CapitaLand to increase presence in Vietnam, including a possible Raffles City
Artist’s impression of Seasons Avenue, a new residential development in Hanoi. (Image source: CapitaLand)
Property giant CapitaLand has revealed plans to acquire more sites in Vietnam for residential development, which could yield up to 2,500 housing units this year.
The Singapore-listed developer is also keeping a close eye on investment opportunities in other segments, such as serviced apartments, offices and integrated developments.
With more than 9,000 homes and around 4,600 serviced residence units across the country, Vietnam has emerged as CapitaLand’s third largest market in Southeast Asia after Singapore and Malaysia, said its President and Group CEO Lim Ming Yan.
In fact, CapitaLand’s residential sales for FY2016 increased 12 percent year-on-year to 1,480 units, or a total sales value of about S$282 million.
“We currently have S$2.1 billion worth of gross assets under management in Vietnam, including 22 serviced residences, nine residential developments and a prime commercial property,” noted Lim.
“CapitaLand has established itself as a strong real estate developer which contributes to Vietnam’s urbanisation story. With the trajectory of Vietnam’s urban modernisation, we see Ho Chi Minh City as a potential home for a Raffles City – our flagship brand of integrated developments located in city centres with excellent connectivity to key transport nodes.”
In a statement, the company also revealed that it will be topping out one of its nine residential developments, Seasons Avenue in Hanoi, later this week.
The 1,300-unit development comprises four towers that were designed based on the theme of four seasons.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
