CapitaLand starts its 11th project in Vietnam

November 16, 2017 | 14:06
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CapitaLand, one of the leading property developers from Singapore today strengthened its foothold in Vietnam with its 11th residential development in the country.

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.

CapitaLand develops its 11th project in district 4 of Ho Chi Minh City

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.

CapitaLand Vietnam wins GoHome Awards 2017
CapitaLand Vietnam wins GoHome Awards 2017

CapitaLand Vietnam won “Best Overseas Property Developer (Vietnam)” at GoHome Awards 2017 in Hong Kong, standing out from a crowd of accomplished competitors.

CapitaLand strikes biggest deal in Asia-Pacific
CapitaLand strikes biggest deal in Asia-Pacific

In the largest office transaction in the Asia-Pacific this year, Singaporean real estate company CapitaLand purchased a landmark office tower for SGD2.09 billion ($1.55 billion).

CapitaLand wades deeper into Vietnamese commercial real estate
CapitaLand wades deeper into Vietnamese commercial real estate

To capitalise on the increasing interest of foreign real estate investors in Southeast Asia in general and Vietnam in particular, CapitaLand Limited has set up its first commercial fund in Vietnam named CapitaLand Vietnam Commercial Fund I (CVCFI) with a capital of $300 million.

Singapore property moguls move in
Singapore property moguls move in

The first half of 2017 has seen increased interest from Singaporean real estate firms in the Vietnamese market, with Sembcorp, CapitaLand, Mapletree, and Keppel Land among the biggest movers and shakers.

CapitaLand breaks 22-year record with 11 Vietnam Property Awards
CapitaLand breaks 22-year record with 11 Vietnam Property Awards

CapitaLand Vietnam broke its own 22-year record in Vietnam by bringing home more than ten awards from Property Guru Vietnam Property Awards 2017, including the “Best Developer in Vietnam” and various awards for its projects D1MENSION, Feliz en Vista, Seasons Avenue, and The Oxygen.

By By Bich Ngoc

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