Sep 22, 2010
Phnom Penh, Cambodia
JSM Indochina Ltd – a property fund set up to invest in retail and residential real estate in Vietnam and Cambodia – has appointed CB Richard Ellis to sell its portfolio, which is comprised of assets in Ho Chi Minh City, Phnom Penh, and Siem Reap.
The portfolio includes assets that are already operational, projects that are under construction, and land that is suitable for development of hotels, serviced apartments, and retail centres. One of the prime assets is a site next to Raffles Hotel in Siem Reap which has potential to become a mixed-use hotel or retail development. The Vietnam properties comprise two sites located in the District 2 of Ho Chi Minh City that are suitable for residential development. Assets in Phnom Penh include a top level serviced apartment building and hotel development site.
“We are extremely excited to take on this instruction. The assets located in the dynamic capital of Cambodia, Phnom Penh, offer exciting opportunities for investors to enter this developing market. The assets include one of the best established serviced apartments, catering to diplomatic, NGO and expatriate customers. As result of its success a new serviced apartment building is being constructed which will also form part of the sale. In addition, there is a prime riverfront hotel development site and a city centre site suitable for retail and hotel development,” said Mr. David Simister, Chairman of CBRE Indochina.