Property Funds World
JSM Indochina, an AIM-listed company focused on retail and residential investment and development in Vietnam and Cambodia, has completed its first investment as part of the initial portfolio detailed in the company's admission document published on June 22.
Embassy Center is to be an anchored-retail shopping centre featuring 30,515 square metres of retail space along with 100 high-rise serviced apartments in Phnom Penh, with apartment sizes ranging from one to three bedrooms. The property is situated near Central Market, the US Embassy, Wat Phnom, the Governor's House, Le Royal Hotel and the developing financial district. Embassy Center is a few kilometres from Pochentong International Airport.
JSM Indochina estimates that the overall total investment commitment relating to Embassy Center will be approximately USD42m over several years, inclusive of land acquisition, construction and development costs. It is expected that the first phase of the development will be completed and initial rents will commence by 2010.
The Embassy Center was acquired by JSM Indochina chief executive Craig D. Jones in two phases in 2006 for USD13.1m. As set out in the admission document, his consideration for transferring the property to the company will be in new ordinary shares subject to a lock-in for 12 months from the date of admission. On May 30, CB Richard Ellis assessed the unimproved value of the land relating to Embassy Center at USD14.1m.
'We are delighted to have concluded our first investment following the AIM listing in July,' Jones says. 'JSM Indochina gives investors access to one of South East Asia's fastest-growing economies and developing property market. We believe that Vietnamese and Cambodian real estate fundamentals now offer extremely attractive opportunities for investors.'
JSM Indochina was established to investing in Vietnamese and Cambodian real estate, focusing on the development and management of high specification retail and serviced apartment assets in leading cities. The company, which raised USD220m when it listed on AIM on the London Stock Exchange on July 2, aims to provide shareholders with attractive total shareholder returns over the mid- to long term. The manager is JSM Capital Indochina.
Embassy Center is to be an anchored-retail shopping centre featuring 30,515 square metres of retail space along with 100 high-rise serviced apartments in Phnom Penh, with apartment sizes ranging from one to three bedrooms. The property is situated near Central Market, the US Embassy, Wat Phnom, the Governor's House, Le Royal Hotel and the developing financial district. Embassy Center is a few kilometres from Pochentong International Airport.
JSM Indochina estimates that the overall total investment commitment relating to Embassy Center will be approximately USD42m over several years, inclusive of land acquisition, construction and development costs. It is expected that the first phase of the development will be completed and initial rents will commence by 2010.
The Embassy Center was acquired by JSM Indochina chief executive Craig D. Jones in two phases in 2006 for USD13.1m. As set out in the admission document, his consideration for transferring the property to the company will be in new ordinary shares subject to a lock-in for 12 months from the date of admission. On May 30, CB Richard Ellis assessed the unimproved value of the land relating to Embassy Center at USD14.1m.
'We are delighted to have concluded our first investment following the AIM listing in July,' Jones says. 'JSM Indochina gives investors access to one of South East Asia's fastest-growing economies and developing property market. We believe that Vietnamese and Cambodian real estate fundamentals now offer extremely attractive opportunities for investors.'
JSM Indochina was established to investing in Vietnamese and Cambodian real estate, focusing on the development and management of high specification retail and serviced apartment assets in leading cities. The company, which raised USD220m when it listed on AIM on the London Stock Exchange on July 2, aims to provide shareholders with attractive total shareholder returns over the mid- to long term. The manager is JSM Capital Indochina.
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