CapitaLand's latest residential project in Ho Chi Minh City, Vietnam. (Photo: CapitaLand)
SINGAPORE: Property developer CapitaLand announced on Thursday (Nov 16) that it will build its ninth residential development in Vietnam's Ho Chi Minh City.
The 870-unit development, which will sit on a 1.45-hectare site in District 4, will cost US$177 million (S$247 million). There will be three 24-storey towers – two single blocks and one triple block, as well as retail units on the lower floors.
The average size of the apartments will be around 79 sq m, CapitaLand said in a press statement.
The latest acquisition comes on the back of a year of record home sales growth for CapitaLand in Vietnam, with home sales value in the first nine months of this year surpassing that of the whole of FY2016, the developer said.
"Beyond the residential market, we have made strategic inroads and expanded our footprint in the country with prime assets in gateway cities," CapitaLand Vietnam CEO Chen Lian Pang said.
Vietnam is the third largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia. As of end-September, it has S$2 billion worth of gross assets under management in the country.