CapitaLand Development, the development arm of Singapore-headquartered CapitaLand Group, kicked off construction of The Orchard housing project in the southern province of Binh Duong Wednesday.
The project is part of CapitaLand’s 19-hectare Sycamore service-commerce-housing complex in the province. The VND18 trillion ($730.5 million) Sycamore will have 3,500 apartments housing 13,000 residents.
Located in the heart of downtown Binh Duong, the project is expected to fortify investment cooperation between the province and Singaporean partners, Vice Chairman Mai Hung Dung said at the ceremony.
Singaporean Consul General Kho Ngee Seng Roy said the project was CapitaLand’s first Vietnam project outside the two economic hubs of Hanoi and Ho Chi Minh City and lauded the province’s success in attracting foreign investments.
He also said the housing project highlighted Singaporean firms’ commitment to making long-term investments in Vietnam.
CapitaLand has been investing in Vietnam since 1994, with the Somerset West Lake residential-commercial building in Hanoi as its first project. The firm plans to supply 27,000 apartments to the Vietnamese market by 2028.