Viva Land emerging property player, driven by CapitaLand roots

Ho Chi Minh City-based Viva Land has emerged as a new regional property developer with projects across Singapore and Vietnam in its portfolio.

Established in 2020 and helmed by former CapitaLand veterans Eddie Lim and Chen Lian Pang, Viva Land is adding the 134-room So/Singapore hotel to its list of projects in the two countries, including the Capital Place office complex in Hanoi, purchased from Singapore-based CapitaLand Development for S$751 million ($558 million) this January.

Viva Land announced the hotel deal this May, just four months after the Hanoi transaction, saying it agreed to buy the boutique hotel for around S$240 million ($173 million) from local Singapore developer Royal Group through its subsidiary Viva Ventures So Holdings.

Having spent 25 years at CapitaLand before taking up the role of CEO at Viva Land, Lim’s career has seen him work in Vietnam, Singapore, China, Japan, Thailand, Malaysia, and elsewhere.

In Hanoi, Capital Place was acquired by CapitaLand in 2018 from Vinhomes, the property unit of Vietnam’s largest listed conglomerate Vingroup. The price was not disclosed, but prior to the deal, Vingroup had invested over VND1.2 billion (then $53 million) in the office development.

Opened in 2020, Capital Place is strategically located in the heart of Ba Dinh district and home to multinational tenants like HSBC Vietnam, Porsche, Standard Chartered Vietnam, and Toto Vietnam. It was the first office development in Hanoi then to obtain a Leadership in Energy and Environmental Design (LEED) Gold certification. LEED is a rating system devised by the U.S. Green Building Council to evaluate the environmental performance of a building and encourage market transformation towards sustainable design.

Also in 2020, Viva Land made a splash in Singapore by acquiring the Robinson Point office building near the So/Singapore hotel from Tuan Sing for S$500 million ($361 million).

In HCMC where it is based, the company is developing the IFC One building in District 1, Diamante Thao Dien villa project in Thu Duc city, D4 BVD apartment project in District 4, and Saigon Peninsula super project of up to 118 hectares in District 7.

In Hai Phong, northern Vietnam’s logistics hub, the firm has introduced the development of the Landmark tower project with an area of 1.35 hectares in Ngo Quyen district, formerly a 72-storey tower project of Vietnamese developer FLC.

In addition, Viva Land said it was developing villas, apartments, a condotel, and shophouses on man-made Tuan Chau islet - built by Tuan Chau Group, helmed by "islet lord" Dao Hong Tuyen. The islet is in Halong town in the northern province of Quang Ninh, home to Halong Bay, a UNESCO World Heritage site.

Viva Land's logo has recently appeared around the construction site of the One Central complex right at the heart of District 1 in HCMC.