CapitaLand has acquired a 53,820 sq ft site in District 1 of Ho Chi Minh City (HCMC), Vietnam, for US$51.9 million ($70 million). CapitaLand will hold a 100% stake in the land parcel, which will potentially offer 302 units across a 17-storey residential tower and a 22-storey serviced residence tower.

The development is scheduled to be completed in 2018 and has an estimated value of US$106 million ($143 million) upon completion. It will be CapitaLand’s ninth residential project and 19th serviced residence in the country.

CapitaLand’s wholly-owned serviced residence arm, The Ascott Limited, will manage the 200-units serviced residence under its Somerset brand. Meanwhile, the residential tower comprises 102 units of two-, three- and four-bedroom apartments, and penthouses. It will be the first residential project in Vietnam to offer concierge services. The project is expected to be launched in 4Q2016.