CapitaLand Development acquires a S$1 billion prime mixed-use site in Ho Chi Minh City

SINGAPORE - July 14, 2022 - PRLog -- 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 total gross development value of about S$1 billion (VND16,416 billion ).  Thu Duc City has been earmarked by the Vietnamese government to be 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 Thu Duc 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 4Q 2023.  The project is expected to be launched in 2024 and 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% of Ho Chi Minh City's economic growth and 7% of Vietnam's each year .  Thu Duc City is also home to Vietnam National University Ho Chi Minh City, the largest university in the country.

Mr Ronald Tay, CEO of CLD (Vietnam), said: "We continue to expand in our core market of Vietnam by securing another highly coveted site in Thu Duc City in Ho Chi Minh City, after our recent investment in Binh Duong and Memorandum of Understanding 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.  With 28 years of experience operating in Vietnam, 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 at its exclusive preview."

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