CapitaLand sells entire Ho Chi Minh City luxury residential development Define

CAPITALAND Development has sold all 88 units of its luxury residential development Define at Ho Chi Minh City within 2 hours of its exclusive weekend preview on Saturday (Dec 4). The residences went at an average price of 125 million dong (S$7,424.74) per square metre (psm). This translates to about 11.6 million dong or S$689 per square foot (psf).

Slated for completion in 2024, Define comprises 3- and 4-bedroom apartments spanning 197 sq m and starting from 296-sq m respectively.

It also holds 2 penthouse units starting from 528 sq m. One on the 25th floor overlooking the Saigon River was sold through a ballot at 83 billion dong, or equivalent to about 160 million dong psm.

Most units come with either a private courtyard garden or private lap pool. Altogether, the residential development features 45 swimming pools, a supercar garage with electric vehicle charging ports and a co-working lounge.

CapitaLand note that about 80 per cent of Define's buyers were Vietnamese, while the remaining were foreigners. In Ho Chi Minh City, about 30 per cent of a typical residential development can be owned by foreigners.

The lease of a residential development in Vietnam also differs from property to property. For Define, locals will receive a freehold lease, while foreigners will obtain a lease period of about 50 years, the developer said.

Located along Thanh My Loi street, Define is a 10-minute drive to Ho Chi Minh City's Central Business District and a 20-minute drive to Tan Son Nhat International Airport. It is co-developed with Thien Duc Trading - Construction Company.

Ronald Tay, chief executive officer of CapitaLand Development Vietnam, said: "With our experience operating in Vietnam for over 25 years, we are attuned to the market's demand for well-located and well-designed homes."

"Having sold all the units at Define, we look forward to the launch of our first luxury residence in Hanoi, Heritage West Lake in H1 2022," he added.