Singapore’s CapitaLand affiliate acquires $562 mln real estate project in southern Vietnam

Sycamore, an affiliate of Singapore-headquartered CapitaLand, has acquired the Tan Thanh Binh Duong housing-urban area complex in Binh Duong province.

The project investor, Becamex IDC, said Tuesday that Binh Duong authorities had approved the move late November, but did not provide details of the transaction.

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.

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.

CapitaLand 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).

Lumi Hanoi used to be part of Vinhomes Smart City, a project of Vinhomes, the real estate development arm of Vietnam's biggest private conglomerate Vingroup.