CapitaLand has strengthened its foothold in Vietnam with its ninth residential development in Ho Chi Minh City and 11th residential development in the country. The company has acquired a new 1.45-ha site in District 4, which will will be developed into an 870-unit residential development with a retail component at a total value of US$177 million.

Strategically located within a five-minute drive from Districts 1 and 7, residents at the new 24-storey development will also enjoy panoramic views of the Saigon River and city skyline. It will comprise three 24-storey towers – two single blocks and one triple block, as well as retail units on the lower floors.

“2017 marks a record year of growth for CapitaLand in Vietnam with the highest home sales value achieved in nine months, surpassing that of FY 2016 by close to 50 percent,” said Chen Lian Pang, CEO of CapitaLand Vietnam. “Beyond the residential market, we have made strategic inroads and expanded our footprint in the country with prime assets in gateway cities. To scale up fast and be nimble in seizing opportunities, we are also working with reputable capital partners who want to invest through CapitaLand given our deep local insights and execution know-how.”

According to CapitaLand, the latest acquisition comes on the back of a year of record home sales growth for CapitaLand in Vietnam. At the launch of its newest residential development, d’Edge Thao Dien in Ho Chi Minh City, close to 100 percent of the project was sold in less than two months after its launch in July 2017.

Vietnam is the third largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia. As at end September 2017, it has S$2 billion worth of gross assets under management in Vietnam. The latest acquisition will expand CapitaLand’s portfolio to 11 residential developments, 21 serviced residences with around 4,700 units and one international Grade A office development across six cities in Vietnam.