SingHaiyi in bulk sale of commercial condominium development in California for $128.3 mil

SingHaiyi in bulk sale of commercial condominium development in California for $128.3 mil

By: 
Stanislaus Jude Chan
19/12/17, 07:25 pm

SINGAPORE (Dec 19): Mainboard-listed real estate company SingHaiyi Group has entered into a purchase and sale agreement and initial escrow instructions for the bulk sale of its entire Vietnam Town Phase II units in San Jose, California for US$95.3 million ($128.3 million).

The Vietnam Town commercial condominium development project comprises nine blocks of commercial condominium units and a four-storey parking structure.

Its second real estate venture in the US market, the group’s stake in the project consists of 192 units, of which 51 units have been successfully completed and sold in Phase I.

“This bulk sale is a testament to the immense potential of Vietnam Town as one of the preeminent commercial projects in San Jose, California. Vietnam Town Phase II is well on track for completion and we expect to begin delivery of the first block in the second quarter of 2018,” says Celine Tang, SingHaiyi’s group managing director.

Subject to the completion taking place on or before Sept 30, 2018, the disposal of Vietnam Town Phase II units is expected to have a positive impact on the company’s net tangible assets per share or earnings per share for the financial year ending Mar 31, 2019.

“As we look forward to the year ahead, we are confident that we are well-placed to leverage on the exciting prospects that lie ahead,” says Tang.

Shares of SingHaiyi closed 0.3 cent higher, or up 2.5%, at 12.4 cents on Tuesday.

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