CapitaLand, United Overseas Australia to develop $247 mln real estate project in Vietnam

By Tri Duc
Mon, December 11, 2023 | 5:45 pm GMT+7

CapitaLand (Vietnam) Holdings, under Singapore’s CapitaLand, and Malaysia-headquartered realty firm United Overseas Australia have set up a joint venture to develop a $247.1 million real estate project in Vietnam.

Per a Monday announcement of United Overseas Australia, the joint venture establishment is the next step of a memorandum of understanding signed between the two sides in December 2021.

United Overseas Australia will hold a 30% stake in the joint venture while CapitaLand Vietnam Holdings will hold the remaining 70%. For the $247.1-million project, each side will make their capital commitments per their respective propotions, according to the release.

A project of CapitaLand in Ho Chi Minh City. Photo courtesy of Forbes.

A project of CapitaLand in Ho Chi Minh City. Photo courtesy of Forbes.

The project is a mixed-use development in Vietnam, initially consisting of four high-rise buildings providing residential, commercial and retail spaces; one medium-rise building for residential and retail purposes; and two low-rise buildings for residential spaces, United Overseas Australia said without further details.

CapitaLand has been investing in Vietnam since 1994, with the Somerset West Lake residential-commercial building in Hanoi as its first project.

In November, CapitaLand Development, the development arm of CapitaLand Group, said it would begin construction of a high-end residential project in Hanoi in the first quarter of 2024. The firm said the project, named Lumi Hanoi, would cover 5.6 hectares of a prime site in the west of Hanoi, with a total gross development value of SGD1 billion ($738.6 million).

In December, Sycamore, an affiliate of CapitaLand, acquired the Tan Thanh Binh Duong housing-urban area complex in the southern province of Binh Duong. With an initial investment of VND13,645 billion ($562.1 million), the 18.9-hectare project is set to accommodate 12,500 people in 3,300 houses and 462 villas.

Comments (0)
  • Read More
Murphy Oil spuds oil well in Vietnam, plans another in Q4/2024

Murphy Oil spuds oil well in Vietnam, plans another in Q4/2024

Murphy Oil Corporation has started spudding activities at the Hai Su Vang -1X exploration well offshore southern Vietnam, the U.S.-headquartered oil firm says in its Q3/2024 performance review.

Energy - Tue, November 12, 2024 | 9:24 pm GMT+7

Shinhan Bank Vietnam leads syndicated term loan facility for hydropower project

Shinhan Bank Vietnam leads syndicated term loan facility for hydropower project

Shinhan Bank Vietnam has been the lead arranger for a syndicated term loan facility to finance the Tra Khuc 2 hydropower project in the central Vietnam province of Quang Ngai.

Banking - Tue, November 12, 2024 | 5:45 pm GMT+7

Vietnam sees rising household affluence: report

Vietnam sees rising household affluence: report

Driven by sustained economic growth, Vietnam has seen a rising number of affluent households in recent years which has a great impact on consumer trends in the country, according to a market research report.

Economy - Tue, November 12, 2024 | 5:03 pm GMT+7

Canada seeks business opportunities in ASEAN

Canada seeks business opportunities in ASEAN

The Canada-ASEAN Business council (CABC) recently held a conference to help Canadian enterprises seek business opportunities in ASEAN.

Southeast Asia - Tue, November 12, 2024 | 4:54 pm GMT+7

Vietnam cement firms struggle with real estate, export challenges

Vietnam cement firms struggle with real estate, export challenges

Cement businesses in Vietnam have continued to face significant difficulties, with several companies reporting losses in the third quarter of 2024, primarily due to a sluggish domestic real estate market and challenges in exports.

Companies - Tue, November 12, 2024 | 4:44 pm GMT+7

Thailand strives to meet water demand in Eastern Economic Corridor

Thailand strives to meet water demand in Eastern Economic Corridor

Demand for more raw water to serve business growth in the Eastern Economic Corridor (EEC) of Thailand, particularly data centers and cloud services, has prompted a new study on joint water management from two suppliers in the country.

Southeast Asia - Tue, November 12, 2024 | 3:52 pm GMT+7

VinFast best-selling vehicle brand in Vietnam

VinFast best-selling vehicle brand in Vietnam

VinFast, the electric vehicle (EV) arm of Vietnam's private conglomerate Vingroup, delivered over 51,000 units in Vietnam in the first 10 months of this year, making it the best-selling brand in the country.

Companies - Tue, November 12, 2024 | 3:32 pm GMT+7

Gluten-free cassava flour cake project wins startup contest in HCMC

Gluten-free cassava flour cake project wins startup contest in HCMC

Cusami, a project in Ho Chi Minh City’s Cu Chi district that specializes in creating different types of cakes with cassava flour, has won first prize at the 2024 green startup ideas/project competition.

Companies - Tue, November 12, 2024 | 3:10 pm GMT+7

Vietnam dong unlikely to depreciate strongly vs. US dollar in near term: broker

Vietnam dong unlikely to depreciate strongly vs. US dollar in near term: broker

Depreciation pressure on the Vietnamese dong versus the U.S. dollar is likely to wane, and the USD/VND rate may not increase as strongly and fast as before, says Vietcombank Securities (VCBS).

Banking - Tue, November 12, 2024 | 2:31 pm GMT+7

Taiwan electronic firm Lite-On okays $132 mln construction budget for Vietnam plant

Taiwan electronic firm Lite-On okays $132 mln construction budget for Vietnam plant

Taiwan-based Lite-On Technology Corporation, a world-leading provider in optoelectronics and power management, has approved a construction budget of $132 million for its factory in Vietnam.

Companies - Tue, November 12, 2024 | 12:17 pm GMT+7

Thailand cuts palm oil content in biofuel

Thailand cuts palm oil content in biofuel

Thailand's Ministry of Energy announced last Friday that it will reduce the palm oil content in its biofuel from 7% to 5% to deal with rising palm oil prices.

Southeast Asia - Tue, November 12, 2024 | 11:09 am GMT+7

Vietnam urges Toyota, Honda to switch to producing hybrid vehicles

Vietnam urges Toyota, Honda to switch to producing hybrid vehicles

Toyota and Honda should draft detailed plans to switch their production in Vietnam from petroleum vehicles to hybrid ones, said Tran Duy Dong, Chairman of Vinh Phuc province.

Industries - Tue, November 12, 2024 | 10:56 am GMT+7

Vietnam Party leader holds phone talks with US President-elect

Vietnam Party leader holds phone talks with US President-elect

Vietnam's Party chief To Lam talked over the phone with President-elect of the U.S. Donald Trump on the evening of November 11.

Politics - Tue, November 12, 2024 | 9:11 am GMT+7

Donald Trump won. What’s next for Vietnam real estate market?

Donald Trump won. What’s next for Vietnam real estate market?

Under Trump’s administration in the next four years, there might be further supply chain diversification, acceleration of friendshoring and nearshoring strategies, and trade polarization globally. Vietnam may benefit from these trends, write Avison Young Vietnam analysts.

Consulting - Tue, November 12, 2024 | 8:16 am GMT+7

Bright prospects seen for banking, securities, real estate, retail stocks next year: broker

Bright prospects seen for banking, securities, real estate, retail stocks next year: broker

Banking, securities, real estate and retail stocks have the potential to do well in 2025, says Dao Hong Duong, director of sectors and stock analysis with VPBank Securities (VPBankS).

Banking & Finance - Mon, November 11, 2024 | 9:37 pm GMT+7

Taiwan SpaceX supplier Universal Microwave Technology to double Vietnam investment

Taiwan SpaceX supplier Universal Microwave Technology to double Vietnam investment

Taiwan-based Universal Microwave Technology, a supplier for billionaire Elon Musk’s SpaceX, has said that it will increase its investment in Vietnam to a maximum $12 million.

Industries - Mon, November 11, 2024 | 7:51 pm GMT+7