CapitaLand Development acquires prime site for its 1st large scale residential project in Vietnam

SINGAPORE - Dec. 14, 2021 - PRLog -- CapitaLand Development (CLD), the development arm of CapitaLand Group, 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.

Mr 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."

"CLD firmly believes in Vietnam's excellent growth prospects, and we are committed to being a long-term partner to the development of Vietnam's real estate market.  Vietnam's gross domestic product is expected to expand by about 6.5% to 7% from 2022 onwards.  In addition to residential projects, we continue to explore investment opportunities in new economy assets such as logistics facilities, data centres and business parks.  We are also working with local partners and government authorities to seek more large scale residential projects, master planning and urban development opportunities to expand our real estate portfolio in Vietnam," added Mr Leow.

For full release: https://bit.ly/CLDVNLResiEm