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CapitaLand bags Vietnam resi project

The $51.9m residential development deal is the listed Singaporean property company’s ninth in Vietnam.

Singapore-listed property developer CapitaLand has acquired a $51.9 million development site in Ho Chi Minh City, Vietnam, its third investment in the country since June 2015 and the ninth in total.

CapitaLand plans to develop two towers – a 17-story residential tower and a 22-story serviced residence tower – on the 0.5-hectare site. The development is slated to be completed in 2018, and will be well-served by nearby amenities such as shopping malls, cinemas, schools, office buildings, restaurants, and medical facilities.

The 200-unit serviced residence will offer two- and three-bedroom apartments, penthouse units and family-oriented amenities including a swimming pool, fitness center and children’s playground. The 102-unit residential tower will offer a variety of two-, three- and four-bedroom apartments, and penthouse units.

The serviced residence part of the development will be managed by the firm's serviced residence owner-operator business, Ascott.

“This is CapitaLand’s third acquisition in Vietnam since June 2015, a testament of our confidence in Vietnam’s positive economic outlook,” commented Chen Lian Pang, chief executive of CapitaLand Vietnam. “Beyond residential projects, we are also on the lookout for investment opportunities in offices, serviced residences and integrated developments.”

As at end June 2016, CapitaLand’s total asset size in Vietnam was S$748 million ($550 million; €489 million), making it the group’s third largest market in Southeast Asia, after Singapore and Malaysia.