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However, specific information about the cessionary as well as the value of the 51 per cent stake has yet to be disclosed.
The divestment comes on top of an earlier announcement that Sakkara and its partners, namely Dragon Capital and GIC, are searching for new investment opportunities in the real estate sector, including renovating old and degraded apartment blocks as well as acquiring land plots suitable for shopping centres, office buildings, apartments, and multifunctional buildings in Ho Chi Minh City.
David Clarkin, managing director of Sapphire, said that the company has created solid development from its core operations. Thus, moving forward, the company will continue to enhance the value of these operations, while simultaneously seeking opportunities to boost profit by developing real estate projects in Ho Chi Minh City.
Sanctuary Ho Tram is a signature tourism development on the now-famous Ho Tram Strip in the southern province of Ba Ria-Vung Tau, a gleaming section of clean, sandy coastline between Vung Tau City and Phan Thiet.
The first phase of Sanctuary Ho Tram project is comprised of 28 luxury villas, widely acknowledged as the highest standard of beachfront properties to hit the market in Vietnam so far. The second phase, named Sanctuary Villas, boasts 44 luxury villas, each with a large living area, gourmet kitchen, media room, and three double bedroom suites with generous balconies.
Since entering Vietnam in 2004 Sapphire implemented numerous projects, including City Garden, President Place, and Centre Point. However, in February, Sapphire divested its minority shareholding in City Garden.
In addition, in May, Sapphire launched premium private community HOLM Residences with an exclusive showcase of the secluded riverfront project’s show villas. Situated on the edge of Thao Dien peninsula, HOLM is developed on a 2.7-hectare land area and takes full advantage of over 200 metres of waterfront. The 29 residential villas will ultimately count 11 riverfront, six pool, and 12 garden villas, each with a private parking garage.
Other amenities located throughout the private residence will include two swimming pools, a clubhouse with a fitness centre, a landscaped waterfront parkland, a centralised back-up power system, and unmatched security.
