SINGAPORE (EDGEPROP) - CapitaLand Development (CLD), the development arm of CapitaLand Group, is acquiring a prime mixed-use site in Thu Duc City in Ho Chi Minh City, with an estimated total gross development value of about $1 billion.
The project is located within a well-established residential area, and in the vicinity of parks, schools and shopping malls. Ho Chi Minh City’s CBD is a short drive away.
CLD’s acquisition of the site is expected to be completed by 4Q2023. The project is expected to be launched in 2024 and scheduled for completion by 2027.
Thu Duc City has been earmarked by the Vietnamese government to be an economic and technology hub. The mixed-use project, with an area of about 8ha, will comprise over 1,100 high-end residential units and shophouses to meet the residential demand from Thu Duc City's growing workforce. It is home to several tech companies, medical facilities, as well as logistics and commercial developments. As it attracts more residents and businesses, the city is expected to contribute 30% of Ho Chi Minh City’s economic growth and 7% of Vietnam’s each year.
“Given its strategic location and excellent connectivity, the prime mixed-use project in Thu Duc City will add to CLD’s quality residential portfolio in Vietnam where we have over 13,000 units across 17 properties,” says Ronald Tay, CEO of CapitaLand Development (Vietnam).
Two of CLD’s latest luxury residential properties in Ho Chi Minh City, Define and Zenity, have seen strong response from buyers. The 88-unit Define, which was launched in December last year, was fully booked within two hours, and fetched an average price of $716.7 psf. The award-winning, 198-unit Zenity features fully furnished two- to three-bedroom, duplex and penthouse units. It is expected to be launched for sale in the third quarter.
CLD is planning a large-scale residential development on the recently acquired land site in Binh Duong New City, with an estimated 3,700 units and a gross development value of $1.12 billion. In addition, CLD is looking into developing its first industrial, logistics park and township, with an estimated investment value of $1.3 billion, in the Bac Giang province.