CapitaLand Development (CLD) 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 $1 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.
CLD’s acquisition of the site is expected to be completed by 4Q2023. The project is expected to be launched in 2024 and scheduled for completion by 2027.
Thu Duc City is set to home several tech companies, medical facilities, logistics and commercial developments.
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.
“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,” says Ronald Tay, CEO of CLD (Vietnam).
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“Leveraging CLD’s global real estate expertise in delivering high-quality residential projects, we are confident of transforming our latest site in Thu Duc City into a vibrant and iconic mixed-use development that will meet the evolving aspirations and needs of discerning homebuyers and consumers,” he adds. “We will continue to seek more investment opportunities across various asset classes to strengthen CLD’s position as a leading developer in Vietnam.”
As at 10.08am, shares in Capitaland Investment are trading at 2 cents down or 0.52% lower at $3.80.
Photo: CLD
