CapitaLand has bought a site in Ho Chi Minh City for US$38.9 million (S$52.7 million).
It said the homes it can build on the 1.45ha plot in District 4 will be worth US$177 million.
The site will be developed into an 870-unit project with a retail component and views of the Saigon River and city skyline, CapitaLand said.
It will comprise three 24-storey towers with retail units on the lower floors. The average size of each apartment will be about 79 sq m.
The developer said the acquisition is part of its strategy to diversify its real estate portfolio and strengthen its foothold in Vietnam.
It noted that it has had a record year of home sales in the country, with almost all of its newest residential development, D'Edge Thao Dien, in Ho Chi Minh City sold in less than two months after its July launch.
CapitaLand said this will be its 11th residential development in Vietnam. The country is the third-largest market for the firm in South-east Asia, after Singapore and Malaysia. It had $2 billion of gross assets under management in Vietnam as of Sept 30.
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.