“CapitaLand targets to grow the business in the country to 10% of the group’s total assets from the current 1% over the next three to five years,” Liew Mun Leong, president and chief executive officer of CapitaLand Group, said on Tuesday.
He told a news briefing held at the company’s condo project The Vista in An Phu Ward in HCMC’s District 2 that the group has identified Vietnam business as its fourth pillar of growth after the core markets of Singapore, China and Australia.
Liew said that CapitaLand has invested in Vietnam with total asset worth US$1.2 billion, and that residential development would be a highlighted segment that the company will continue to develop in Vietnam market in the years to come.
Among developing projects, the Singaporean developer on Tuesday celebrated the topping-out for The Vista project in HCMC’s District 2, announcing to finish main structural works of its first residential project in Vietnam after three years of construction.
The Vista, which is jointly developed by CapitaLand and two local developers comprising Thien Duc and Phu Gia companies, has five blocks of 28-storey residential towers with 750 residential apartments, 100 serviced apartments and some 35,000 square meters of commercial spaces. Some US$200 million have been invested in the residential project.
The developer said some 630 out of 850 residential and serviced apartments of the condo project had been sold with prices ranging from US$1,800 to US$2,000 per square meter. The project will be up and running by June next year.
“We are proud to have successfully topped-out The Vista on schedule, notwithstanding the recent global economic downturn,” said Chen Lian Pang, chief executive officer of CapitaLand Commercial Ltd for Southeast Asia region.
“This is a statement of our real estate delivery track record as well as our commitment to Vietnam as a key market for CapitaLand,” Chen said.
The group has set its foothold in Vietnam with residential and serviced residences projects in major cities including Hanoi, Haiphong, Danang and HCMC, including four residential projects with 4,000 residential units and eight Somerset-branded properties with 1,300 serviced apartments in the four cities.
Liew said the company would look into middle-income earners for affordable apartment projects development in the coming years.
He said strong economic growth, rapid urbanization and young and growing population have made the country a promised market for the Singaporean developer who wants to be a long term real estate player in the country.
CapitaLand is one of Asia’s largest real estate companies, active in real estate, hospitality and real estate financial services in 110 cities in 20 countries in Asia Pacific and Europe.
Source: SaigonTimes
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