CapitaLand considering Raffles City in Vietnam
CapitaLand considering Raffles City in Vietnam
On March 28, leading Singaporean real estate developer CapitaLand unveiled plans to set up a Raffles City in Vietnam.
“With the trajectory of Vietnam’s urban modernisation, we see Ho Chi Minh City as a potential home for a Raffles City—our flagship brand of integrated developments located in city centres, with excellent connectivity to key transport nodes,” said CapitaLand’s president and group CEO Lim Ming Yan during his visit to Vietnam.
Raffles City is a famous urban development brand name developed by CapitaLand in Singapore.
Raffles City Singapore is a premier integrated complex comprising of retail and commercial units, hotels, and convention centre space in the heart of Singapore's central business district.
Opened in 1986, Raffles City in Singapore links the tourist and shopping artery of Orchard Road with the commercial and financial area in and around Raffles Place. The complex consists of Raffles City Shopping Centre, Raffles City Tower, Raffles City Convention Centre, Swissotel The Stamford and Fairmont Singapore.
At his meeting with Prime Minister Nguyen Xuan Phuc and Minister of Planning and Investment Nguyen Chi Dung, Yan confirmed that the company was looking to significantly increase its S$2.1 billion ($1.5 billion) multi-asset class presence in Vietnam, including a possible Raffles City.
According to Yan, there is a tangible buzz on the ground, especially in Ho Chi Minh City and Hanoi.
“CapitaLand plans to acquire more sites in Vietnam for residential development—possibly yielding 2,000 to 2,500 units this year—and will continue to keep a lookout for investment opportunities in offices, serviced residences, and integrated developments,” Yan said.
CapitaLand also recently announced a plan to set up a new $500-million commercial fund to develop new projects in Vietnam.
With more than 9,000 homes and about 4,600 serviced residence units across the country, Vietnam has become one of CapitaLand’s key markets, after China and Singapore.
CapitaLand saw good residential sales in the financial year of 2016, with 1,480 units sold for a total sales value of approximately S$282 million ($201.9 million), up 12 and 25 per cent, respectively, from 2015.
