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CapitaLand secures bank guarantee for Seasons Avenue

Released at: 16:30, 18/11/2015

CapitaLand secures bank guarantee for Seasons Avenue

Developer signs agreement with HSBC Vietnam over high-end Hanoi project.

by Thu Hoang

CapitaLand Vietnam has agreed to terms with HSBC Vietnam over a Facility Agreement and Bank Guarantee for its high-end Seasons Avenue project in Hanoi, marking the first agreement between the two on bank guarantees, which are now required under Circular No. 07 from the State Bank of Vietnam.

CapitaLand is one of the leading foreign developers in Vietnam and has sold more than 3,500 units to date, according to Mr. Chen Lian Pang, CEO of CapitaLand Vietnam.

“CapitaLand has consistently delivered houses to buyers before the contractual handover date,” he added: “This CapitaLand-HSBC partnership on the financial guarantee will help demonstrate that CapitaLand continues its commitments on timely handover to buyers and heighten the confidence of buyers towards Seasons Avenue. It also presents long-term business potential as we explore more partnerships with HSBC on new projects in the pipeline.”

The agreement further demonstrates HSBC Group’s strategy of pivoting to Asia with a focus on ASEAN countries and also the bank’s commitment to take advantage of its international network to facilitate foreign direct investment into Vietnam, according to Mr. Pham Hong Hai, CEO of HSBC Vietnam.

“The agreement today is the result of a joint effort between HSBC Vietnam, HSBC Singapore, and HSBC Hong Kong, with the common objective of delivering a quality solution that provides benefits to consumers in Vietnam,” Mr. Hai said.

“We are also very proud that this is one of the first projects that complies with the guarantee requirement of Circular No. 07. We look forward to further cooperation with CapitaLand Vietnam on similar projects,” he said.

Under Circular No. 07, property developers must obtain guarantees from eligible commercial banks as assurance of their financial obligations to buyers if apartments are not handed over.

With project financing and bank guarantees in place, the interests of homebuyers at Seasons Avenue are fully protected and they have an assurance that they will receive their home on schedule and in line with signed purchase agreements.

Seasons Avenue is a project jointly developed by CapitaLand and its partner, the Hoang Thanh Investment and Infrastructure Development Joint Stock Company (Hoang Thanh). Located in the new urban area of Mo Lao in Ha Dong district, Seasons Avenue has a total land area of 1.36 ha, a total gross floor area (GFA) of 196,000 sq m, and total investment of $170 million.

It comprises four blocks of 40-41 storeys, called Spring, Summer, Autumn, and Winter. The ground floor and the fifth floor are reserved for a vast array of more than 60 facilities, such as an infinity swimming pool with city views and a wet playing area for children.

Levels 2, 3 and 4 are reserved for parking and from Level 5 upwards are 1,300 apartments for sale. Apartment areas vary from 67 to 135 sq m with two or three bedrooms. All are designed intelligently to maximize natural lighting and ventilation.

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