Real estate developer SonKim Land Corporation has closed the first round of a follow-up fundraiser at US$46 million, out of an expected $100 million, from Asia-dedicated investment firm EXS Capital Limited.

The company made the announcement on its website on Wednesday.

The first closure of the second round of fundraising is subscribed as redeemable convertible loans into SonKim Land.

This is the second investment by the Asia-dedicated investment fund EXS Capital into SonKim Land after an initial $37 million deal in 2013 made through the Lemongrass Master Fund.

For this round, SonKim Land has also partnered with ACA Investment Pte Ltd, a Singapore-based Japanese fund manager that has invested in other Vietnamese companies as well, including retail chains for mother and baby products Bibo Mart and Cung Mua.

The property company plans to use additional funds to develop projects across Viet Nam, including luxury residential and commercial developments in HCM City.

“This is our fifth investment in Viet Nam. We have explored more than 100 opportunities in this country and found SonKim Land to be one of the few companies with a disciplined and visionary team,” Hiroyuki Ono, Partner at ACA Investments, said in a statement.

“Through our investment, we hope to realise potential demand between Japanese corporate hoping to expand into Viet Nam and SonKim Land partnering with them.”

Since the first round of funding in 2013, SonKim Land has grown rapidly and launched several award-winning luxury properties in HCM City, including Gateway Thao Dien and The Nassim.

The company’s goal is to become the preferred local partner for regional and international firms. – VNS