CapitaLand buys prime commercial site in Ho Chi Minh's CBD

Singapore

CAPITALAND Limited has made its first foray into Vietnam's commercial property market by acquiring a site in the Central Business District (CBD) of Ho Chi Minh City to build a Grade-A office tower.

Through its wholly owned subsidiary CapitaLand (Vietnam) Holdings, it has entered into a conditional agreement to acquire a 0.6-hectare prime commercial site spanning a gross floor area of 106,000 square metres (sq m).

"The acquisition and development of our first Grade-A office tower in a prime location in Ho Chi Minh City serves to diversify CapitaLand's portfolio and strengthen our foothold in Vietnam," said CapitaLand president and group CEO Lim Ming Yan. "It is also in line with our plan to est…