CapitaLand Development, the development arm of Singapore-headquartered CapitaLand Group, aims to grow its Vietnam residential portfolio to 27,000 units by 2028, a 70% growth from the current 16,000.
In a Monday statement, CapitaLand Development (CLD) said the current portfolio includes 7,500 units of two of its latest residential projects - Lumi Hanoi in Hanoi and Sycamore in Binh Duong province.
“Today, CLD’s portfolio in Vietnam comprises one retail mall, one SOHO (small office home office) development, two integrated developments, and about 16,000 quality homes across 17 residential developments in Hanoi, Ho Chi Minh City and Binh Duong province,” said CEO Jonathan Yap.
“In addition to Vietnam’s residential sector, we see the potential for CLD to tap real estate opportunities in its burgeoning commercial, industrial and logistics sectors in tandem with the country’s ascent as a global manufacturing hub,” he added.
CEO of CapitaLand Development (Vietnam) Ronald Tay noted that to achieve the target, the company would step up capital deployment in the country and expand its development pipeline through strategic tie-ups with reputable and like-minded local and foreign partners.
“We will focus on well-located large-scale projects in key cities – including Hanoi, Ho Chi Minh City, and up-and-coming provinces nearby such as Binh Duong province,” Tay said.
Notable launches by CapitaLand Development in Vietnam in recent years include the 88-unit Define in Thu Duc city, Ho Chi Minh City, which was fully booked in less than two hours after its launch. Units of Define were priced above $1 million each, setting a new price benchmark for the vicinity. Another successful launch was Heritage West Lake in Tay Ho district, Hanoi, in which all 173 residential units and 202 SOHO units were sold at prices about 30% above the market average.