CapitaLand, one of the leading property developers from Singapore today strengthened its foothold in Vietnam with its 11th residential development in the country.
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| CapitaLand develops its 11th project in district 4 of Ho Chi Minh City |
The 1.45-hectare site in District 4 of Ho Chi Minh City, will be developed into a 870-unit residential development with a retail component at a total value of $177 million.
Strategically located within a five-minute drive from districts 1 and 7, residents at the new 24- storey development will also enjoy panoramic views of the Saigon River and city skyline.
The latest acquisition comes on the back of a year of record home sales growth for CapitaLand in Vietnam.
At the launch of its newest residential development, d’Edge Thao Dien in Ho Chi Minh City, close to 100 per cent of the project was sold in less than two months after its launch in July 2017.
According to Chen Lian Pang, CEO of CapitaLand Vietnam, 2017 marks a record year of growth for CapitaLand in Vietnam with the highest home sales value achieved in nine months, surpassing that of 2016 by close to 50 per cent.
“Beyond the residential market, we have made strategic inroads and expanded our footprint in the country with prime assets in gateway cities. To scale up fast and be nimble in seizing opportunities, we are also working with reputable capital partners who want to invest through CapitaLand given our deep local insights and execution know-how.” Pang said.
“For the first time in Vietnam, we plan to introduce dual-key apartments to cater to the young and vibrant rental market in District 4 and to attract potential investors. Our latest acquisition reaffirms CapitaLand’s commitment as a long-term partner in Ho Chi Minh City’s urbanisation journey and we will continue to explore opportunities to expand our presence and grow our market share in Vietnam,” he added.
CapitaLand’s 11th residential development in Vietnam will be in a highly sought-after residential district in Ho Chi Minh City District 4 – formerly a port city, the area has been redeveloped into a residential neighbourhood with a plethora of dining options and lifestyle offerings.
Vietnam is the third largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia. As at end September 2017, it has S$2.0 billion worth of gross assets under management in Vietnam.
The latest acquisition will expand CapitaLand’s portfolio to 11 residential developments, 21 serviced residences with around 4,700 units and one international Grade A office development across six cities in Vietnam.
(Source: Vietnam Investment Review)
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