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CapitaLand Development aims to grow Vietnam portfolio to 27,000 residential units by 2028

By Nur Hikmah Md Ali

/ EdgeProp Singapore |

March 4, 2024 7:12 PM SGT

Lumi Hanoi is a 4,000-unit residential project in Hanoi (Photo: CapitaLand).

CapitaLand Development (CLD) is set to grow its residential portfolio in Vietnam by 70% from 16,000 units to 27,000 units by 2028. The move by CapitaLand Group’s development arm was announced at the groundbreaking ceremonies for CLD’s latest residential projects Sycamore in Binh Duong province and Lumi Hanoi in Hanoi on Feb 28 and March 1 respectively.

Sycamore and Lumi Hanoi are the group’s largest residential projects in Vietnam to date and have introduced 3,500 and 4,000 residential units respectively, to the Vietnamese property market. Both projects have a combined gross development value of over VND36 trillion ($2 billion).

CapitaLand first entered Vietnam in 1994, offering serviced residences and commercial projects. Its first residential project, the 750-unit luxurious development The Vista in District 2 of Ho Chi Minh City, was completed in 2007.

At present, CLD’s portfolio in Vietnam comprises one retail mall, one small office/home office (Soho) development, two integrated developments, and about 16,000 units across 17 residential development projects in Hanoi, Ho Chi Minh City and Binh Duong province.

Ronald Tay, CEO of CLD (Vietnam) (fifth from right) with representatives and guests at the groundbreaking ceremony for Sycamore, including Vietnam's Minister of Construction Nguyen Thanh Nghi (middle), His Excellency Roy Kho, Consul-General of the Republic of Singapore in Ho Chi Minh City (fourth from right), His Excellency Firdauz Othman, Consul-General of Malaysia in Ho Chi Minh City (third from right), Vo Van Minh, Chairman of Binh Duong Provincial People's Committee (fourth from the left), Dickson Kong, CEO of UOA Group (second from right), and Nguyen Van Hung, Chairman of Becamex IDC (first from left). (Photo: CapitaLand)

Jonathan Yap, CEO of CLD, says that the group sees potential in tapping into Vietnam’s commercial, industrial and logistics sectors, in tandem with “the country’s ascent as a global manufacturing hub”.

Ronald Tay, CEO of CLD (Vietnam), remarks that the group will step up capital deployment in Vietnam and expand their development pipeline through tie-ups with local and foreign partners.

“We will focus on well-located large-scale projects in key cities – including Hanoi, Ho Chi Minh City, and up-and-coming provinces nearby such as Binh Duong province – to capitalise on CLD’s unique end-to-end expertise across the real estate value chain in multiple asset classes,” Tay adds.

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