Wah Sun Handbags Leases Cambodia Site, Signs HK$80 Million Construction Deal
Wah Sun Handbags International (HKG:2683) subsidiary Quick Mind entered into agreements to lease land and construct factory and dormitory facilities in Cambodia, according to a Hong Kong bourse filing on Tuesday.Quick Mind signed a 10-year lease agreement with landlord, Dong Yan, for a 98,440-square-meter parcel in Kampong Speu Province at $50,000 per month.The lease commenced on June 23 and includes a one-year rent-free period and an option to extend for a further five years.Additionally, Quick Mind entered into a construction deal with Borey Royal Heng to develop seven factories and two dormitories on the site. The contract value is estimated at HK$80 million, subject to adjustment based on actual costs.The project will comprise factories with a total gross floor area of 49,846.25 sq.m and dormitories with a total gross floor area of 60,128.18 sq.m.Construction of the factories is expected to be completed within 300 calendar days, with at least two ready for renovation within four months, while the dormitories are scheduled for completion within two months after the factories are finished.
