Property giant CapitaLand is set to build its seventh residential project in Vietnam.
In a statement, the firm revealed that its Vietnam business has entered into an 80:20 joint venture with Thien Duc Trading-Construction Company to develop a prime site in Ho Chi Minh City.
As the lead development manager, CapitaLand plans to develop the 2.6ha site into an upscale residential project of about 1,000 homes.
Located within the Thanh My Loi ward in District 2, the site is 10 minutes away from the future central business district at Thu Thiem peninsula and major road networks including the East-West Highway, Hanoi Highway and Long Thanh-Dau Giay Highway.
With an estimated total project value of US$150 million (approx. S$211 million), the development will increase the group’s residential portfolio in the country to more than 7,500 units across Hanoi and Ho Chi Minh City.
CapitaLand noted that it was one of the top performing foreign developers in Vietnam in the first half of 2015, with 389 residential units sold for around S$68 million. CapitaLand’s total asset size in Vietnam stands at S$618 million as of end-June.
“Vietnam’s continued economic growth, rapid urbanisation and a young and growing population will continue to drive demand for real estate in the country,” said Chen Lian Pang, CEO of CapitaLand Vietnam.
Image: The Vista is CapitaLand’s first project in Vietnam. (Photo by CapitaLand)
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
