CapitaLand Group’s development arm CapitaLand Development will acquire a prime site for its first large scale residential project in Vietnam, with a projected total gross development value of approximately S$1.12 billion (VND18,330 billion).
The site is located in Binh Duong New City within the Binh Duong province, about 30 kilometres from Ho Chi Minh City.
CLD will acquire the site from an unrelated third-party and the transaction is expected to be completed by 1H 2022.
With a total area of 18.9 hectares, the prime large scale residential project is expected to comprise over 3,700 freehold residential units across a mix of low-, mid- and high-rise residential developments, providing homes for about 13,000 residents.
The project is expected to be launched in phases and construction of the first phase consisting of about 1,300 landed houses and apartments will start in 2022. Completion of the first phase is slated to be in 2024, while the rest of the project is scheduled for completion in 2027.
Jason Leow, CEO of CLD said: “Vietnam is one of CLD’s core markets given its strong economic fundamentals. Our first prime large scale residential project in Vietnam will showcase CLD’s international expertise in building high-quality and vibrant communities at scale as we utilise our experience in creating iconic and award-winning integrated and urban developments in other countries. As a sustainable real estate developer, we will incorporate biophilic and sustainable features from the design stage to meet the increasing demand from eco-conscious homeowners and to encourage more to lead sustainable lifestyles.”