CapitaLand Vietnam has entered into a joint venture with a subsidiary of Thanh Nien Corporation to develop a prime residential site in Ho Chi Minh City, valued at US$55 million.
This is the developer’s sixth residential project in Ho Chi Minh City, and eighth in the country.
The 350-unit project is located in the expatriate community of Thao Dien ward in District 2, and is within proximity to a new Metro line, shopping malls and international schools.
CapitaLand will hold an 80 percent stake in the joint venture, while the rest will be owned by Thanh Nien.
“This CapitaLand-Thanh Nien partnership will increase CapitaLand’s residential portfolio in Vietnam to about 7,850 homes across Ho Chi Minh City and Hanoi,” said Chen Lian Pang, CEO of CapitaLand Vietnam.
In July this year, Vietnam relaxed its foreign investment and ownership laws. Previously, foreigners could only lease one property in the country. They can now buy and own more than one 50-year leasehold property for their own occupation, lease and sell it.
In addition, Singapore developers will now be able to not just sell their units onshore in Vietnam, but also market them in Singapore.
As a result, CapitaLand will be holding its maiden launch of two of its Vietnam properties in Singapore on 7 and 8 November at the Grand Hyatt Hotel. A special preview held last Sunday for The Vista Verde and The Vista attracted good response from buyers, noted Chen.
CapitaLand is one of the top-performing foreign developers in Vietnam, having sold 873 units there in the first nine months of 2015, achieving sales of about $138.5 million.
Image: CapitaLand’s first-ever special preview of its Vietnam projects in Singapore.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
