KUALA LUMPUR: United Overseas Australia (UOA) Ltd's unit, UOA Vietnam BDC, and CapitaLand (Vietnam) Holdings have signed a joint venture agreement for a property project valued at US$247.1 million.
CapitaLand (Vietnam) is part of Singapore's CapitaLand Ltd, which is one of Asia's largest diversified real estate groups.
The proposed project in Vietnam would comprise the construction of four high-rise towers featuring residential, commercial, and retail space, one medium-rise tower with residential and retail areas, and two low-rise residential towers.
As per the agreement, UOA Vietnam BDC will possess 30 per cent of the joint venture entity, while CapitaLand (Vietnam) will hold the remaining 70 per cent.
According to Reuters, the value of UOA Vietnam BDC's share is US$74.13 million.
UOA, which was established in 1987 and went public on the Australian Stock Exchange, has concentrated on building, developing, investing in, and managing real estate.
Since 1989, the group has maintained its corporate headquarters and business operations in Kuala Lumpur.
On June 8, 2011, UOA listed UOA Development Bhd, its construction and development division, on Bursa Malaysia's main market.
UOA is also a majority unit holder and has been a long-term strategic partner and investor in the UOA real estate investment trust. The trust's investment portfolio, which is valued at about RM1.72 billion, includes UOA Centre and UOA II, UOA Damansara, UOA Damansara II, Menara UOA Bangsar, and UOA Corporate Tower.
On its website, the group stated that it has completed and delivered several projects, including residential, commercial, and retail properties, with a gross development value in excess of RM21 billion as at Dec 31, 2022.