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SOUTH-EAST ASIA'S biggest property developer CapitaLand said on Thursday it will build a housing project in Vietnam valued at around 500 million US dollars (S$690 million) in partnership with a local firm.
CapitaLand said the project on a prime 6.7-hectare site in Ho Chi Minh City will involve building a 28-storey condominium comprising 1,400 apartments, as well as commercial and retail space.
The Singapore company will take a 60 per cent stake in the joint venture, while its Vietnamese partner, privately owned real estate firm Thien Duc, will hold 40 per cent.
Thien Duc is also a shareholder in CapitaLand's residential condominium project called 'The Vista' in Ho Chi Minh City.
'Ho Chi Minh City continues to be a key focus of our residential and other investments in Vietnam,' said Lui Chong Chee, chief executive of CapitaLand Residential.
CapitaLand expects to launch the first phase of the project in the second quarter of 2009. -- AFP
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