CapitaLand buys prime site in Ho Chi Minh City for US$51.9m

SINGAPORE developer CapitaLand has acquired a prime site in Ho Chi Minh City for US$51.9 million.

The 0.5-hectare site, acquired through its wholly owned subsidiary CapitaLand (Vietnam) Holdings, can potentially offer 302 units across two towers - a 17-storey residential tower and a 22-storey serviced residence tower. The serviced residence will be managed by CapitaLand's serviced residence arm The Ascott Limited under its Somerset brand.

The 200-unit serviced residence will offer a range of two and three-bedroom apartments, penthouse units and amenities. The 102-unit luxurious residential tower will offer a variety of two, three and four-bedroom apartments, and penthouse units. The project is expected to be launched in the fourth quarter of 2016.

The project, estimated worth US$106 million when completed by 2018, will be CapitaLand's ninth residential project and 19th serviced residence in Vietnam.

As at end-June 2016, CapitaLand's total asset size in Vietnam is S$748 million, making it the group's third largest market in South-east Asia after Singapore and Malaysia.