CapitaLand to ramp up presence in Vietnam, acquire more sites

"Today, you can feel a tangible buzz on the ground, especially in Ho Chi Minh City and Hanoi. CapitaLand plans to acquire more sites in Vietnam for residential development – possibly yielding 2,000 to 2,500 units this year – and will continue to keep a lookout for investment opportunities in offices, serviced residences and integrated developments,” said Lim Ming Ya, present and CEO of CapitaLand.

He added that Ho Chi Minh City will be the ideal future destination for its flagship brand Raffles City, given the city’s vibrant urbanisation. 

Consistently high foreign investment into the country has boosted office demand, especially in the economic hub, Ho Chi Minh City.

The real estate developer sees Vietnam – representing more than 9,000 homes and 4,600 serviced apartments in its portfolio – as a key market, after only Singapore and China.

CapitaLand claims that its wholly owned serviced residence arm, Ascott, is the largest of its kind in Vietnam. Ascott manages and owns 22 properties with about 4,600 units across six cities in Vietnam, including Hanoi, Halong, Hai Phong, Danang, Nha Trang, and Ho Chi Minh City.

"Ascott is on track to achieve its target of 7,000 units in Vietnam by 2020 and is expected to open more than 3,000 units in Vietnam in the next few years,” the group said in a statement.

With a lot of integrated developments in the south, CapitaLand is also expanding in Hanoi, home to its residential project Seasons Avenue, located in the new central business district Ha Dong.