Join our daily newsletter At The Bell to receive exclusive market insights
- United Overseas Australia has purchased a development site in Vietnam for $34 million
- The company plans on building a 30 storey office overlooking Ho Chi Minh City
- The development site is located just a short distance from Crescent Shopping Mall and local train stations.
- UOS is up slightly on the stock market today and is selling shares for 82¢ apiece
United Overseas Australia (UOS) has purchased a development site in Vietnam for $34 million.
UOS is a real estate development company, which is based in Malaysia. The company is focused on the development and resale of land and buildings.
Earlier this year, UOS subsidiary, UOA PMH Investments, had entered a Letter of Offer to acquire the site, subject to satisfactory due diligence being completed.
UOS has now confirmed that the letter has now been finalised. UOA PMH has now signed with Phu My Hung Development Corporation, to purchase the land at Tan Trao St, District 7.
The development site is located in Ho Chi Minh City in Vietnam and is 5,500 square metres.
The company plans on building a 30 storey office over looking the popular Vietnam city. It is just a short walk from the five floor shopping mall, Crescent and local train stations.
Ho Chi Minh City (also known as Saigon) is a city in southern Vietnam. The city is known for its French colonial landmarks, including Notre-Dame Cathedral, made entirely of materials imported from France, and the 19th-century Central Post Office.
UOS recently completed the due diligence and was happy with the results. The due diligence required the full feasibility studies, title verification and vendor ownership, confirmation of zoning, and the planning and licensing requirements.
UOS is up slightly on the stock market today and is selling shares for 82¢ apiece at 1:22pm AEDT.
