Singaporean property developer CapitaLand has announced that it is planning to build its latest residential development in Saigon's District 4.
The site was bought by the developer for US$38.9 million, according to The Business Times.
The proposed development - CapitaLand’s ninth in the city - will span 1.45 hectares, house 870 individual units,and cost US$177 million (VND4.02 trillion) to build. It will contain three 24-story towers, as well as retail units on the lower levels.
Each apartment unit will measure approximately 79 square meters, Capitaland told Channel News Asia through a press statement.
The most recent acquisition comes on the heels of a record-breaking year of home sales for CapitaLand in Vietnam, with the value of sales in the first three quarters of the year exceeding that of the entirety of 2016’s fiscal year.
CapitaLand Vietnam CEO Chen Lian Pa theng said: "Beyond the residential market, we have made strategic inroads and expanded our footprint in the country with prime assets in gateway cities."
Earlier this year, CapitaLand entered into a conditional agreement to acquire a commercial site in Saigon’s Central Business District, its first international Grade A office tower in Vietnam, as reported by Straits Times.
Vietnam is CapitaLand’s third-largest real estate market, following Singapore and Malaysia, with US$1.48 billion worth of gross assets under management.
[Photo via Channel News Asia]
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