CapitaLand Development acquiring prime mixed-use site
CapitaLand Development acquiring prime mixed-use site
CapitaLand Development (CLD) – the development arm of CapitaLand Group – is acquiring a prime mixed-use site in Thu Duc city in Ho Chi Minh City, with an estimated gross development value of $720 million.
Thu Duc city has been earmarked by the government to become an economic and technology hub. The mixed-use project with an area of about 8 hectares will comprise over 1,100 high-end residential units and shophouses to meet the residential demand from the city's growing workforce.
The project is located in a well-established residential area, near parks, schools, and shopping malls. It also enjoys excellent connectivity, with Ho Chi Minh City’s central business district just a 15-minute drive away. CLD’s acquisition of the site is expected to be completed by Q4 2023. The project is planned to launch in 2024 and is scheduled for completion by 2027.
A popular investment destination, Thu Duc city is set to home several tech companies, medical facilities, logistics, and commercial developments. The city’s growing population and rising per capita income have generated demand for high-quality residential properties.
As it attracts more residents and businesses, the city is expected to contribute 30 per cent of Ho Chi Minh City’s economic growth and 7 per cent of Vietnam’s every year. Thu Duc city is also home to the Vietnam National University Ho Chi Minh City, the largest university in the country.
Ronald Tay, CEO of CLD (Vietnam), said that the company is continuing to expand in its core market by securing another highly coveted site in Thu Duc City after its recent investment in Binh Duong and MoU signing with the government to invest in the up-and-coming Bac Giang province.
“Given its strategic location and excellent connectivity, the prime mixed-use project in Thu Duc city will add to CLD’s quality residential portfolio in Vietnam where we have over 13,000 units across 17 properties,” said Tay.
With 28 years of experience operating in the nation, CLD has built a strong reputation for developing well-designed, well-loved, and sustainable residential projects. DEFINE, CLD’s recent luxury residential development in Thu Duc city was well-received and fully booked within two hours of its exclusive preview.
“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."
"We will continue to seek more investment opportunities across various asset classes to strengthen CLD’s position as a leading developer in Vietnam. We remain committed to contributing to the economic success of the nation via our quality real estate products and services,” added Tay.
CLD’s high-quality residential developments in Vietnam saw strong absorption recently.
Two of CLD’s latest luxury residential developments in Ho Chi Minh City, DEFINE and ZENITY, have been a strong draw to homebuyers. At its exclusive preview held in December, the 88-unit DEFINE was fully booked within two hours at an average price of about $5,500 per square metre and all units were booked above $1 million.
In May, CLD unveiled its award-winning luxury residence ZENITY in Ho Chi Minh City. The 198-unit ZENITY offers a wide selection of fully-furnished units, from two- to three-bedroom apartments, as well as premium duplex and penthouse units, enabling residents to move in easily upon handover. Sales of ZENITY in Vietnam are expected to be launched in Q3 2022.
Meanwhile, about 90 per cent of the units in Heritage West Lake, CLD’s first luxury residential development in Hanoi, have been booked since its exclusive preview in April. The 173-unit Heritage West Lake features multiple first-in-market amenities such as a private lift lobby for all units and a rooftop heated swimming pool.
CLD has been continuously expanding its business in Vietnam with upcoming developments.
In February, the company signed an MoU with the People’s Committee of Bac Giang province to explore the development of its first industrial park, logistics park, and township development in the country with a total projected investment value of $1 billion.
In December, CLD announced the acquisition of a site in Binh Duong New City for its first large-scale residential development in Vietnam. With a projected total gross development value of $800 million, it will add over 3,700 homes for about 12,000 residents in the city.
