Property developer moves to pick up rights to Tan Kieng residential project in HCMC.
The Board of Directors of the Dat Xanh Real Estate Service and Construction Corp. (Dat Xanh) recently approved the complete acquisition of the Loc Phuoc Thinh JSC, at an estimated price of VND243 billion ($11.1 million).
Dat Xanh aims to obtain the rights to develop the Tan Kieng residential project in District 7, Ho Chi Minh City, through the acquisition.
The Tan Kieng project covers an area of 8,526 sq m and has estimated investment capital of VND866 billion ($39.6 million).
The Board of Directors also gave approval to its Chairman to determine the timeframe for negotiating and signing the acquisition.
In May Dat Xanh announced it had acquired the Century 21 Office and Apartment Building project in District 7 from the Century 21 JSC, for VND135 billion ($6.1 million).
Established in 2003, the Dat Xanh Group specializes in developing real estate projects and construction. It targets revenue of VND1.35 trillion ($61.8 million) and profit after tax of VND243 billion ($11.1 million) in 2015.