CapitaLand spends US$4.65m to raise stake in Vietnam unit

CAPITALAND Limited on Friday said it has raised its stake in a Vietnam subsidiary with a US$4.65 million purchase of an additional 10 per cent interest.

The additional stake in CapitaLandVista, which was bought from an unrelated seller Thien Duc Trading-Construction Company Ltd, brings its holdings to 90 per cent.

CapitaLandVista holds a completed mixed use development known as The Vista which comprises residential and commercial components located in Ho Chi Minh City. More than 90 per cent of the 750 residential units have been sold, while the rest comprising units for long-term leases were recently released for sale. The 35,000 square metres of the commercial component comprises a retail podium, office space and 100 units of Somerset serviced residences.

"The acquisition results in an increase in CapitaLand's investment in CapitaLandVista and is consistent with CapitaLand's strategy to build up its recurring income portfolio in Vietnam."