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Tony Milton MRICS

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Allgreen enters Vietnam with Dist 2 Regency Park – May 2010
Wednesday, 26 May 2010
Regency Park has total investment capital of US$105 million with 515 apartments
Allgreen Properties, a lead­ing property developer in Singapore, has entered Vietnam's property market through a partnership with a local real estate company to develop residential condominiums in HCMC. The information was released by the market research company CB Richard Ellis Vietnam (CBRE) who was appointed exclusive sales agent for the project. The company refused to give further information about the deal. CBRE says Allgreen has col­laborated with An Phu Corpora­tion, a Vietnamese real estate and investment company, for a joint venture to develop the Regency Park residential project along Road 25B in HCMC's District 2. The market research company quoted AndrewChoo, executive direc­tor of Allgreen, as saying that this was the first time the two companies had collaborated for a residential property development and investment. The high-end development has total investment capital of US$105 million, and when in place by 2013 will provide the local property mar­ket with 515 apartments from two to four bedrooms and 12 penthouses from four to five bedrooms. According to CBRE, the devel­oper plans to launch the project next month, offering more options for homebuyers. Choo said in a statement the company had along term view on its position in the Vietnamese market and that Vietnam had one of the fastest growing economies in the Asia Pacific region. "Recent favorable changes to the legal system surrounding property development and ownership make it an attractive investment for our company. Choo said Allgreen saw bright prospects in Vietnam and the Regency Park project would mark the beginning of a long term strategy to estab­lish a foothold in the country with the aim of becoming an important player in the local property market. Allgreen is a property division of Kuok Group, which is known for its Shangri-La chain of hotels. Its main assets are in Singapore and its business scope comprises property development and investment, hos­pitality, and project and property management. SGT
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