Singapore, Singapore, December 16, 2021 –(PR.com)– 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.
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.
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.
Mr Ronald Tay, CEO of CLD (Vietnam) said: “This residential project is our largest project in Vietnam, boosting our pipeline of residential units in the country. It also marks our first expansion outside the tier one cities of Ho Chi Minh City and Hanoi where we have a strong presence, to seize opportunities in the fast-growing secondary cities. The Binh Duong province was one of the largest recipients of foreign direct investment in Vietnam, ahead of Hanoi in 1H 2021 despite COVID-19. The project is strategically located in Binh Duong New City which has been identified by the local authorities for urban transformation into a modern and smart city focusing on science and technology. As Binh Duong New City urbanises, there will be an increased demand for international-class and well-designed homes from professionals, young families and expatriates working in the surrounding industrial hubs, business parks as well as in other areas such as Thu Duc City.”
The prime large scale residential project is located along Hung Vuong boulevard – one of the two main boulevards in Binh Duong New City. It is within a five-minute drive to the Administrative Centre Building of Binh Duong province. Highly accessible, the project is a 40-minute drive via the National Highway 13 to Thu Duc City, a smart city district in Ho Chi Minh City with a growing workforce. The newly opened My Phuoc – Tan Van Expressway, which helps to alleviate the traffic on National Highway 13, has shortened the drive from the project to Ho Chi Minh City’s Central Business District to about an hour.
The prime large scale residential project is one of the first projects in Binh Duong New City to face the city’s scenic central lake. It is located next to the city’s green lung, a sprawling 700,000-square metre (sqm) central public park. Vietnam’s largest trade centre, the 70,000-sqm World Trade Center complex comprising an international exhibition centre, a shopping centre, offices, hotels, and a metro station linked to the Ho Chi Minh City Metro Line 1, is within a five-minute drive away. The project is also located opposite the upcoming Aeon Mall that will offer a wide range of dining, shopping and entertainment options. Several educational institutions including KinderWorld International Kindergarten, Singapore International School and Eastern International University are nearby.