Sapphire withdraws stake in Refico, exits City Garden Apartments JV
Sapphire withdraws stake in Refico, exits City Garden Apartments JV
Sakkara Asia-Pacific Project Holding Investment Real Estate JSC (Sapphire) said on Thursday that it had divested its minority shareholding in both Refico Real Estate Group and the City Garden Apartments joint venture.
"Sapphire has successfully delivered high-quality projects in Viet Nam both independently and through managing joint-venture partnerships," said David Bedingfiled, managing director of Sapphire JV.
"As our business grows, we recognize that when we are a meaningful shareholder and are able to manage the project, the outcome is better," he said.
Sapphire recently topped out the first of its prestigious villas at HOLM, a residential community in Thao Dien in HCM City, and has begun selling for the second phase of Sanctuary Resort, a luxury beachfront residential community in Ho Tram.
