CapitaLand announces US$150m residential project in Ho Chi Minh City

PROPERTY giant CapitaLand has announced its seventh residential project in Vietnam.

It said on Tuesday that its wholly owned subsidiary, CapitaLand (Vietnam) Holdings, has entered into an 80:20 joint venture with Thien Duc Trading-Construction Company to develop a 2.6-hectare site in District 2, Ho Chi Minh City.

As the lead development manager, CapitaLand plans to develop the site into an upscale residential project with about 1,000 homes. The development will have an estimated total project value of US$150 million.

The group said the project will increase its Vietnam residential portfolio to more than 7,500 units across Ho Chi Minh City and Hanoi.

"CapitaLand was one of the top performing foreign developers in Vietnam in the first half of 2015, when it sold 389 residential units in Vietnam and achieved sales of approximately S$68 million. As at end-June 2015, CapitaLand's total asset size in Vietnam is S$618 million," the group said in a release issued after the close of stockmarket trading on Tuesday.