This is the corporation’s third acquisition in Vietnam within 14 months, anchoring the country as its third largest market in Southeast Asia.
CapitaLand will hold a 100 per cent stake in the 0.5-hectare site which will potentially offer 302 units in a 17-storey residential tower and a 22-storey serviced residence tower.
The serviced residence will be managed by CapitaLand’s wholly owned serviced residence arm, The Ascott Limited, under its Somerset brand.
When completed, this $106-million development will be CapitaLand’s ninth residential project and 19th serviced residence in the country.
Located in the bustling Cau Kho ward of District 1, Ho Chi Minh City, the development is
slated for completion in 2018, and will be well-served by nearby amenities such as
shopping malls, cinemas, schools, office buildings, restaurants, and medical facilities.
Connected to downtown Ho Chi Minh City via the Vo Van Kiet Highway, it is a five-minute
drive from the Central Business District and about 10 minutes from the vibrant retail scene at Tran Hung Dao and Nguyen Van Cu streets.
According to Chen Lian Pang, CEO of CapitaLand Vietnam, this is the corporation’s third acquisition in Vietnam since June 2015, a testament to the company’s confidence in Vietnam’s positive economic outlook.
“In 2015, CapitaLand was among the top-performing foreign developers in Vietnam, with 1,321 residential units sold at a value of S$226.5 million.
Our residential sales continued to perform well in the first half of 2016 with 470 units worth about S$80 million sold, which translates to an increase of about 20 per cent in the sales value and volume on a year-on-year basis.
We are confident that our residential developments in Hanoi and Ho Chi Minh City will continue to attract homebuyers and investors seeking quality, well-designed, and well-located homes with good potential for appreciation in value,” Pang said.
This latest site acquisition in District 1, which will potentially yield 102 residential units, will bring CapitaLand’s total residential portfolio in Vietnam to about 9,100 homes.
Following Vietnam’s legislative changes in July 2015 authorising foreign investment and ownership of real estates, CapitaLand has launched three of its Vietnamese residential developments—The Vista, Vista Verde, and Seasons Avenue (Summer Suites Tower)—in Singapore.
These were well-received with over 130 units sold to date, while about 80 per cent of the launched units at its residential developments Mulberry Lane, Seasons Avenue, The Vista, PARCSpring, and Vista Verde have been sold.