CapitaLand seeks to complete $500 mln urban project in southern Vietnam by 2027
CapitaLand Development (CLD), part of the Singapore-based CapitaLand Group, aims to complete its $500-million smart city project in the southern province of Binh Duong by 2027, group chairman Wong Kan Seng said.
At a meeting with provincial authorities on Tuesday, the executive said the first phase of the 18.9-hectare project is set for completion in 2024, with 1,300 apartments and houses out of the 3,700 planned for the whole project.
He added that CapitaLand is looking to invest in more localities across Vietnam, including Binh Duong, a fast-growing province, in addition to two economic hubs Hanoi and Ho Chi Minh City.
Binh Duong Party chief Nguyen Van Loi (right) and CapitaLand Group chairman Wong Kan Seng at a meeting in Binh Duong province, southern Vietnam on March 14, 2023. Photo courtesy of the Binh Duong news portal.
CapitaLand and Becamex IDC, a leading developer of large-scale industrial townships in Vietnam, signed a cooperation contract to develop the complex in December 2021.
The project, located in the Binh Duong New City, is CapitaLand's first in Vietnam outside Hanoi and HCMC. It features a 700,000 square meter park, shopping centers, offices, exhibition centers, schools, residential areas, and others facilities.
CapitaLand is set to acquire a prime site from Becamex IDC, the managing agency of the Binh Duong New City, to develop the smart city project.
In reply, Nguyen Van Loi, chief of Binh Duong's Party Committee, said Binh Duong is drafting a planning for 2030 for its population of five million with a focus on green growth. He added that Binh Duong would benefit from the government’s efforts to develop infrastructure in the southern region.
He listed ongoing projects including Ho Chi Minh City’s Ring Road 3 and Ring Road 4, the HCMC-Chon Thanh Expressway connecting HCMC and Binh Phuoc passing through Binh Duong, the Trans-Asian railway (TAR), and the Binh Duong-HCMC urban railway.
Singapore is the third largest foreign investor in Binh Duong with 277 projects and total registered capital of $5.4 billion.
CapitaLand Development (CLD) is the development arm of CapitaLand Group, with a portfolio worth approximately S$21.3 billion as at September 30, 2022.
CLD (Vietnam) oversees and grows CLD’s investment and development business in Vietnam, with a portfolio of one retail mall, one small office/home office (SOHO) development, three integrated developments, and over 13,000 quality homes across 17 residential developments.
In February 2022, CLD and Vietnam's northern province of Bac Giang signed a memorandum of understanding (MoU) on the development of CLD’s first industrial park, logistics park and township development in Vietnam with a total projected investment value of $1 billion.
Per the MoU, CLD will partner with Bac Giang province to evaluate several greenfield sites totaling over 400 hectares across the province.
- Related News
- Read More
Indonesia maintains lowest debt ratio among G20 members
Indonesia’s external debt-to-GDP ratio stood at 30.6% in the first quarter of 2025, the lowest among the Group of Twenty (G20) comprising major developed and emerging economies, according to data from the Bank of Indonesia.
Southeast Asia - Sun, July 6, 2025 | 11:27 am GMT+7
Thailand's digital GDP expected to grow 6.2% this year
The Digital Economy and Society (DES) Ministry of Thailand expects digital GDP this year to expand by 6.2% year-on-year, despite the potential impact of the U.S.'s reciprocal tariffs.
Southeast Asia - Sun, July 6, 2025 | 10:44 am GMT+7
Healthcare M&As surge in Vietnam on foreign capital inflows
Despite a global downturn in healthcare M&A activity, Vietnam’s market has witnessed major deals in the first half of 2025.
Finance - Sun, July 6, 2025 | 10:40 am GMT+7
Vietnam’s cement giant Vicem posts profit after 2 years of losses
After two consecutive years of losses, Vietnam Cement Industry Corporation (Vicem) has reported a consolidated after-tax profit of over VND34 billion ($1.3 million) in the first half of 2025.
Companies - Sun, July 6, 2025 | 8:00 am GMT+7
Indonesia, Saudi Arabia sign $10 bln deal on green projects
Indonesia’s sovereign wealth fund (SWF) Danantara has signed an MoU with ACWA Power, a Saudi Arabian leading green energy corporation, to explore investments in renewable energy projects with total funding estimated at up to $10 billion.
Southeast Asia - Sat, July 5, 2025 | 11:26 pm GMT+7
Thailand yet to reach tariff deal with US: official
Thailand has yet to conclude negotiations with the U.S. on reciprocal tariffs but has gained “valuable insights” that will guide the development of a revised proposal, Thai Deputy Prime Minister Pichai Chunhavajira said on Friday.
Southeast Asia - Sat, July 5, 2025 | 11:24 pm GMT+7
Soilbuild International starts work on $60 mln ready-built industrial facility project in northern Vietnam
Singapore-based real estate developer Soilbuild International has broken ground on a $60 million ready-built industrial facility in Vietnam’s northern province of Hung Yen.
Industrial real estate - Sat, July 5, 2025 | 11:20 pm GMT+7
Phu Quoc casino owner issues $91.67 mln bonds in capital restructuring
Phu Quoc Tourism Development and Investment JSC, owner of the Corona casino on Vietnam’s resort island of Phu Quoc, has completed the issuance of VND2.4 trillion ($91.67 million) in five-year bonds as part of its capital restructuring plan.
Companies - Sat, July 5, 2025 | 5:54 pm GMT+7
SK Group pushes for potential investment in $2.2 bln LNG-fired power plant in central Vietnam
A delegation from South Korean chaebol SK Group has held a second round of talks with Nghe An province authorities to explore investment opportunities for a $2.2 billion LNG-fuelled power plant project.
Energy - Sat, July 5, 2025 | 1:47 pm GMT+7
Vietnam GDP grows 7.52% in H1, 15-year record high
Vietnam's economic growth rate reached 7.52% in the first six months of the year, a record high in the period 2011-2025, the General Statistics Office reported on Saturday.
Economy - Sat, July 5, 2025 | 10:46 am GMT+7
Vietnam needs two-pronged policy approach to mitigate impact of rising oil prices: RMIT experts
A surge in global oil prices poses a significant threat to Vietnam’s economy and to cushion these impacts, the country needs a two-pronged policy approach, write Dr Vu Hong Nhung and Dr Phan Thanh Chung, lecturers at the economics and finance department, Business School, RMIT University Vietnam.
Consulting - Sat, July 5, 2025 | 8:54 am GMT+7
Vietnam's registered FDI tops $21 bln in H1, highest in 16 years
Registered foreign direct investment (FDI) in Vietnam hit over $21.51 billion in the first half of the year, up 32.6% and a record high since 2009, while disbursed capital reached $11.72 billion, up 8.1%.
Economy - Fri, July 4, 2025 | 8:50 pm GMT+7
Gemadept’s southern Vietnam port receives mega container ships
Within just over two years of trial operations (from March 2023 to May 2025), Gemalink Port of Vietnamese logistics giant Gemadept in Ba Ria-Vung Tau has safely received 70 container vessels of over 200,000 DWT (up to 232,494.5 DWT) under partially loaded conditions.
Companies - Fri, July 4, 2025 | 4:54 pm GMT+7
Agro-forestry-fisheries exports near $34 bln in H1
Vietnam’s agro-forestry-fisheries exports hit $33.84 billion in the first half of 2025, marking a 15.5% increase year-on-year.
Economy - Fri, July 4, 2025 | 3:36 pm GMT+7
Malaysia’s data center operators struggle due to power cost hike
Malaysia’s data center sector is projected to grow at a 22% CAGR from 2023 to 2029 due to cost competitiveness, skilled workforce, and a robust digital ecosystem, according to a report by global investment bank ARC Group.
Southeast Asia - Fri, July 4, 2025 | 3:23 pm GMT+7
Tetra Pak inaugurates expanded aseptic packaging plant in southern Vietnam
Swedish food processing and packaging giant Tetra Pak has inaugurated the second phase worth EUR97 million of its aseptic packaging plant located in the VSIP II-A Industrial Park in Ho Chi Minh City, bringing the total investment to EUR217 million.
Companies - Fri, July 4, 2025 | 3:16 pm GMT+7
