to hold the
68 per cent stake in Saigon Centre. Total consideration for the
acquisition is approximately US$23 million.
Occupation permit for Phase 1 of Saigon Centre, which comprises
a 25-storey retail/office serviced apartment tower, has been obtained.
Other phases will be developed over a period of time in line
with market needs on the 19,668 sqm site bounded by Le Loi Boulevard,
a major thoroughfare in the city, Pasteur Street, Nam Ky Khoi
Nghia, and Huynh Thuc Khang.
Kevin Wong, Executive Director of SSL said, "We are confident
of the business potential in Vietnam and are committed to investing
there for the long-term. Saigon Centre is an integrated mixed-use
development of international quality in a prime location and it
has already become a landmark in the heart of Ho Chi Minh City".
David S. Davies, Managing Director of First Pacific Davies Limited,
stated that "FPL is divesting its interest in the project
because First Pacific Davies, its parent company, has made a strategic
decision to focus its resources on expanding its regional integrated
services business such as agency and property management rather
than on pure property development. This decision requires FPL
to dispose of its various real estate interests in projects around
the region and an asset disposal programme is now underway in
Thailand, Hong Kong and China."
Meanwhile, SSL has signed on Deutsche Bank as a tenant of Saigon
Centre. "Saigon Centre will become the commercial centre
of Ho Chi Minh City as it has the best office building in this
prime location. We are pleased to be able to serve our clients
in Vietnam from an office of international standard," said
Mr Klaus Naderer, General Manager of Deutsche Bank in Vietnam.
The German bank is leasing more than 20 per cent of the office
space in the Phase 1 tower for 15 years.
For further information, please contact:
| Mr David S. Davies Managing Director First Pacific Davies Limited Tel: (852) 2842 4428 Fax: (852) 2840 0709 | Mr David W. Wong Finance Director First Pacific Davies Limited Tel: (852) 2842 4260 Fax: (852) 2521 2434 |
Company information can also be accessed on:
Internet: irasia.com/listco/hk/firstpac
E-mail: info@firstpac.com.hk
| © Copyright 1996-2008 irasia.com Ltd. All rights reserved. Tel: (852) 2831-9792. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |