CapitaLand acquires new residential site in HCMC

Singaporean developer ramps up Vietnam pipeline with acquisition of prime residential site in District 2 for $59.3 million.


CapitaLand acquires new residential site in HCMC

CapitaLand announced on August 30 it has acquired a prime site in Ho Chi Minh City for $59.3 million and will build its 13th residential development in Vietnam on the 6-ha site. The development is expected to yield more than 100 landed residential units, targeted for completion by 2021. This is CapitaLand’s third acquisition within a month as it actively replenishes its land bank and strengthens its foothold in high-growth developed and emerging markets.

The target site is in Binh Trung Dong ward in fast-growing District 2, where amenities such as international schools, shopping malls, supermarkets, and food and beverage outlets are aplenty. It is next to Ring Road No. 2 and 6 km from Phu My Bridge, providing convenient access to various key destinations. When completed, these will further enhance the connectivity of the area.

Vietnam is the third-largest market of CapitaLand in Southeast Asia, after Singapore and Malaysia. In March, it announced a joint venture to develop a 0.9-ha site in Tay Ho district in Hanoi into an integrated development, catering to the need for vibrant live-work-play spaces. This latest acquisition will add to CapitaLand’s existing $806-million portfolio in Vietnam.