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CapitaLand Develops Eighth Residential Development In Vietnam

Shares Investment

CapitaLand has announced that CapitaLand Vietnam has entered into a joint venture with Saigon Commercial & Tourism Corporation, a subsidiary company of Thanh Nien Corporation to develop a prime site in District 2 at Ho Chi Minh City, for an estimated project value of US$55 million (approximately $78 million).

This will mark the group’s sixth residential project in Ho Chi Minh City, and it’s eighth in Vietnam. The expansion, pending regulatory approval, comes hot on the heels of the joint venture the group has established with Thien Duc Trading-Construction Company in June 2015 to develop a $200 million, 1000-unit upscale project in District 2.

The latest site, located in the expatriate community of Thao Dien ward, will be two kilometres from the new Metro line, a 10-minute drive to the future Thu Thiem Central Business District (CBD) in District 2 as well as a 15-minute drive to the existing CBD in District 1. There are plans to develop a one-hectare residential development with approximately 350 units. With its proximity to amenities like shopping malls, cinemas and established international schools such as the British International School, Australian International School and European International School, good housing demand is expected from a ready pool of tenants.

The group will hold an 80 percent stake and Thanh Nien will hold the balance 20 percent stake in this joint venture. Thanh Nien is an established Vietnamese enterprise with several property developments in its pipeline offering potential for further collaboration.



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