CapitaLand to expand in Vietnam

Real estate giant CapitaLand plans to ramp up its presence in Vietnam, including an investment in a possible Raffles City.

President and group chief executive Lim Ming Yan reaffirmed the company's interest in further investments, particularly in Hanoi and Ho Chi Minh City, during meetings yesterday with Vietnamese Prime Minister Nguyen Xuan Phuc and Planning and Investment Minister Nguyen Chi Dung.

The company already has $2.1 billion worth of gross assets under management in the country, including 22 serviced residences, nine residential developments and a prime commercial property.

CapitaLand has been operating in Vietnam since 1994. Vietnam is the group's third-largest market in South-east Asia, after Singapore and Malaysia.

"Today, you can feel a tangible buzz on the ground, especially in Ho Chi Minh City and Hanoi," said Mr Lim.

The company plans to acquire more sites for residential development - possibly yielding 2,000 to 2,500 units this year - and will look out for investment opportunities in offices, serviced residences and integrated developments.

CapitaLand's Mr Lim (left) with Mr Phuc, Vietnam's Prime Minister, yesterday. The developer sees great potential in the country.
CapitaLand’s Mr Lim (left) with Mr Phuc, Vietnam’s Prime Minister, yesterday. The developer sees great potential in the country. PHOTO: CAPITALAND

"With the trajectory of Vietnam's urban modernisation, we see Ho Chi Minh City as a potential home for a Raffles City," Mr Lim said, referring to the company's flagship brand of integrated developments.

He added that Vietnam has become one of CapitaLand's key markets "after China and Singapore".

The developer is topping out one of its nine residential developments, Seasons Avenue, in Hanoi on Friday.

A version of this article appeared in the print edition of The Straits Times on March 28, 2017, with the headline 'CapitaLand to expand in Vietnam'. Subscribe