CapitaLand Development acquires mixed-used site in Ho Chi Minh City
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Michelle Zhu
CAPITALAND Development (CLD) is acquiring a prime mixed-used site in Thu Duc City in Ho Chi Minh City with an estimated total gross development value of about S$1 billion, announced the development arm of CapitaLand Group on Thursday (Jul 14).
Spanning about 8 hectares, the project will comprise over 1,100 residential units and shophouses. It is expected to be launched in 2024 with scheduled completion by 2027. CLD’s acquisition of the site is slated for completion by Q4 of 2023.
CLD in its press statement highlighted the site’s “excellent connectivity” with Ho Chi Minh City’s central business district, which is a 15-minute drive away.
“Leveraging CLD’s global real estate expertise in delivering high-quality residential projects, we are confident of transforming our latest site in Thu Duc City into a vibrant and iconic mixed-use development that will meet the evolving aspirations and needs of discerning homebuyers and consumers,” said Ronald Tay, chief executive of CLD (Vietnam).
“We will continue to seek more investment opportunities across various asset classes to strengthen CLD’s position as a leading developer in Vietnam,” he added.
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