SINGAPORE (Nov 16): CapitaLand is bolstering its expanding portfolio in Vietnam with the acquisition of its ninth residential development in Ho Chi Minh City.

The 1.45-hectare site will be developed into a new 24-storey, 870-unit residential development with a retail component at a total value of US$177 million ($247 million).

CapitaLand says the latest acquisition comes on the back of a year of record home sales growth for the group in Vietnam.

Source: CapitaLand

As at end September, CapitaLand has $2.0 billion worth of gross assets under management in Vietnam – its third largest market in Southeast Asia after Singapore and Malaysia.

“Our latest acquisition reaffirms CapitaLand’s commitment as a long-term partner in Ho Chi Minh City’s urbanisation journey and we will continue to explore opportunities to expand our presence and grow our market share in Vietnam,” says Chen Lian Pang, CEO of CapitaLand Vietnam.

“For the first time in Vietnam, we plan to introduce dual-key apartments to cater to the young and vibrant rental market in District 4 and to attract potential investors,” he adds.

This story, written by Stanislaus Jude Chan for The Edge Singapore, first appeared on Nov 16.