Appointment of CBRE Indochina to sell JSM Indochina’s property portfolio

Appointment of CBRE Indochina to sell JSM Indochina’s property portfolio

20 September 2010 – The Board of JSM Indochina Limited (AIM: JSM.L) is pleased to announce that CB Richard Ellis (CBRE) has been appointed to sell the property portfolio owned by JSM Indochina Ltd , comprising assets in Ho Chi Minh City, Vietnam, and Phnom Penh and Siem Reap in Cambodia.

The portfolio comprises real estate assets which are either already operational, under construction or those which are suitable for the development of hotels, serviced apartments and retail centers.

Mr. David Simister, Chairman of CBRE Indochina said: “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 center site suitable for retail and hotel development.”

A prime development site located in Siem Reap, next to Raffles Hotel will also be included as part of the sale. The city is the main tourist location for visitors to the UNESCO World Heritage site Angkor Wat and attracts over 2 million visitors annually to Cambodia. The site has potential for a mixed use hotel and retail development.

The Vietnam properties comprise two sites located in the District 2 of Ho Chi Minh City (“HCMC”) and are suitable for residential development. HCMC has one of the fastest evolving property markets in S.E. Asia.

JSM Indochina Limited is a property fund that was set up to invest in both existing retail and residential property and developments sites, primarily in HCMC, Vietnam and Phnom Penh, Cambodia. 

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue).  The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.

CB Richard Ellis established an office in Bangkok in 1988, followed by Phuket office in 2004, and Samui office in 2007.  CB Richard Ellis (Thailand) Co., Ltd. has grown to be a leading real estate services provider, offering strategic advice and execution for sales and leasing for all types of property, property and facilities management, valuation and advisory, and research and consulting.  For more information, visit the company’s website at www.cbre.co.th

Source: http://phuketnews.phuketindex.com/business/cbre-180372.html