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    February, 2024

    SkyWorld – Malaysian real estate “giant” for the first time acquired a project in Vietnam, expected to build apartments selling for 50 – 70 million VND/m2

    Investor SkyWorld Vietnam successfully acquired 100% of the shares of Thuan Thanh Real Estate Trading and Production Joint Stock Company with a total value of 350 billion VND to carry out a luxury apartment project. in Ho Chi Minh City.

    SkyWorld Việt Nam là công ty con của SkyWorld Development Berhad

    SkyWorld Vietnam’s full name is SkyWorld Development (Vietnam) Company Limited, owned by SkyWorld Development Berhad. According to real estate news, on September 7, 2023, the Board of Directors of SkyWorld in Malaysia officially announced that SkyWorld Vietnam Company had successfully acquired 100% of shares (1.7 million shares). of Thuan Thanh Production Joint Stock Company. The total value is up to 350 billion VND and this is also the first deal of real estate giant SkyWorld in the Vietnamese market.

    Thuan Thanh Production Joint Stock Company currently has the sole and legal right to use the land plot in Ward 6, District 8, Ho Chi Minh City. The total area of this land plot is 2,060m2 and is currently mortgaged at LienvietPostBank Ho Chi Minh City branch.

    At the same time, Thuan Thanh is participating in the bidding process to transfer land use rights of two plots of land currently under the use rights of other individuals. After the acquisition transaction is completed, SkyWorld Vietnam Company will hold legal land use rights for all of these lands through Thuan Thanh Real Estate Company.

    These plots of land include 2 lots of land belonging to Mr. Nguyen Vinh Tam and Ms. Le Thi Hoang Dung with areas of 1,026m2 and 64m2 respectively. There are also 3 other plots of land with areas of 850m2, 447m2 and 183m2 respectively belonging to Mr. Nguyen Son Hai Long, currently mortgaged at Vietinbank – Thu Thiem. According to SkyWorld statistics, these plots of land have a total area of up to 4,630 square meters. The 24-storey luxury apartment project will be built on an area of 5,206.7m2 in this land.

    Agreement on share holding rights of major shareholders

    Thuan Thanh Real Estate Company has signed a purchase and sale agreement with three key shareholders, including Mr. Nguyen Son Hai Long, Ms. Nguyen Thuy Thoai Phuong and Ms. Nguyen Thuy Diem Phuong. It is known that in this agreement, Mr. Hai Long holds 60% of the shares, while Ms. Nguyen Thuy Thoai Phuong owns 30% and is also the company’s CEO.

    Thỏa thuận về quyền nắm giữ cổ phần của các cổ đông chính

    SkyWorld has set a condition that the Project Company must complete the site clearance process on the road leading to this apartment project. This includes dismantling the wall and fence built on it between the Project and the Carina apartment complex. According to the announcement, SkyWorld emphasized that the acquisition of the project is an important first step for SkyWorld Development’s expansion strategy. This marks the appearance of SkyWorld in Vietnam with a business model of urban real estate development in the Ho Chi Minh City area. At the same time, this is also a good opportunity for this investor to strengthen their position in the real estate market.

    The location of this land is highly appreciated by experts, traffic is convenient because it is only about 12km from the city center and has good traffic connections with Vo Van Kiet street – a vital route connecting the west of the city to the city. Center of District 1. The expected selling price for the project’s apartments will range from 50 million – 70 million/m2, with diverse areas and prices to meet the needs and economic conditions of many subjects. client. The total value of project implementation and development is up to about 1,600 billion VND, demonstrating the investor’s commitment as well as highlighting the real estate development potential of this area. Thanks to its prime location, reasonable price and reputation of the investor, the project will certainly truly explode in the Ho Chi Minh City market.

    In the July 2023 Financial Report, SkyWorld founder Datuk Seri Ng Thien Phing shared his pride with shareholders and investors: “As we complete the financial report for 2023, I am pleased to announce that SkyWorld has achieved unprecedented achievements in our financial history. We surpassed all previous records and recorded our highest ever revenue and net profit. In particular, the return on equity ratio remains at 27.9% in 2023. This is an impressive result and a great motivation for us to continue our upcoming development journey.

    SkyWorld’s financial report with outstanding achievements

    In the first half of 2023, Vietnam’s real estate market has witnessed many large-scale M&A deals. Specifically in July, another Malaysian real estate developer, Gamuda Land, through Gamuda Berhad, announced an investment of VND 7,200 billion to acquire 100% of the capital of Tam Luc Real Estate Group in Vietnam. . The success of this deal means that Gamuda will take ownership of a 3.6 hectare project.

    In addition, in May, Singapore’s Keppel Corporation acquired 49% of the shares of two adjacent residential projects in the city. Ho Chi Minh. These are two projects developed by investor Khang Dien with a total value of up to 3.18 trillion VND. These deals have demonstrated the excitement and development of the Vietnamese real estate market.

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