CapitaLand accelerates growth momentum in Vietnam with massive investments
CapitaLand Vietnam plans its first mixed-use project for Hanoi.
In Tay Ho district with West Lake views, the US$217 million project will comprise 19,000sqm of retail space, about 213,000sqm of office space and 380 residences including SoHo apartments.
Its 0.9ha site connects to both the new and old business districts and is close to the diplomatic district and new government offices as well as the expatriate enclave of Xuan Dieu. It is less than 20 minutes’ drive from Noi Bai International Airport.
“This mixed-use development allows us to strategically diversify and optimise our Vietnam portfolio with both good trading returns and a strong recurring income stream,” says CapitaLand president/group CEO Lim Ming Yan.
The Singapore-based group has also set up its second commercial fund in Vietnam, CapitaLand Vietnam Commercial Value-Added Fund (CVCVF), which has closed at $130 million and will have a life span of eight years. CapitaLand and EA Commercial Holdings each hold a half interest in CVCVF, which will focus on grade-A commercial properties.
After Singapore and Malaysia, Vietnam is the third-largest Southeast Asian market for CapitaLand. At the end of December it had $717 million worth of gross assets under management in Vietnam.