Sunshine’s realty arm to acquire stake in developer of $206 mln resort in central Vietnam
A subsidiary of multi-sector corporation Sunshine Group JSC will acquire a significant stake in the developer of a VND5.23 trillion ($206 million) real estate project in Vietnam’s central province of Thua Thien-Hue.
The move was approved by Sunshine Group’s board, allowing its real estate business subsidiary, Dynamic Innovation, to buy 101 million shares, or 39.52%, in Thuan Phu Lang Co JSC.
Thuan Phu Lang Co is the developer of the 292-hectare Lang Co resort and golf course complex project, which was licensed in 2010.
A resort-golf course complex in Thua Thien-Hue province, central Vietnam. Photo courtesy of Dau Tu (Investment) newspaper.
However, as of August, only 34% of the project’s designated land had been cleared, with construction yet to commence due to delays caused by the investor, challenges with site clearance, and complications related to planning and land procedures.
The People’s Committee of Thua Thien-Hue province said that the developer is in the process of revising the project’s investment plan, aiming to complete compensation and site clearance by the end of this year.
The acquisition of Thuan Phu Lang Co stake aligns with Sunshine Group’s strategic development plan, which focuses on mergers and acquisitions (M&A) of high-potential projects.
Founded in 2015, Sunshine Group, listed on the Hanoi Stock Exchange as KSF, had a charter capital of VND3 trillion ($118 million) as of the third quarter of this year. Chairman Do Anh Tuan holds a 54.24% stake, while general director Do Thi Dinh owns 4.24%.
Tuan also owns a 65% stake in Sunshine Homes, the entity responsible for developing Sunshine projects.
In addition to Dynamic Innovation, KSF owns stock brokerage firm SmartMind, real estate business Sunshine Sky Villa, and technology company Unicloud.
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