United Overseas Australia acquires prime CBD site in Ho Chi Minh City for US$68 mil [TEST]
The building acquired by UOA. (Photo: United Overseas Australia)
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United Overseas Australia (UOA), listed on the Australian Securities Exchange and Singapore Exchange, has acquired a prime Ho Chi Minh City CBD site for US$68 million through a full acquisition of VIAS Hong Ngoc Bao Joint Stock Company, according to a Sept 26 company release.
UOA plans to invest a total of US$120 million to develop the 2,000 sqm (21,528 sq ft) commercial land into a sustainable Grade-A office building, with a gross floor area (GFA) of 20,000 sqm (215,280 sq ft).Construction is scheduled to commence in the fourth quarter of 2025 and is expected to conclude in the second quarter of 2028.
Artist's impression of the building (Photo: United Overseas Australia)
The site is situated in the area of prime District 1, which has a high concentration of Grade-A and Grade-B office towers that have attracted many multinational corporations, financial institutions and leading domestic companies. Part of District 1 will be integrated with the new International Financial Centre (IFC) in the Thu Thiem New Urban Area.The District 1 area of the IFC will focus on capital markets, fintech and investment banking.
Future accessibility is expected to increase with the planned Metro Line 4 and the forthcoming North-South high-speed railway connecting HCMC and Hanoi.
The acquisition will expand UOA’s office portfolio to three properties, totaling nearly 120,000 sqm (1.29 million sq ft) of GFA, including the Grade-A UOA Tower and Millennial Tower, both located in the Phu My Hung Area.
“Our expansion in fast-growing Vietnam capitalises on its government-led transition to a global financial hub, with heavy state investment in high-tech sectors and infrastructure,” said Dickson Kong, head of investment at UOA.
According to Kong, UOA is actively exploring residential development opportunities in Vietnam.
In March 2024, UOA entered into a joint venture with CapitaLand Development, the development arm of CapitaLand Group, to develop the 3,500-unit Sycamore residential project in Binh Duong ward, HCMC.
Over 90% of The Orchard, the first phase of Sycamore, with 368 landed homes, were sold by August. The second phase of Sycamore, Orchard Hill, saw 694 of 774 units—almost 90%—booked by late October 2024. The Orchard will be handed over by 4Q2025 and Orchard Hill by 4Q2026.
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