CapLand buys prime Ho Chi Minh City site

It pays US$51.9m, plans mixed-use residential cum commercial project on the 0.5-ha plot

Angela Tan

Published Fri, Sep 23, 2016 · 09:50 PM

Singapore

SINGAPORE developer CapitaLand has bought a prime site in Ho Chi Minh City for US$51.9 million, its third acquisition in Vietnam since the government relaxed rules to allow foreign investment and ownership of real estate there.

The 0.5-hectare site, acquired through its wholly owned subsidiary CapitaLand (Vietnam) Holdings, will be redeveloped into a mixed-use residential cum commercial project.

The site can potentially be developed to offer 302 units across two towers - a 17-storey residential tower and a 22-storey serviced residence tower. The 102-unit residential tower will offer a variety of two, three and four-bedroom apartments, and penthouse units. The 200-unit serviced residence will offer a range of two and three-bedroom apartments, penthouse units and amenities. The latter will be managed by CapitaLand's serviced residence arm, The Ascott Limited under…

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