22:43 (GMT +7) - Monday 11/12/2017

Property

CapitaLand bolsters Vietnam portfolio with 11th residential project

Released at: 11:21, 16/11/2017

CapitaLand bolsters Vietnam portfolio with 11th residential project

Photo: CapitaLand

New $177-million development in HCMC's District 4 its ninth in the city and eleventh in Vietnam.

by Linh San

CapitaLand Limited has strengthened its foothold in Vietnam with its ninth residential development in Ho Chi Minh City and its eleventh in the country.

The 1.45-ha site in District 4 will be developed into an 870-unit residential development with a retail component at a total value of $177 million.

Strategically located within a five-minute drive from Districts 1 and 7, residents at the new 24-story 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 last July.

“2017 marks a record year of growth for CapitaLand in Vietnam, with the highest home sales value achieved in nine months, surpassing that of FY 2016 by close to 50 per cent,” said Mr. Chen Lian Pang, CEO of CapitaLand Vietnam. “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.”

 

“We are delighted with the record sales at our newly launched 273-unit residential development, d’Edge Thao Dien,” Mr. Chen went on. “This is testament to customer confidence in the CapitaLand brand and underscores the strong demand for quality projects in Vietnam. With our latest development in a prime location, we are optimistic that it will similarly be well-received. 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 urbanization journey and we will continue to explore opportunities to expand our presence and grow our market share in Vietnam.”

CapitaLand’s eleventh residential development in Vietnam will be in a highly sought-after residential district in Ho Chi Minh City District 4. It will comprise three 24-story towers - two single blocks and one triple block - as well as retail units on the lower floors. The average size of apartments will be around 79 sq m.

Vietnam is the third-largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia.

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