UOA expands Vietnam presence with $68 million land deal in Ho Chi Minh City

UOA expands Vietnam presence with $68 million land deal in Ho Chi Minh City

United Overseas Australia has expanded its footprint in Vietnam with a $68-million acquisition of a prime land site in central Ho Chi Minh City. The move strengthens the developer’s long-term growth strategy and positions it to capitalise on the city’s future as a regional financial hub.

On September 26, United Overseas Australia Ltd (UOA), dual-listed on the Australian Securities Exchange and the Singapore Exchange, finalised the purchase of 100 per cent of VIAS Hong Ngoc Bao JSC. The deal secures a 2,000-square-metre site in the former District 1, designated as the location of Ho Chi Minh City’s forthcoming $120-million International Financial Centre.

Artist's impression of the latest development of UOA in the heart of Ho Chi Minh City

According to Dickson Kong, head of Investment at UOA Group, Vietnam is emerging as a new financial and technology hub in the region, driven by the government’s strategic investments in high-tech industries and infrastructure.

"This acquisition increases UOA’s total leasable office space in Ho Chi Minh City to nearly 120,000sq.m. At the same time, we are actively seeking opportunities to develop modern, sustainable residential communities that contribute to Vietnam’s green urban growth, building on the group’s established reputation and track record in Malaysia," said Kong.

The investment, financed through UOA’s internal reserves, is part of the group’s diversification strategy to broaden its portfolio and secure stable recurring income, alongside existing assets in Australia, Malaysia, Singapore, and Vietnam.

The site will be developed into a modern Grade A office building with a total gross floor area of around 20,000 sq.m. Groundbreaking is scheduled for later this year, with completion expected by Q2/2028.

UOA made headlines last year by partnering with CapitaLand Development, one of Singapore’s leading property developers, on the Sycamore residential development (around 3,500 units) in Binh Duong ward, Ho Chi Minh City.

UOA’s Vietnam portfolio also includes Grade A office developments such as UOA Tower and Millennial Tower in the Phu My Hung urban area.

With its prime city-centre location surrounded by Grade A and B office towers and home to multinational corporations, financial institutions, and leading domestic enterprises, the project will benefit from the established business ecosystem, rich urban amenities, and the ongoing upgrade of transport infrastructure.

In particular, the future operation of Metro Line 4 and the North-South high-speed railway will significantly enhance connectivity and the area’s value.

The acquisition was carried out through three wholly owned subsidiaries of UOA. Including UOA Vietnam, UTD Vietnam and UTM Vietnam.

Founded in 1987, UOA Group is one of Asia’s leading property developers, with extensive experience in delivering comprehensive real estate solutions across the value chain, from development, investment, and construction to asset management.

The group operates through listed entities in Australia, Singapore, and Malaysia, alongside its Vietnam subsidiary, UOA Vietnam.

While its core business is managed through UOA Development Bhd in Malaysia, UOA is also expanding into Singapore, Vietnam, and Australia with a diversified portfolio ranging from large-scale residential and commercial developments in key urban centres, to hospitality projects and modern healthcare facilities.

VIR