By ANGELA TAN
CapitaLand Limited said on Monday that it has bought a a 65-per cent stake in Quoc Cuong Sai Gon Company Limited VND121.225 billion (S$7.3 million).
Following the acquisition, QCSG has become a 65-per cent owned subsidiary of CapitaLand. The remaining 35 per cent of QCSG is owned by two parties unrelated to CapitaLand.
CapitaLand's stake will be held by its wholly-owned subsidiary, CVH Sparkle Pte Ltd.
QCSG, a company incorporated in Vietnam, owns a parcel of land in Binh Chanh District, Ho Chi Minh City, Vietnam. QCSG plans to develop the land into about 800 value homes.
The proposed development will be led by CapitaValue Homes Limited (CVH), CapitaLand's new strategic business unit set up to capitalise on the untapped demand for good value homes in Asia.
The proposed development will be the fourth value homes project by CVH.
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