CapitaLand builds residential project in Vietnam
Strategically located in the heart of Thao Dien, d’Edge is at the epicentre of an ultimate metropolitan lifestyle befitting a global standard. (Photo: CapitaLand)
Singapore-listed CapitaLand has invested $53.5 million to acquire a 1.45ha site in Ho Chi Minh City, Vietnam, where it intends to build an 870-unit residential project with a gross development value (GDV) of US$177 million (approx. S$247 million).
The property developer announced on Thursday (16 November) that the unnamed development in District 4 marks its ninth housing project in the capital and 11th in the country.
“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,” said Chen Lian Pang, CEO of CapitaLand Vietnam.
In particular, the newest development consists of three 24-storey towers — one triple block and two single blocks — with retail units on the lower levels. On average, the apartments will measure about 79 sq m.
The company embarked on its latest acquisition after recording robust property sales in the country so far this year. As of 30 September, its sales soared to $412.9 million, exceeding the $282.1 million for the whole of 2016.
“2017 marks a record year of growth for CapitaLand in Vietnam with the highest home sales value achieved in nine months, surpassing that of FY2016 by close to 50 percent,” noted Chen.
Moreover, d’Edge Thao Dien project in Ho Chi Minh City sold nearly all of its 273 units in less than two months after its launch last July.
“This is a testament of 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.”
Aside from being a five-minute drive from Districts 1 and 7, residents in the latest project will enjoy breath-taking views of Saigon River and the city skyline.
With the newest acquisition, CapitaLand now has 11 housing projects, 21 serviced residences totalling 4,700 units and one Grade A office development across six cities in Vietnam.
Furthermore, the country represents its third largest market after Singapore and Malaysia, with $2 billion gross assets under management there as of 30 September 2017.
This article was edited by Keshia Faculin.
