August 22, 2016
Vietnamese property developer Sapphire will exit its 51 per cent stake in Sanctuary Ho Tram, the beach resort 105 km from Ho Chi Minh City. This move follows closely behind Sapphire’s divestment from Refico Real Estate Group in February.
David Clarkin, Sapphire’s Managing director, cites the divestiture as a move to “fully focus on creating value in core operations.” The board has decided it would be the best strategy in serving shareholder’s best interests.
“We have sustained growth through a solid performance from our controlled operations. Moving forward, we will continue to focus on strengthening the value of our core operations while seeking to drive profitable growth in Ho Chi Minh City’s real estate market,” he says.
In future projects, Sapphire will partner with Australia’s Sakkara Group, fund management firm Dragon Capital, and GIC Singapore. Noted endeavors include the search of new opportunities and the rebuilding of old apartment buildings.