$64 million deal to be finalized in early July.
The Saigon Thuong Tin Real Estate JSC (Sacomreal) and the Thanh Thanh Cong JSC (TTC) have recently transferred Celadon City to Gamuda Land Vietnam for an estimated VND1.4 trillion ($64.1 million).
Payment is expected to be made in early July. According to a Sacomreal source, the deal brings the company extra revenue and profit not listed in its business plan submitted to its Board of Directors at the 2015 annual general meeting held in April.
On an area of 82 ha, Celadon City is located in Son Ky ward in Ho Chi Minh City’s Tan Phu district. With estimated original investment of VND24.8 trillion ($1.1 billion), the project, which kicked off in 2010, comprises a cultural and entertainment center, education facilities, commercial areas, and sports areas.
Gamuda Land, a division of Malaysian property developer Gamuda Berhad, has many large-scale projects in Hanoi, including the 500 ha Gamuda City and the 323 ha Yen So project.