CapitaLand Development buys prime mixed-use site in Vietnam
It is expected to be launched in 2024 and be completed in 2027.
CapitaLand Group’s development arm, CapitaLand Development (CLD), has acquired a prime mixed-use site in Thu Duc City in Ho Chi Minh City in Vietnam with a total gross development value of around $1b, which will be home to 1,100 high-end residential units and shophouses.
In a statement, CapitaLand said CLD’s acquisition will be completed by the fourth quarter of 2023, with the project expected to be launched in 2024 and to be completed by 2027.
The project covers an area of about eight hectares and is located near parks, schools, and shopping malls and is a 15-minute drive away from Ho Chi Minh City’s central business district.
CLD (Vietnam) CEO Ronald Tay said the project in Thu Duc City will augment CLD’s residential portfolio in Vietnam of over 13,000 units across 17 properties.
“Leveraging CLD’s global real estate expertise in delivering high-quality residential projects, we are confident of transforming our latest site in Thu Duc City into a vibrant and iconic mixed-use development that will meet the evolving aspirations and needs of discerning homebuyers and consumers,” Tay said.
“We will continue to seek more investment opportunities across various asset classes to strengthen CLD’s position as a leading developer in Vietnam. We remain committed to contributing to the economic success of Vietnam via our quality real estate products and services,” he added.
Thu Duc City, intended by the Vietnamese government to be an economic and technology hub, will be home to several tech firms, medical facilities, logistics, and commercial developments.