SINGAPORE (Apr 19): Adventus Holdings is building a residential and retail development in Danang, Vietnam.

Adventus' subsidiary ADV S3 on Thursday formed a JV company AP NHS Danang Joint Stock Company acquire the 3,825 sqm property at 31B Ngu Hanh Son, Ngu Hanh Son for $2.9 million.

Adv S3 and partners Panthera and Tran Hoang Anh Tuan will hold 45%, 54% and 1% in AP NHS which will undertake the development of the reisdential apartment which will feature retail spaces, a swimming pool, a gym as well as BBQ and other facilities.

The total estimated cost for the construction of the project is $40.8 million.

Looking ahead, Adventus says the group will look for more cash-generating projects with short turnaround times.

Shares in Adventus closed at 0.8 cent on Thursday.