Preuksa Signs an MOU to Establish its First Joint Venture in Vietnam - The Company’s First Project in Haifong is Worth Over One Billion Baht

BANGKOK -

Mr. Thongma Vijitpongpun, President and Chief Executive Officer of Preuksa Real Estate Public Company Limited, revealed that, “We are delighted to announce that we have recently signed a Memorandum of Understanding (MOU) with Mr. Do Huu Ha, the President of Hoang Huy Services Investment Joint Stock Company, to jointly invest in Vietnam. Through this collaboration, a joint venture under the name Preuksa Vietnam Limited Liability Company is established with a primary objective to develop residential property projects in Vietnam. The new company has a registered capital of 10 Million U.S. Dollars, while 85% and 15% of its shares are held by Preuksa and our Vietnamese counterpart, respectively.”

“We decided to expand our investment portfolios to Vietnam because it is a populous nation with a very high demand for residential property. Our very first project in Vietnam will be in Haifong, a northern city which is the country’s 3rd largest seaport, approximately 120 km. from Hanoi. Haifong is also home to a number of industrial facilities responsible for producing various kinds of machinery, and the city has maintained a relatively fast economic growth rate,” added Mr. Thongma.

Mr. Prasert Taedullayasatit, Director and Chief Operation Officer of Preuksa Real Estate Public Company Limited, disclosed that, “Our flagship residential products which have been selected for the Vietnam investment include townhouses and four-storey condominiums. The first project will span a total area of 145 rai, and the first phase will feature approximately 700 units with prices starting at 1.5 Million Baht. The total project value is estimated at over One Billion Baht. The project will primarily target mid-income home seekers in the city. Construction is awaiting relevant permits from Vietnamese authorities, and is expected to commence by the end of this year. Also, the construction will be based on the advanced Preuksa Precast - Tunnel Form technology, one of our business strengths.”

For more information, please contact: Corporate Communications Department: Khun Kessara Tel. +662-298-0101, #1703 Fax. +662-298-0112 Email: cc@ps.co.th

Source: Preuksa Real Estate Public Company Limited

Corporate Communications Department: Khun Kessara, +662-298-0101, #1703, or Fax. +662-298-0112, cc at ps.co.th