CapitaLand ramps up Vietnam pipeline

Continuing its steady expansion in Vietnam, CapitaLand is acquiring a prime site in Ho Chi Minh City for VND1,380 billion (about S$81.4 million).

Measuring over 60,000 square metres in total area, CapitaLand is set to build on this site its 13th residential development in Vietnam.

The development is expected to yield more than 100 landed residential units, targeted for completion by 2021.

This is CapitaLand's third acquisition within a month as it actively replenishes its land bank and strengthens foothold in high-growth developed and emerging markets.

The target site is in Binh Trung Dong Ward in the fast-growing District 2 of Ho Chi Minh City; where amenities such as international schools, shopping malls, supermarkets as well as food and beverage outlets are aplenty.

It is next to Ho Chi Minh City's Ring Road 2 and six kilometres to the Phu My Bridge, providing convenient access to various key destinations.

The Cat Lai Port and Thu Thiem – the new financial centre and urban area of Ho Chi Minh City are close by, while the Central Business District in District 1, Saigon Hi-Tech Park in District 9 and new Phu My Hung urban area in District 7 are a 10-minute drive away.

Near the site, several major infrastructure developments such as the construction of the My Thuy interchange and Cat Lai bridge are underway. When completed, these will further enhance the connectivity of the area.